Shree Cement, NHPC, Blue Dart: Target prices for these buzzing stocks
Shree Cement, NHPC, Blue Dart: Target prices for these buzzing stocks
Indian equity markets saw a bout of profit booking on Friday, which dragged the headline indices sharply lower. Selling pressure from FIIs amid the waning rate cut cues in the near term is denting the sentiments for local equities. BSE Sensex crashed 732.96 points, or 0.98 per cent to settle at 73,878.15. NSE’s Nifty50 index tumbled 172.35 points, or 0.76 per cent, to end the session at 22,475.85.
Some buzzing stocks namely NHPC Ltd, Shree Cement Ltd and Blue Dart Express Ltd are likely to remain under the spotlight of traders for the session today. Here is what analysts from Ashika Stock Broking and Anand Rathi Shares & Stock Brokers have to say on these stocks ahead of Monday’s trading session:
Shree Cement | Buy | Target Price: Rs 29,500
Shree Cements has recently rebounded taking support at the lower band of the rising channel and the 20 days EMA (currently at Rs 6,186) thus provides fresh entry opportunity. One can expect the stock to maintain positive bias head towards Rs 7,750 levels in the coming weeks as it is the 50 per cent retracement of the decline since October 22 (9640-5486). Among the oscillators the daily 14 periods RSI has rebounded from its previous low of December 2023 and has generated bullish crossover above its nine period average thus validating positive bias.
Recommended by: Ashika Stock Broking
NHPC | Buy | Target Price: Rs 121 | Stop Loss: Rs 85
NHPC too had a fantastic run of over 100 per cent from the month of October 2023 like other PSU stocks. Then after the stock underwent a major consolidation for over three months. Recently we witnessed a breakout from this consolidation and the price action resembles a bullish inverse Head & Shoulder pattern. Thus, we advise traders to accumulate NHPC in the range of Rs 99 – 95 with a stop loss of Rs 85 on closing basis for an upside target of Rs 121.
Recommended by: Anand Rathi Shares & Stock Brokers
Blue Dart Express | Buy | Target Price: Rs 7,550
Blue Dart Express has recently rebounded taking support at the lower band of the rising channel and the 20 days EMA (currently at Rs 6,186) thus provides fresh entry opportunity. One can expect the stock to maintain positive bias head towards Rs 7,750 levels in the coming weeks as it is the 50 per cent retracement of the decline since October 2022 (9640-5486). Among the oscillators the daily 14 periods RSI has rebounded from its previous low of December 23 and has generated bullish crossover above its nine period average thus validates positive bias
Recommended by: Ashika Stock Broking
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
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