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Domestic benchmarks settled in the green on Wednesday, led by gains in automobile, technology, pharma and consumer stocks. The 30-share BSE Sensex pack climbed 92 points or 0.14 per cent to close at 66,023, while the broader NSE Nifty index moved 28 points or 0.14 per cent up to end the session at 19,812. India VIX, fear index, dropped 3% to 11.87-level.
For November 23 (Thursday), share market analyst from a domestic brokerage has assigned 'Buy' calls on Bharat Forge, India Pesticides and UNO Minda. Check share price targets, analysis, investment rationale and other crucial details about these technical bets.
LTP: Rs 1,097.35 | SL: Rs 1,050 The LKP Securities' analyst has given an 'Buy' call on Bharat Forge shares with target prices of Rs 1,200-1,280. The stock has risen 24.13% in 2023 so far and 42.74% in last six months.
"The stock is poised for a potential breakout from a falling trendline, signaling a potential reversal of the downtrend. The momentum indicator RSI (Relative Strength Index) has provided a positive crossover on daily charts, surpassing the level of 60, confirming the emergence of bullish momentum. The stock has support at Rs 1,050 and the potential upside targets are identified at Rs 1,200 and Rs 1,280," said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.
LTP: Rs 293.80 | SL: Rs 275 The analyst from LKP has also selected India Pesticides in his stock recommendations. He has given a 'Buy' call on the counter with target prices of Rs 315-320 per share. The multibagger stock has climbed 18.06% on a year-to-date (YTD) basis and 34.37% in six months.
"The stock has observed a notable surge in volumes and has been consolidating within a broad range of Rs 255-315. The stock is finding support at its 20-day moving average (20-DMA) situated at Rs 285 and is on the brink of a breakout from a falling trendline. This breakout indicates a potential upward movement in the stock. It is poised to surpass its recent high and short-term targets for the stock are projected between Rs 315 and Rs 320," said Kunal Shah from LKP.
LTP: Rs 675.50 | SL: Rs 650 Shah has included UNO Minda in his technical bets as well with a 'Buy' call for targets of Rs 710-720. The scrip has jumped 29.10% in 2023 so far and 26.63% in the past six months.
"The stock has recently experienced a breakout from consolidation on daily charts, indicating increased demand. Furthermore, it has consistently maintained a position above the crucial moving average, while the RSI demonstrates a bullish crossover. In the short term, there's potential for the stock to advance towards Rs 710-720, with a support level firmly situated at Rs 650," said the LKP analyst said.
"Nifty needs to reclaim the 19,889 mark for fresh upside, while the support is placed at 19,471 mark," said Prashanth Tapse, Research Analyst, Sr VP Research at Mehta Equities.
"Nifty Bank successfully maintained the crucial support zone of 43,300-43,200 and a breach below this level could pave the way for further downside. On the upside, immediate resistance is positioned at 43,600-43,700 and a breakthrough above this range is expected to initiate moves toward the 44,000 level, where the highest open interest is concentrated on the call side," said Kunal Shah of LKP Securities.
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.