Produced by: Prashun Talukdar
Benchmark indices on Tuesday gave up their gains as losses in consumer and state-owned lenders countered gains in metals and financials. Headline index NSE Nifty scaled an all-time high of 22,768 during intraday trade. It eventually closed 24 points or 0.1% down at 22,643-level. During the day, the 30-share BSE pack soared to its lifetime high of 75,124. Later, it settled 59 points or 0.08% lower at 74,684. India VIX, fear index, moved 2.04% down to 11.36-level.
For April 10 (Wednesday), analysts from a domestic brokerage have assigned 'Buy' calls for Aditya Birla Capital, Canara Bank and Gujarat Gas shares. Check stock price targets, analysis, investment rationale and other crucial details about these technical bets.
LTP: Rs 203.45 | SL: Rs 190 Analysts from Religare Broking have given 'Buy' call on Aditya Birla Capital shares with a target price of Rs 228. The scrip has risen 27.36% in the past one year. "The stock's prevailing trend, combined with buoyancy in the financials space, indicates a strong upmove. We thus advise to use this pause to accumulate the stock," Religare said.
LTP: Rs 608.20 | SL: Rs 591 Religare analysts have also selected Canara Bank in his stock recommendations. They have given 'Buy' call on the counter with a target price of Rs 638 per share. The multibagger scrip has jumped 114.68% in a year. "We are seeing a decent traction in the PSU banking pack and Canara Bank is also participating in the move. It has registered a fresh breakout from the corrective phase with noticeable surge in volumes. The prevailing trend is likely to strengthen further," the brokerage stated.
LTP: Rs 557.90 | SL: Rs 540 Analysts from the brokerage have included Gujarat Gas Ltd in their stock suggestions as well with 'Buy' call for a target of Rs 600. The counter has climbed 21.65% in the past one year. "Of late, gas-related stocks have witnessed a strong upside and Gujarat Gas is expected to witness a catch up move. We expect its share price to witnessed a breakout," Religare mentioned.
"For Nifty, we maintain a 'Buy on Dips' approach. Any dips towards the support zone of 22,500–22,300 should be utilised as a buying opportunity. Stop loss will be below 22,100. On the higher side, the index has the potential to inch higher towards 22,800, followed by 23,050 level," Religare said.
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