Produced by: Prashun Talukdar
Domestic benchmarks on Wednesday closed on a flat note as losses in banks, financials and IT stocks countered gains in automobile, metals and energy shares. Headline index NSE Nifty settled unchanged at 22,303-level. The 30-share BSE Sensex edged 45 points or 0.06% up to end at 73,466. India VIX, fear index, rose 0.42% to 17.08-level.
For May 9 (Thursday), market analyst from a domestic brokerage has assigned 'Buy' calls for Welspun Corp, Triveni Engineering and Motherson Sumi Wiring shares. Check stock price targets, analysis, investment rationale and other crucial details about these technical bets.
LTP: Rs 591.90 | SL: Rs 575 An analyst from LKP Securities has given 'Buy' call on Welspun Corp shares with target prices of Rs 620-645. The multibagger scrip has surged 160.23% in the past one year. "The stock is exhibiting a robust uptrend. Bulls have shown significant activity on dips, supported by volume-based buying. The counter is indicating a potential acceleration in momentum," said Kunal Shah, Senior Technical & Derivative Analyst at LKP Sec.
LTP: Rs 354.50 | SL: Rs 335 The LKP analyst has also selected Triveni Engineering and Industries Ltd in his stock recommendations. He has given a 'Buy' call on the counter with target prices of Rs 390-410 per share. The scrip has risen 27.38% in a year. "The stock has encountered volume-based buying activity, signaling bullish participation. There could be a potential upward momentum in the near term," Shah stated.
LTP: Rs 69.15 | SL: Rs 65 The analyst from LKP has included Motherson Sumi Wiring India Ltd in his stock suggestions as well with 'Buy' call for targets of Rs 74-80. The counter has climbed 25.84% in the past one year. "The stock recently formed a bullish engulfing candle (a bullish reversal pattern) at a significant support zone. This reversal candle was accompanied by strong volumes, indicating robust buying interest. The momentum is likely to strengthen in the near term," Shah mentioned.
"For Nifty, the short-term trend appeared weak. The sentiment may continue to weaken as long as it stays below 22,400. The index may decline towards 22,150," said Rupak De, Senior Technical Analyst at LKP Securities.
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