Produced by: Prashun Talukdar
Domestic benchmarks on Monday closed on a mixed note as losses in state-owned lenders countered gains in IT stocks. Headline index NSE Nifty fell 33 points or 0.15% to settle at 22,443-level. The 30-share BSE Sensex pack edged 17 points or 0.02% higher to end at 73,896. India VIX, fear index, spiked 13.56% to 16.60-level.
For May 7 (Tuesday), market analyst from a domestic brokerage has assigned 'Buy/Sell' calls for SW Solar, Zydus Lifesciences and SBI shares. Check stock price targets, analysis, investment rationale and other crucial details about these technical bets.
LTP: Rs 714.85 | SL: Rs 690 An analyst from LKP Securities has given 'Buy' call on Sterling and Wilson Renewable Energy Ltd (SW Solar) shares with a target price of Rs 770. The multibagger scrip has surged 140.69% in the past one year. "A higher top higher bottom formation is visible on daily charts, which is a bullish set up. In the short term, the stock could potentially move towards Rs 770, with support situated at Rs 690," said Rupak De, Senior Technical Analyst, LKP Sec.
LTP: Rs 1,025.90 | SL: Rs 989 The analyst from LKP has also included Zydus Lifesciences Ltd in his stock suggestions. He has given a 'Buy' call for a target of Rs 1,100. The counter has gained 95.26% in the past one year. "The stock has experienced a rounding bottom breakout on daily charts, indicating increased optimism among investors. The stock could potentially move towards Rs 1,100, with support situated at Rs 989," De mentioned.
LTP: Rs 809.50 | SL: Rs 831 The LKP analyst has assigned a 'Sell' call on State Bank of India (SBI) shares with a downward target level of Rs 760 per share. The scrip has jumped 38.71% in a year. "The stock has formed a higher peak on daily charts but struggled to withstand selling pressure at elevated levels. In the short term, it could potentially decline towards Rs 760. On the higher side, the trend reverses above Rs 831," De stated.
"Nifty mostly traded sideways, fluctuating between 22,400 and 22,550. In the near term, sentiment could stay subdued as long as it stays below 22,500. On the downside, there's a possibility of the index sliding towards 22,300," said Rupak De from LKP Securities.
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