Produced by: Prashun Talukdar
Benchmark indices on Monday touched their all-time high levels, led by gains in automobile, metal and energy stocks. Headline index NSE Nifty eventually closed at 22,666-level after hitting an all-time high of 22,697. The 30-share BSE Sensex pack soared 494 points or 0.67% to end at 74,742. Sensex zoomed 621 points to hit a record high of 74,869 in intraday trade. India VIX, fear index, rose 2.40% to 11.61-level.
For April 9 (Tuesday), market analyst from a domestic brokerage has assigned 'Buy' calls for Reliance Industries, IDBI Bank and L&T shares. Check stock price targets, analysis, investment rationale and other crucial details about these technical bets.
LTP: Rs 2,970 | SL: Rs 3,100 An analyst from LKP Securities has given a 'Buy' call on Reliance Industries Ltd (RIL) shares with a target price of Rs 3,100. The scrip has risen 27.75% in the past one year. "RIL shares have given a breakout form a consolidation phase with strong volumes. The support level of Rs 2,900 will act cushion for the bulls. And, potential upside target is Rs 3,100," Kunal Shah, Senior Technical & Derivative Analyst at LKP Sec.
LTP: Rs 89.35 | SL: Rs 424 The LKP analyst has also selected IDBI Bank in his stock recommendations. He has given a 'Buy' call on the counter with target prices of Rs 96-100 per share. The scrip has soared 90.31% in a year. "The stock has indicated a potential upward movement. It is trading above its short-term moving average, further supporting the bullish sentiment. Buying the stock at the current market price with a stop loss placed at Rs 87 appears favorable, targeting Rs 94 and Rs 100 as potential objectives," Shah stated.
LTP: Rs 3,811.05 | SL: Rs 4,100 The analyst from LKP has included Larsen & Toubro Ltd (L&T) in his stock suggestions as well with a 'Buy' call for a target of Rs 4,100. The counter has jumped 65% in the past one year. "After a breakout on daily charts, the stock is currently testing its previous resistance level, indicating potential bullish momentum. Consider initiating a position in the range of Rs 3,780-3,810. Keep stop loss at Rs 3,690 for a potential upside target of Rs 4,100," Shah mentioned.
"Nifty maintained its strength by staying above 22,500 throughout the day. Additionally, it exceeded the previous all-time high of 22,619. However, the index has reached near the upper band of the rising wedge, which might act as resistance in the short term. Nifty may consolidate within a range. On the lower end, support is placed at 22,500, below which the index could fall into consolidation," Rupak De, Senior Technical Analyst, LKP Securities.
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