Technical View

On December 12, India's stock market extended gains, buoyed by global sentiment after a US rate cut. Analysts forecast steady trading for Sensex and Nifty, emphasizing key support levels.

Mastek shares have gained 12% in the past month but are down 25% over the last year. Analysts from HDFC Securities recommend buying Mastek, citing strong revenue growth prospects from UK government digital initiatives and a positive outlook for US business growth.

Eternal share price: Goldman Sachs raised its 12-month target price for Zomato shares to ₹360 (from ₹340), reiterated Buy. It added that Blinkit accounts for 70% of the target price.

IREDA shares traded flat at ₹159.25, down 34% from its 52-week high. Analysts suggest a potential upward momentum, recommending a buy at ₹160.10 with a target of ₹186-200. Key support is at ₹145, while a breakout above ₹166 may unlock further gains.

HDFC Bank shares have remained stable for three months, closing at ₹977.35. Analysts suggest a strong outlook with support at ₹945 and resistance at ₹1000. A breakout above could lead to ₹1,060.

Servotech Renewable Power's stock has gained 10% recently due to order wins and acquisitions. The company has announced various projects, including a rooftop solar project and a trade agreement with Enovra Energy Solutions.

Listed asset management companies have excelled this year due to record mutual fund inflows. However, analysts warn of a potential slowdown as valuations rise and competition increases, with recent technical indicators suggesting consolidation in the sector.

On August 18, the Indian stock market opened strongly with the Nifty 50 hitting 25,022, fueled by easing global tensions and domestic policy optimism, including a GST overhaul and S&P's credit rating upgrade, encouraging broad sector gains.

Nifty may rebound in the near term after profit booking led to a 2.9% loss. It remains above the 200-day SMA, indicating an uptrend, while key support lies around 24,000. Investors are advised to adopt a buy-on-dips strategy amid short-term corrections.

Stock market crash: Bajaj Finserv, Bajaj Finance, Shriram Finance, Bajaj Auto, Hero MotoCorp, Eternal, PowerGrid Corporation of India and Jio Financial Services were among the top Nifty 50 losers, dragging the index below 24,900 level.