Produced by: Prashun Talukdar
Benchmark indices on Monday scaled their all-time high levels, led by gains in metal, media and realty stocks. Headline index Nifty rose 135 points or 0.61% to close at 22,462-level after hitting its lifetime high of 22,530 in intraday trade. The 30-share BSE pack settled 363 points or 0.49% higher at 74,015. During the day, Sensex touched a record high of 74,255. India VIX, fear index, slumped 5.84% to end at 12.08-level.
For April 2 (Tuesday), market analyst from a domestic brokerage has assigned 'Buy' calls for SAIL, Exide Industries and PNB shares. Check stock price targets, analysis, investment rationale and other crucial details about these technical bets.
LTP: Rs 140.50 | SL: Rs 125 An analyst from LKP Securities has given a 'Buy' call on Steel Authority of India Ltd (SAIL) shares with target prices of Rs 160-180. The scrip has jumped 67.66% in the past one year. "The stock is poised for a breakout from a prolonged consolidation phase lasting over a month. With lower-end support at Rs 125, the counter's upside potential targets are Rs 160-180," said Kunal Shah, Senior Technical & Derivative Analyst at LKP Sec.
LTP: Rs 311.20 | SL: Rs 302 The LKP analyst has also selected Exide Industries in his stock recommendations. He has given a 'Buy' call on the counter with target prices of Rs 325-330 per share. The scrip has surged 72.60% in a year. "Exide Industries has witnessed a strong breakout from its consolidation phase on daily charts. The stock is approaching Rs 313 level and a breach above this level can further boost the momentum," Shah stated.
LTP: Rs 125.45 | SL: Rs 120 The analyst from LKP has included Punjab National Bank (PNB) in his stock suggestions as well with a 'Buy' call for targets of Rs 135-140. The multibagger counter has gained 164.94% in the past one year. "One can initiate a position at the current market price, setting a stop loss at Rs 120. Expected targets are Rs 135-140," Shah mentioned.
"Nifty encountered a sideways trading session following a robust start, encountering resistance at 22,500. To maintain the upward momentum, the index must decisively breach the 22,500 mark, paving the way for further gains towards 22,700-22,800 levels. On the downside, support is situated at 22,350 and as long as Nifty holds above this level, the overall outlook remains optimistic," said Rupak De, Senior Technical Analyst at LKP Securities.
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