Produced by:Aseem Thapliyal
Domestic benchmarks ended higher on Thursday. Nifty closed 43 points or 0.19% higher at 22,648 level. Sensex rose 128 points to end at 74,611. India VIX, fear index, surged 4.43% to 13.44-level.
For May 3 (Friday), market analysts from domestic brokerages have assigned 'Buy/accumulate' calls to Tata Motors, Exide Industries and Tata Power shares. Check stock price targets, analysis, investment rationale and other crucial details about these stock bets.
Target Price: Rs 495 "The commencement of its Lithium-Ion battery plant in the given timeline shall prove to be the next leg of growth as it has already signed a non-binding MoU with leading industry OEMs. Factoring this, we estimate its revenue/EBITDA/PAT to grow at a CAGR of 13.6%/19.7%/25.7% over FY24-FY26E and retain accumulate rating with target price of Rs 495 (previous Rs 340) on SoTP," said Swarnendu Bhushan, Co. Head of Research - Institutional Equities, Prabhudas Lilladher.
Price target: Rs 1,150 Avdhut Bagkar, Derivatives & Technical Analyst, StoxBox is bullish on the stock. "Shares of Tata Motors are scaling higher levels, as the key support of the 50- daily moving average (DMA) set at Rs 982 continues to upkeep the positive bias. The trend is pointing towards Rs 1150, indicating a new all-time high in the following sessions. The strength oscillator, Relative Strength Index (RSI) are yet to hit the overbought territory, suggesting more space for upside. Only consecutive closes beneath Rs 982 could disrupt the short-term positive trend. The broader outlook aims at exploring newer uncharted territories, displays weekly and monthly charts," said Bagkar.
Price target: Rs 490 "The stock has experienced a significant breakout above its all-time high mark of 444.20 on its daily timeframe charts. With the stock trading around Rs 454 as of the current market price, the overall trend continues to be positive. A trailing stop loss can be set at Rs 445 for all existing long positions, and we can anticipate upcoming targets of Rs 475 and Rs 490 to gradually emerge over time for Tata Power," said Riyank Arora, Technical Analyst at Mehta Equities.
"Nifty closed marginally higher after a volatile trading session. On the hourly chart, it formed a lower peak, indicating a decrease in bullish sentiment. The momentum indicator has crossed into bearish territory, suggesting weak momentum. In the short term, the trend may continue sideways with potential to fluctuate within the range of 22,500-22,800," said Rupak De, Senior Technical Analyst, LKP Securities.
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