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Domestic benchmarks settled slightly higher on Wednesday in a highly volatile trade. The 30-share BSE Sensex pack rose 33 points or 0.05 per cent to close at 64,976, while the broader NSE Nifty index moved 37 points or 0.19 per cent up to end the session at 19,444. India VIX, fear index, fell 1.38% to 11.04-level.
For November 9 (Thursday), share market analysts from a few brokerages have assigned 'Buy' calls on ONGC, Titan, Chambal Fertilisers and HUDCO. Check share price targets, analysis, investment rationale and other crucial details about these technical bets.
LTP: Rs 195.35 | SL: Rs 187 Án analyst at LKP Securities has given an 'Buy' call on ONGC shares with a target price of Rs 215. The stock has risen 29.84% in 2023 so far and 18.21% in last six months.
"ONGC is showing strong technical indicators for potential gains. The stock has broken a significant monthly resistance at Rs 193, maintaining its position above it. Traders may consider a long position within Rs 195, with a stop loss at Rs 187 for a target of Rs 215. This setup suggests a bullish outlook, but prudent risk management is essential in stock trading," said Rupak De, Senior Technical Analyst at LKP Securities.
LTP: Rs 3,311.80 | SL: Rs 3,239 De from LKP has also selected Titan in his stock recommendations. The analyst has given a 'Buy' call on the counter with a target price of Rs 3,460 per share. The stock has climbed 29.08% on a year-to-date (YTD) basis and 20.50% in six months.
"The stock has been displaying an upward trajectory with a V-shaped recovery on the daily timeframe. Furthermore, it has maintained its position above the critical moving average. The RSI (Relative Strength Index) is showing a bullish crossover. On the higher end, there is potential for the stock to advance towards Rs 3,460, while support on the lower end is situated at Rs 3,239," said Rupak De.
LTP: Rs 299.85 | SL: Rs 292 Analyst from LKP Sec has included Chambal Fertilisers and Chemicals in his technical bets with a 'Buy' call for a target of Rs 324. The scrip has slipped 4.55% in 2023 so far but has gained 0.13% in the past six months.
"The stock is currently trading with a fresh swing breakout on daily charts, accompanied by increasing trading volume. There is a technical expectation of reaching levels around Rs 312 to Rs 324 on the upside. To manage risk, it's advisable to maintain a stop-loss at Rs 292 on a closing basis. For potential investors, a good entry point is at Rs 298, and consider buying on dips around Rs 296," De stated.
LTP: Rs 81.05 | SL: Rs 76 An analyst from Prabhudas Lilladher has selected Housing and Urban Development Corporation (HUDCO) shares as technical bet. "The stock has given a positive candle indicating positive bias and also the RSI has given a positive trend reversal signaling a buy with good decent volume participation. We recommend a buy in this stock for an upside target of Rs 94 keeping a stop loss of Rs 76," said Vaishali Parekh, Vice-President - Technical Research at Prabhudas Lilladher.
"For Nifty, significant support from put writers is evident at 19,400, where they have established a substantial position. On the lower side, support levels are situated at 19,400-19,300. Conversely, resistance on the higher end is positioned at 19,500, where call writers have added significant positions," said Rupak De from LKP Securities.
"For Nifty Bank, support is established at 43,500 on the lower end. As long as the index maintains its position above 43,500, a 'buy on dip' strategy is considered appropriate. On the higher end, there is potential for the index to advance towards 44,200," De stated.
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.