Produced by: Prashun Talukdar
Benchmark indices scaled their fresh lifetime high levels on Wednesday, led by gains in banks, financials, IT and metal stocks. The 30-share BSE pack finally settled 409 points or 0.55% higher at 74,086 after touching an all-time high of 74,151. And, the broader NSE Nifty index hit a record peak of 22,497 before closing 118 points or 0.53% up at 22,474. India VIX, fear index, shed 0.59% to end at 14.30-level.
For March 7 (Thursday), a market analyst from a domestic brokerage has assigned 'Buy' calls on Axis Bank, Zensar Tech and Tata Consumer shares. Check stock price targets, analysis, investment rationale and other crucial details about these technical bets. Today is the last trading session of this holiday truncated week as domestic benchmarks will remain closed on Friday (March 8) on account of 'Mahashivratri'.
LTP: Rs 1,124 | SL: Rs 1,095 An analyst from LKP Securities has given a 'Buy' call on Axis Bank shares with target prices of Rs 1,160-1,185. The scrip has risen 30.55% in the past one year. "The stock has exhibited a robust breakout on daily charts. The lower-end support is firmly established at Rs 1,095, serving as a cushion for the bulls. Upside potential targets for the stock are set at Rs 1,160-1,185 levels," said Kunal Shah, Senior Technical & Derivative Analyst at LKP Sec.
LTP: Rs 565.30 | SL: Rs 520 The analyst has also selected Zensar Technologies in his stock recommendations. He has given a 'Buy' call on the counter with target prices of Rs 610-630 per share. The multibagger scrip has gained 103.56% in a year. "The counter has exhibited a robust bullish reversal. It is positioned for a breakout from a falling trendline, strategically placed at Rs 575. The lower-end support is visible at Rs 520, serving as a cushion for the bulls. Upside potential targets for the stock are set at Rs 610-630 levels," Shah stated.
LTP: Rs 1,219.50 | SL: Rs 1,178 The LKP analyst has included Tata Consumer Products in his stock picks as well with a 'Buy' call for targets of Rs 1,280-1,300. The counter has jumped 69.26% in the past one year. "The stock has recently experienced a breakout from a consolidation phase on daily charts. In the near term, it is poised to trade with a positive bias. Investors may consider initiating a position for potential targets of Rs 1,280-1,300. On the downside, a support level is identified at Rs 1,178," Shah mentioned.
"For Nifty, the short-term trend appears positive. The bulls are likely to maintain control as long as the index stays above 22,350. On the higher end, there is a potential for Nifty to reach levels between 22,600 and 22,700," said Rupak De, Senior Technical Analyst at LKP Securities.
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