Produced by:Aseem Thapliyal
Domestic benchmarks ended lower on Tuesday. Nifty closed 38 points or 0.17% lower at 22,604 level. Sensex lost 188 points to end at 74,482. India VIX, fear index, surged 5.15% to 12.87-level.
For May 2 (Thursday), market analysts from domestic brokerages have assigned ‘Buy/accumulate’ calls for Cochin Shipyard, BHEL, and NMDC shares. Check stock price targets, analysis, investment rationale and other crucial details about these stock bets.
Price target: Rs 1,500 “The stock is trading well above its anchor VWAP support mark of Rs 1220 - 1240, showing overall strong signs of momentum. The stock has good resistance near Rs 1375 levels, above which the next resistance lies near Rs 1450 and Rs 1500 levels. An immediate support is placed at Rs 1275 levels. We expect the trend to remain positive, and the stock to follow a buy-on-dips approach, eventually approaching the price targets of Rs 1450 and Rs 1500,” said Riyank Arora, Technical Analyst at Mehta Equities.
Price target: Rs 330 “The stock must display stability over the key selling level of Rs 280, to enter fresh leg of breakout. Until that happen, the price action may retest the support of Rs 265 -260, its accumulation zone, as per the daily chart. The broader outlook remains optimistic, however fresh rally appears once the critical hurdle of Rs 280 is taken off with aggressive volumes. Above 280, the stock may rally to Rs 325-330 levels,” said Avdhut Bagkar, Derivatives & Technical Analyst at StoxBox.
Price target: Rs 253 “In the near term, NMDC’s volume growth will depend upon incremental approvals in environmental clearances applied at its various mines. At the current market price, the stock is trading at 7.5x/6.1x EV of FY25E/FY26E EBITDA which appears full. Maintain Accumulate with target price of Rs 253 assigning 6xFY26E EV/EBITDA,” said Tushar Chaudhuri, Research Analyst-Institutional Equities, Prabhudas Lilladher.
“Nifty formed a shooting star like pattern on daily charts after facing resistance from around earlier high of 22,775. Nifty shows lack of follow through action on the upside. It formed a higher top and could form a higher bottom shortly. On monthly charts, Nifty gained 1.24% in April. Nifty could now face resistance at 22783 while 22447 could offer support in the near term,” said Deepak Jasani, Head of Retail Research, HDFC Securities.
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