Samvat 2079: Nifty may scale 21000; buy ITC, Kotak Bank, among other stocks this Diwali to pocket gains | The Financial Express

Samvat 2079: Nifty may scale 21000; buy ITC, Kotak Bank, among other stocks this Diwali to pocket gains

Indian market has been outperforming the global markets as of now and one can anticipate a decent rise in the next one year with targets of 20500-21000 for Nifty,

Samvat 2079: Nifty may scale 21000; buy ITC, Kotak Bank, among other stocks this Diwali to pocket gains
Samvat 2079: Nifty may scale 21000; buy ITC, Kotak Bank, among other stocks this Diwali to pocket gains

Indian equity markets managed to outperform US markets so far this year despite global headwinds, and RBI interest rate hikes. Nifty overall has been moving within a range between 16800 and 17300 levels for quite some time with volatility on the rise. A decisive breach above 17300-17350 would indicate some improvement in the overall bias, according to analysts at Prabhudas Lilladher. The brokerage anticipates further upmove towards the next target levels of 17600 and 18000 levels. “Overall, our Indian market has been outperforming the global markets as of now and we anticipate a decent rise in the next one year with targets of 20500-21000, anticipated since the last year has been stagnant.” With a breakout above the 18600 zone, at least 12%-15% gain is expected, they added.

Prabhudas Lilladher Diwali 2022 Muhurat technical stock picks

Astral
Target: Rs 2650-2750 | Rs Support: 1930

“With the technical chart looking good, we anticipate an upward move in the coming days and we suggest to buy and accumulate this stock for an upside positional target of Rs 2650-2750 levels keeping the support near Rs 1930 level,” analysts at Prabhudas Lilladher said.

Balkrishna Industries
Target: Rs 2420-2500 | Support: Rs 1750

The stock has witnessed a decent erosion in recent times and analysts anticipate the stock to again regain strength and carry on the momentum further upward again to witness new targets. “We suggest to buy and accumulate this stock for an upside positional target of Rs 2420-2500 levels keeping the support near Rs 1750 level,” they said.

Also Read: F&O expiry: Nifty support at 17400, resistance at 17800; look for opportunities only in momentum stocks

Bata India
Target: Rs 2180-2220 | Support: Rs 1630

According to the brokerage, the stock has maintained above the downward sloping trendline. It is well placed with potential to rise further in the coming days. “With the chart looking good, we suggest to buy and accumulate this stock for an upside positional target of Rs 2180-2220 levels keeping the support near Rs 1630 level,” it said.

Jindal Steel
Target: Rs 550-580 | Support: Rs 380

Technical charts show that the stock has picked up with a strong momentum. Recently, with series of higher bottom formation pattern on the daily chart, the overall trend has been maintained strong to anticipate for decent rise in the coming days, analysts noted. “With the chart looking good, we suggest to buy and accumulate this stock for an upside positional target of Rs 550-580 levels keeping the support near Rs 380 level,” they said.

Jubilant FoodWorks
Target: Rs 750-780 | Support: Rs 530

According to the brokerage report, the stock is gradually improving the bias and with the chart looking attractive, the RSI indicator is also well placed and getting stronger with immense upside potential visible. “We suggest to buy and accumulate this stock for an upside positional target of Rs 750-780 levels keeping the support near Rs 530 level,” they said.

Kotak Bank
Target: Rs 2240-2300 | Support: Rs 1680

According to Prabhudas Lilladher analysts, the stock has given a decent pullback from the bottom. The RSI indicator has been getting stronger and is well placed with improved bias and rising trend. “We anticipate an upward move in future. With the chart looking good, we suggest to buy and accumulate this stock for an upside positional target of Rs 2240-2300 levels having the support near Rs 1680 level,” they said.

Tata Consumer Products
Target: Rs 940-980 | Support: Rs 695

According to the brokerage report, the stock has witnessed a short correction and taken support near the trendline zone of 740 levels and has indicated a pullback. It may further move upward in the coming days. “With the chart looking good, we suggest to buy and accumulate this stock for an upside positional target of Rs 940-980 levels keeping the support near Rs 695 level,” they said.

Torrent Power
Target: Rs 610-650 | Support: Rs 440

Analysts expect a decent rise in the next 3-4 months time frame. “With the chart looking good with favorable risk-reward ratio, we suggest to buy and accumulate this stock for an upside positional target of Rs 610-650 levels keeping the support near Rs 440 level,” they said.

ITC
Target: Rs 425-450 | Support: Rs 298

According to the report, the stock has witnessed a tremendous bull run in the past 4-5 months, and the overall bullish trend remains intact. “We anticipate this stock to continue its upward move further till Rs 450 levels. With the chart looking attractive, we recommend a buy in this stock for an upside target of Rs 425-450 keeping a stop loss of Rs 298,” it said.

KPIT Technologies
Target: Rs 820-850 | Support: Rs 600

The stock has overall been in a rising mode. The RSI indicator positioned at an attractive has indicated strength and further rise is anticipated, analysts said. “With the chart looking good, we suggest to buy and accumulate this stock for an upside positional target of Rs 820-850 levels keeping the support near Rs 600 level,” they added.

Also Read: Rupee likely to depreciate on strong dollar, risk aversion in markets; USDINR pair to trade in this range

Ultratech Cement
Target: Rs 7450-7600 | Support: Rs 5600

Analysts at Prabhudas Lilladher anticipate a decent pullback to improve the trend as also indicated by the RSI indicator which has flattened out after the correction witnessed and is well placed with immense upside potential visible. “With the chart looking good, we suggest to buy and accumulate the stock for an upside target of Rs 7450-7600 keeping the stop loss of Rs 5650,” they said.

(The stock recommendations in this story are by the respective research analysts and brokerage firms. FinancialExpress.com does not bear any responsibility for their investment advice. Capital markets investments are subject to rules and regulations. Please consult your investment advisor before investing.)

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First published on: 21-10-2022 at 11:31 IST