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Domestic benchmarks settled at record high levels on Thursday, led by sharp gains in information technology (IT) and realty stocks. The 30-share BSE Sensex pack rallied 930 points or 1.34% to close at 70,514, while the broader NSE Nifty index moved 256 points or 1.23% up to end at 21,183. India VIX, fear index, rose 2.11% to 12.32-level.
For December 15 (Friday), share market analyst from a domestic brokerage has assigned 'Buy' calls on Adani Ports, Bank of Baroda and Hero MotoCorp. Check share price targets, analysis, investment rationale and other crucial details about these technical bets.
LTP: Rs 1,073 | SL: Rs 1,020 An analyst from LKP Securities has given a 'Buy' call on Adani Ports shares with target prices of Rs 1,200-1,260. The stock has jumped 30.49% in 2023 so far and 45.10% in last six months.
"The stock had recently witnessed volume-based buying from lower levels and is showing continuation of a strong momentum. The momentum indicator RSI (Relative Strength Index) is trading above 60 level, which indicates strength. Any dips should be utilised as an opportunity to add fresh positions," said Kunal Shah, Senior technical and Derivative Analyst at LKP Securities.
LTP: Rs 220.20 | SL: Rs 210 The market expert has also selected Bank of Baroda (BoB) in his stock recommendations. He has given a 'Buy' call on the counter for target prices of Rs 235-240 per share. The stock has risen 18.23% on a year-to-date (YTD) basis and 20.07% in six months.
"The stock has witnessed a fresh breakout on daily charts along with sharp surge in volumes. It is trading at its all-time high level, indicating further strength. BoB is trading above its short-term moving averages and the momentum indicator is in a bullish crossover," Shah from LKP stated.
LTP: Rs 3,887 | SL: Rs 3,750 The LKP analyst has also included Hero MotCorp shares in his stock picks with a 'Buy' call for upside targets of Rs 4,000-4,100. The scrip has surged 43.12% in 2023 so far and 36.72% in the past six months.
"The stock has formed a flag and pole pattern on daily charts, which is a bullish in nature. The momentum indicator RSI's bullish crossover confirms the potential upward move. It is trading above its short-term moving average of 21-EMA," Kunal Shah mentioned.
"Nifty has broken out of consolidation, driven by an increase in long positions compared to short trades among participants. Sentiment remains robust as the index maintains a position comfortably above crucial moving averages. Support is situated at 21,000, where 'Put' writers have significant positions. Looking ahead, there's a potential for the index to advance towards 21,400 and beyond on the higher side," said Rupak De, Senior Technical analyst at LKP Securities.
"Nifty Bank bulls maintained their momentum, successfully surpassing the key resistance level of 47,500 with significant trading volumes. The overall market sentiment remains bullish and any temporary declines are considered buying opportunities, with a strong support level identified at 47,000. The ongoing momentum is expected to be driven by active participation from both private and PSU banks, propelling the index towards the 50,000 mark," said Kunal Shah from LKP.
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.