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Business News/ Markets / Stock Markets/  Technical Picks: Hindustan Copper, IRFC, 8 others among top picks by Prabhudas Lilladher; do you own?
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Technical Picks: Hindustan Copper, IRFC, 8 others among top picks by Prabhudas Lilladher; do you own?

On the outlook for Nifty 50, Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher Pvt. Ltd said, ‘The index has managed to remain above the crucial 19,400 zone, which is quite important to maintain the bias and sentiment intact as of now.'

Hindustan Copper, IRFC and eight others are among technical picks by Prabhudas LiladharPremium
Hindustan Copper, IRFC and eight others are among technical picks by Prabhudas Liladhar

Domestic equity benchmark indices end in green on Wednesday, November 15, session amid positive global cues, and after lower US inflation data increased expectations of an end to the rate-hiking cycle in the largest economy in the world.

The 30-share BSE Sensex ended higher by 742.06 points or 1.14 per cent at 65,675.93 level while the Nifty 50 closed at 19,675.45 level, up 231.90 points or 1.19 per cent. Nifty 50 index opened higher and hit intraday high of 19,653 levels, logging 210 points gain during Wednesday session against its Monday close of 19,443 mark. 

The broader market was at par with the benchmark indices, the Nifty Midcap 100 closed 0.91 per cent higher and Nifty Smallcap ended 1.27 per cent higher. 

Also Read: Dividend Yield Stocks: Coal India, ONGC, 8 others among top PSUs paying high dividends; do you own?

On the outlook for Nifty 50, Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher Pvt. Ltd said, ‘’The index has managed to remain above the crucial 19,400 zone, which is quite important to maintain the bias and sentiment intact as of now.''

‘’As said earlier, once a decisive move past the 19,650 zone is established, a clear directional move with conviction is anticipated. The support for the day is seen at 19,400, while the resistance is seen at 19,750,'' added Parekh.

The analyst has picked out the top 10 technical picks with a ‘buy’ call on each with peak potential returns in the range of 1.12 per cent - 9.91 per cent. Here are the top technical picks:

Prabhudas Lilladher's top 10 technical picks by Vaishali Parekh:

1.Hindustan Oil Exploration Co. Ltd: ‘Buy’ at target of 192, with a stop loss of 154 and peak return of 6.02 per cent

2.Hindustan Copper: ‘Buy’ at target of 175, with a stop loss of 138 and peak return of 9.91 per cent

3.Indian Railway Finance Corporation (IRFC): ‘Buy’ at target of 90, with a stop loss of 64 and peak return of 4.84 per cent

4.IDFC Ltd: ‘Buy’ at target of 135, with a stop loss of 108 and peak return of 3.70 per cent

5.Aditya Birla Capital Ltd: ‘Buy’ at target of 195, with a stop loss of 165 and peak return of 3.12 per cent

6.Housing & Urban Development Corporation Ltd: ‘Buy’ at target of 94, with a stop loss of 76 and peak return of 1.23 per cent

7.Jindal Stainless: ‘Buy’ at target of 530, with a stop loss of 445 and peak return of 4.33 per cent

8.Steel Authority of India (SAIL): ‘Buy’ at target of 100, with a stop loss of 82 and peak return of 3.68 per cent

9.Bharat Electronics (BEL): ‘Buy’ at target of 164, with a stop loss of 132 and peak return of 1.55 per cent

10.Bank of India: ‘Buy’ at target of 120, with a stop loss of 99 and peak return of 1.22 per cent.

Also Read: Stock Picks: Religare bets on these 4 midcap stocks, sees 16-21% upside in one year, do you own?

Technical View:

Nifty has decisively crossed the trend line hurdle and looks set to test 19,850 now, according to analysts. ‘’Interestingly, noticeable contributions from heavyweights like Reliance, Infosys and TCS, which were on the sidelines, largely fuelled the up move. And, we expect their participation to continue thus reiterating our view to maintain a “buy on dips" approach and focus on stock selection,'' said Ajit Mishra, SVP - Technical Research, Religare Broking Ltd.

On the outlook for Bank Nifty, Vaishali Parekh said that the index has also witnessed a range bound session for quite some time, hovering between 43,500 and 44,200 levels, and would need a decisive breach above the important 50-period DMA level of 44,250 to establish some conviction. 

‘’PSU Bank has outperformed PVT Bank in the last session and looks good in the coming days. The index would have an important support zone of 43,300 of the significant 200-period MA, which needs to be sustained and expects a further rise from current levels. Bank Nifty would have a daily range of 43,600–44,600 levels,'' said Parekh.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.

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ABOUT THE AUTHOR
Nikita Prasad
Nikita covers business news and has been producing news on digital platforms since 2018. She writes on economy, policy, markets, commodities, industry. Her core areas of interests include infrastructure, energy, oil and gas, railways, and transport/mobility. She has worked for business news channels like Moneycontrol, NDTV Profit, and Financial Express in the past. If you have story ideas/pitches/reports or quotes/views to share, reach her at nikita.prasad@htdigital.in.
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Published: 15 Nov 2023, 06:39 PM IST
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