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Domestic benchmark indices ended lower on October 3 (Tuesday). The 30-share BSE Sensex pack fell 316 points or 0.48% to close at 65,512, while the broader NSE Nifty index moved 110 points or 0.56% down to settle at 19,529. India VIX, fear index, rose 3.16% to 11.82-level
For October 4 (Wednesday), share market analysts at a few brokerages have assigned 'Buy' calls on Indraprastha Gas, Confidence Petroleum India, DLF and Granules India. Check share price targets, analysis, investment rationale and other crucial details about these technical bets
LTP: Rs 461.95
Prabhudas Lilladher has given a 'Buy' call on Indraprastha Gas shares with a target price of Rs 535. The stock has risen 10.22 per cent in 2023 so far
"The stock has made a higher bottom formation pattern on daily charts, taking support at the significant moving average of 200-DMA (Daily Moving Average), which lies at Rs 454 levels. It has regained significantly to indicate a positive bias. We anticipate a further rise from here on. With the chart looking attractive and with good volume activity seen in recent times, we recommend a 'Buy' for an upside target of Rs 535, keeping a stop loss of Rs 438," said Vaishali Parekh, Vice-President - Technical Research at Prabhudas Lilladher
LTP: Rs 89.89
Prabhudas Lilladher's market expert has also picked Confidence Petroleum India in its stock recommendations. The analyst has given a 'Buy' call on the counter with a target price of Rs 110 per share. The stock has gained 13.71% in 2023 so far
"The stock has been in consolidation for some time, at around Rs 85 level. Currently, it has indicated a bullish candle pattern on daily charts to signify strength and potential to rise further from here on to scale up to Rs 105-110 levels. The RSI (Relative Strength Index) has shown a trend reversal and has indicated a positive bias in the current scenario. With good volume participation visible, we recommend a 'Buy' for an upside target of 110 keeping a stop loss of Rs 82," Parekh stated
LTP: Rs 172.70
Religare Broking has assigned a 'Buy' call on DLF, suggesting a target price of Rs 558. The stock has ascended by 41.25% on a year-to-date (YTD) basis. "DLF has been in a steady uptrend for the last six months after a breakout from a triangle pattern with noticeable volumes. It has formed a fresh pivot around 20-EMA (Exponential Moving Average) on daily charts and looks set for the next leg of up move," analysts at the domestic brokerage said
LTP: Rs 356.20
Religare also has a 'Buy' rating on Granules India shares with a target price of Rs 375. Share of Granules have risen 11.23% in 2023 so far. "In line with other pharma counters, Granules is also inching gradually higher after forming a base around 200-EMA on weekly charts. It is set for a fresh breakout from a trendline hurdle. Continue with 'Buy on dip' approach," the brokerage stated
"Nifty made multiple attempts to cross the hurdle of short-term moving average, i.e., 20 EMA last week but couldn't succeed. Going ahead, the tone would remain bearish until it crosses 19,750 and expect the 19,200-19,450 zone to be tested soon. On the flip side, a decisive break above that hurdle may fuel a recovery to 19,850-20,000," Religare said
"Nifty Bank is also struggling, mainly due to the underperformance of the private banking majors. A break below 44,100 could trigger the next leg of down move towards the 43,500-43,800 zone. In case of a recovery, we need sustainability above 44,900 to retest 45,300-45,900 levels," the brokerage mentioned
Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Business Today. Investors should consult their financial advisors before taking any position