Domestic benchmark indices settled on a mixed note on Tuesday. BSE Sensex gained 94.05 points or 0.14% to settle at 67,221.13, while NSE Nifty50 shed 3.15 points or 0.02% to end at 19,993.20. India VIX spiked more than 3% to 11.69-level
“Nifty finally took a breather after testing a new milestone at 20,000. We expect some consolidation now after the recent surge however the bias is likely to remain positive. On the other hand, we are eyeing profit taking in the broader indices so prefer index majors over others,” said Religare Broking
“The banking index has recently ended its underperformance after the range breakout. We expect select private banking majors like Axis Bank and ICICI Bank to outshine others while the PSU pack may continue to trade volatile. Going ahead, we expect the index to respect the 44,700-45,000 zone while the 46,500 would act as a hurdle,” Religare Broking said
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Share market analysts at Religare Broking have ‘buy’ calls on Bharti Airtel and SBI Life Insurance Company stocks, and a ‘sell’ call on Vedanta stock. Check share price targets, investment rationale, technical analysis, and more
LTP: Rs 890.90 | Stop-loss: Rs 875
Religare Broking has a ‘buy’ call on Bharti Airtel shares with a target price of Rs 920 apiece. So far this year, the stock has risen around 9.5%
“Bharti Airtel has been gradually inching higher after the consolidation breakout and trading near record highs. It has formed a fresh buying pivot while holding firmly above the support zone of the neckline (breakout) area of the range,” the brokerage said
LTP: Rs 1,346.50 | Stop-loss: Rs 1,305
Religare Broking has SBI Life Insurance as one of its technical stock picks for September 13, 2023. The brokerage has a ‘buy’ rating on the counter with a target price of Rs 1,425 per share. The stock has risen around 8.7% so far this year
“SBI Life has been inching gradually higher and trading in a rising channel for the last more than one and half years. It registered a breakout from a small base with noticeable volumes and looks set to test the upper end of the channel,” share market analysts said
LTP: Rs 231.80 | Stop-loss: Rs 241
Religare Broking has a ‘Sell’ call on Vedanta stock with a target price of Rs 212 per share. So far in 2023, the stock has tanked 26%
“Vedanta is underperforming within the metal pack and formed a fresh shorting pivot on the daily chart, after spending nearly a month below the resistance zone of 245 levels,” Religare Broking said
Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Business Today. Investors should consult their financial advisors before taking any position