3 stock recommendations by analysts for August 29, 2024: Indian Bank, Divi's Labs and Granules India
3 stock recommendations by analysts for August 29, 2024: Indian Bank, Divi's Labs and Granules India
Produced by: Prashun Talukdar
Market recap: Sensex, Nifty continued to rise
Domestic benchmarks extended their gains for the seventh straight session on Wednesday, led by gains in IT, pharma and healthcare stocks. The 30-share BSE Sensex rose 74 points or 0.09% to close at 81,786. The broader NSE Nifty climbed 35 points or 0.14% to end at 25,052. India VIX, fear index, moved 2.23% up to 13.95-level.
Stocks with potential 'Buy' calls for August 29, 2024
For August 29 (Thursday), an analyst from a domestic brokerage assigned 'Buy' calls on Indian Bank, Divi's Labs and Granules India shares. Check stock price targets, analysis, investment rationale and other crucial details about these technical bets.
Indian Bank share
price target
LTP: Rs 566.95 | SL: Rs 547
The analyst from LKP Securities has given a 'Buy' call on Indian Bank Ltd shares with a target price of Rs 600. The scrip has gained 42.72% in the past one year. "The stock has moved above a crucial moving average on the daily timeframe, indicating a bullish reversal of the current trend. In the short term, it can move towards Rs 600, with support placed at Rs 547," said Rupak De, Senior Technical Analyst at LKP Sec.
Divi's Labs share
price target
LTP: Rs 5,035.20 | SL: Rs 4,850
The LKP Sec analyst has also selected Divi's Laboratories Ltd in his stock recommendations. He has given a 'Buy' call on the counter with a target price of Rs 5,250 per share. The scrip has surged 38.59% in a year. "After correcting from its high, the stock is now forming higher highs and higher lows on daily charts, signalling the onset of an uptrend. Investors can consider buying it at Rs 4,980, with a stop loss at 4,850 on a closing basis, expecting a potential upside target of Rs 5,250," De stated.
Granules India share
price target
LTP: Rs 708.90 | SL: Rs 685
The analyst from LKP Sec has included Granules India Ltd as well in his stock suggestions with a 'Buy' call. The stock can hit an upside target of Rs 770, he said. The multibagger counter has rallied 137.13% in the past one year. "The counter has given a consolidation breakout on daily charts. The rise was backed by decent volume, suggesting broad-based participation. In the short term, it can move towards Rs 770 with support placed at Rs 685," De mentioned.
Nifty outlook
"Nifty continues to exhibit confusion at higher levels, as the index closed flat with wicks on both upper and lower sides, indicating extended indecisiveness. A decisive move above 25,100 or a close above this level could confirm a further rally in the market. Otherwise, it may slip lower as the absence of sustained buying might trigger selling pressure. The immediate support is placed at 24,800," said Rupak De of LKP Securities.
Disclaimer
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