Analysts see more up to 100% upside in this banking, Tata group stocks

Shares of Tejas Networks and Indian Bank have given stellar return to its shareholders in recent months. In fact, these are one of the high yielding stocks that Indian stock market has produced in year-to-date time. Tejas Networks shares, which is now a Tata group stock has given strong 40 per cent return in year-to-date (YTD) time whereas Indian Bank share price has appreciated to the tune of 35 per cent in 2022. However, Ventura Securities sees more upside in these stocks. The brokerage believes that Indian Bank shares may go up to ₹400 apiece levels whereas Tejas Networks share price may ascend up to ₹850 apiece levels from current levels.

Tejas Networks share price target

Speaking on Tejas Networks share price target, Ventura Securities report said, "The stock price started its up move from 156 (April 2021) to 570 (Oct 2021), making series of Up gaps formations suggesting strong buying interest. During the move, as seen in charts the stock always took support of averages & Super trend is in positive mode till date." The brokerage said that the firm uptrend since April 2021 suggests a strong 'Bull Grip' in the stock.

"Recently the stock gave Range breakouts (Oct 2021 to Aug 2022) & made a high of 550 above Previous Swing high of ₹524. The stock has never breached the averages and up Gap levels during the up Trend," the brokerage said.

On suggestion to stock market investors in regard to Tejas Networks shares, Ventura Securities said, "The Aroon Up/Down, MACD, & Demand Index Indicator suggest a Possibility of Strong up Move. The possible targets are ₹850. If the stock price corrects downwards the buy levels are ₹515 to ₹494 and ₹460 to ₹450. Stop Loss to be observed in the trade is ₹415."

Indian Bank share price outlook

Speaking on Indian Bank share price outlook, Ventura Securities report said, "The stock price started its down fall from 428 (Nov 2017) making lower tops & lower bottoms along with trading below averages. Stock made a low of ₹41.70 (March 2020). Later the stock has attracted positive buying supported by adequate volumes. Super trend turned Positive & the stock made a high of ₹195 in October 2021. The firm uptrend since March 20 suggests a strong Bull Grip in the stock."

On its suggestion to positional investors in regard to Indian Bank shares, Ventura Securities report said, "Recently the stock formed a positive candle making a high of ₹197 above previous recent high of ₹195, after continuously trading above trend line for past few weeks. The Aroon Up/Down, KST & ROC Indicator suggest a Possibility of Strong up Move. The possible targets are ₹350 to ₹400. If the stock price corrects downwards the buy levels are ₹181 to ₹171 and ₹155 to ₹151. Stop Loss to be observed in the trade is ₹135."

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.