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Domestic benchmarks settled almost flat on Wednesday as gains in automobile and pharma stocks countered losses in technology and energy counters. The 30-share BSE Sensex pack closed 34 points or 0.05% higher at 69,585, while the broader NSE Nifty index moved 20 points or 0.1% up to end at 20,926. India VIX, fear index, spiked 5.09% to 12.07-level.
For December 14 (Thursday), share market analysts from a domestic brokerage have assigned 'Buy' calls on Asian Paints, Bata India and Indian Energy Exchange. Check share price targets, analysis, investment rationale and other crucial details about these technical bets.
LTP: Rs 3,237.50 | SL: Rs 3,155 Analysts from Religare Broking have given a 'Buy' call on Asian Paints shares with a target price of Rs 3,340. The stock has risen 6.24% in 2023 so far but slipped 1% in last six months.
"Asian Paints has been inching gradually higher for over a month with rising volumes. It has given a fresh breakout from the falling resistance trendline while holding above its short term moving average, i.e., 20-EMA (Exponential Moving Average)," Religare stated.
LTP: Rs 1,633.95 | SL: Rs 1,620 Religare has also selected Bata India Ltd in its stock recommendations. The brokerage has given a 'Buy' call on the counter with a target price of Rs 1,775 per share. The stock has fallen 1.19% on a year-to-date (YTD) basis but edged 1.92% higher in six months.
"Bata has finally witnessed a breakout from a declining channel, after spending nearly two years in a corrective phase. It failed in the first breakout attempt and formed a fresh base at 200-EMA on weekly charts before crossing the upper band of the channel," the brokerage said.
LTP: Rs 153.10 | SL: Rs 146 Analysts from Religare have also included Indian Energy Exchange (IEX) shares in their stock picks with a 'Buy' call for an upside target of Rs 160. The scrip has climbed 7.63% in 2023 so far and 24.12% in the past six months.
"IEX has been witnessing a recovery, after spending over one-and-a-half-year in a corrective phase. After the consolidation breakout, it has formed a fresh buying pivot while holding above its short-term moving average, i.e., 10-EMA and looks set to resume the rebound," Religare mentioned.
"After a brief dip in Nifty, bulls demonstrated strength by defending the crucial support level of 20,800. The index witnessed a sharp recovery from the day's low. The overall market sentiment remains bullish, and considering the current levels, traders are advised to initiate fresh long positions. A stop-loss can be set at 20,800, targeting potential upside levels of 21,400-21,500 in the near term," said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.
"Despite initial concerns, Nifty Bank displayed strength by not breaching the crucial support of 46,800 and instead witnessed a sharp rebound from lower levels. To sustain and further advance the upward momentum, the index needs to maintain levels above 47,200. A decisive close above 47,500, where call writers are active, could pave the way for additional gains, targeting levels of 48,000/48,500," said Shah 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.