Domestic equity markets settled lower on Tuesday in a volatile trading session. BSE Sensex dropped 106.98 points, or 0.16% to end the day at 65,846.50, while NSE's Nifty50 shed 26.45 points, or 0.13% to settle at 19,570.85
“Nifty has been witnessing profit taking for the last two weeks and hovering around the support of short term moving average i.e. 20 EMA. The recent price action indicates a loss of momentum and we expect the index to consolidate in a broader range. In case of a further dip, the 19,100-19,300 zone would offer support while a rebound towards the 19,650-19,850 zone would attract profit-taking again,” said Religare Broking
“The banking index has been underperforming but trying hard to hold the crucial support at 44,500 level. In line with the benchmark, it has also slipped below the short-term moving average i.e. 20 EMA and facing difficulty to reclaim the same. A decisive close below 44,500 would further add to the pressure and push the index to towards 43500 levels. On the higher side, it could face pressure around the 45,500-46,000 zone,” Religare Broking said
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Share market analysts at Religare Broking have buy calls on Canara Bank, Hindalco, and Pidilite Industries shares. Check share price targets, investment rationale, technical analysis, and more
LTP: Rs 338.35 | Stop-loss: Rs 331
Religare Broking has a ‘buy’ call on Canara Bank shares with a target price of Rs 352 apiece. So far this year, the stock has risen marginally around 0.8%
“Select stocks from the PSU banking pack are showing strength and Canara Bank is trading in sync. It has formed a fresh buying pivot after consolidating within 325-345 levels. Uptick in volumes is adding to confirmation,” the brokerage said
LTP: Rs 455 | Stop-loss: Rs 446
Religare Broking has Hindalco as one of its technical stock picks for Wednesday. The brokerage has a ‘buy’ rating on the counter with a target price of Rs 498 per share. The stock has fallen around 6% so far this year
“Hindalco has registered a decisive breakout from a triangle price pattern and inching gradually higher. The overall tone looks positive for the metal pack. Use the recent dip to accumulate,” share market analysts said
LTP: Rs 2,622.| Stop-loss: Rs 2,560
Religare Broking has a ‘buy’ call on Pidilite Industries stock with a target price of Rs 2,740 per share. So far in 2023. the stock has fallen around 3%
“Pidilite Industries has been trading in a broader consolidation range and is currently hovering around the middle of the band. The recent price action has resulted in formation of a fresh buying pivot and we expect a breakout soon,” Religare Broking said
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