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Business News/ Markets / Stock Markets/  Nifty at 20,000: Religare lists 3 technical stock picks including BHEL
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Nifty at 20,000: Religare lists 3 technical stock picks including BHEL

The Indian benchmark indices rose in trade today with the Nifty50 reclaiming the 20,000 mark and the BSE market cap climbing to the $4 trillion mark. Domestic brokerage house Religare Broking has come out with 3 technical picks.

The Indian benchmark indices rose in trade today with the Nifty50 reclaiming the 20,000 mark.Premium
The Indian benchmark indices rose in trade today with the Nifty50 reclaiming the 20,000 mark.

Indian benchmark indices rose in trade today with the Nifty50 reclaiming the 20,000 mark and the BSE market cap climbing to the $4 trillion mark. The surge comes after Fed Governor Christopher Waller flagged a possible rate cut in the months ahead. Also, FPI turning back buyers of Indian equities, recent upgrades by multiple global brokerages, decent earnings for the second quarter, and a fall in crude oil aided the gains.

Amid this bullish market environment, domestic brokerage house Religare Broking has come out with 3 technical picks. Let's take a look:

Hindalco Industries: Buy in the range of 513-518 for a target price of 585 and a stop loss of 490.

“Hindalco has registered a breakout from the corrective phase which continued for almost more than one and a half years. The breakout has been accompanied with noticeable volumes. The recent recovery in price has resulted in a breakout from the bullish Cup and Handle price pattern as well, which coincides with the 61.8 percent retracement level of its prior decline from 636 to 309. The price pattern coupled with the upbeat trend of the metal index suggests a bullish tone to continue. We thus recommend accumulating in the mentioned range," said the brokerage

The stock has risen almost 20 percent in the last 1 year and 9 percent in 2023 YTD. Just in November, it has advanced 12.5 percent following an almost 7 percent fall in October. The stock hit its 52-week high of 523.40, gaining 1.5 percent in intra-day deals today, November 29. It has now advanced over 37 percent from its 52-week low of 381, hit on March 20, 2023.

BHEL: Buy in the range of 154-156 for a target price of 175 and a stop loss of 144.

“BHEL has been trading in a steady uptrend after the consolidation breakout in July 2023. It has recently surpassed the hurdle of the previous swing high around 149 levels with noticeable volumes which indicates the prevailing trend to continue. Traders can consider accumulating fresh in the mentioned range," it said.

The stock has surged 92 percent in the last 1 year and 105 percent in 2023 YTD. Just in November, it has advanced 34.5 percent following an almost 8 percent fall in October. It was in the green for 7 straight months between March and September. The stock also hit its 52-week high of 162.95, gaining over 3 percent in intra-day deals today, November 29. It has now rallied over 146 percent from its 52-week low of 66.30, hit on February 27, 2023.

FirstSource Solutions: Buy in the range of 168-170 for a target price of 185 and a stop loss of 162.

“FSL has been consolidating within the 155-175 zone for the last two months, taking a breather after the recent surge. It is currently hovering around the upper band of the range and is likely to witness a breakout from the same soon. We thus recommend using this phase to create longs in the given zone," advised the brokerage.

The stock has risen almost 55 percent in the last 1 year and 72.5 percent in 2023 YTD. Just in November, it has advanced 12 percent following an almost 7 percent fall in October. Before this, it gave positive returns for 3 straight months between July and September. The stock also hit its 52-week high of 176.30, gaining over 4 percent in intra-day deals today, November 29. It has now jumped 84 percent from its 52-week low of 95.80, hit on December 26, 2022.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decision.

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Published: 29 Nov 2023, 02:04 PM IST
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