Stock Tips: The share price of Mukesh Ambani’s Reliance Industries Limited (RIL) has fallen by more than 11% since mid-October. Analysts of ICICI Direct say that the stock is now close to the previous break-out levels, which can be a good opportunity for investors to buy it. Apart from Reliance Industries, which dominates all sectors from oil to telecom and retail, analysts at ICICI Direct have also picked Hindalco and Jindal Stainless as buyable stocks. The brokerage firm is bullish on the metal space and is expecting a structural uptrend after a healthy price/time correction.
Reliance Industries
Target – Rs 2,745
Analysts at ICICI Direct say that after the breakout in September, the telecom sector is performing better after many years. Analysts have described RIL as the best in this sector. According to analysts, the stock has reached its key support level and there is an opportunity to earn money with risk. The brokerage firm has set a target price of Rs 2,745 for this. The stock will need to gain 13% from the current levels to reach the target price.
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Hindalco
Target – Rs 508
In the month of December so far, the share price of Hindalco has increased by 11%. According to experts of ICICI Direct, this stock is seen rebounding by taking support near the lower band of the rising channel and 200 days EMA (currently 403). In this way, there is an opportunity to earn money with risk. The key support zone for the stock is being seen at Rs 400-430 per share.
According to the brokerage firm, the good performance of subsidiary Novelis has helped improve Hindalco’s consolidated operations performance. Going forward, Novelis is expected to perform well due to good demand from the key user industries, which bodes well for the consolidated entity. Brokerage analysts are looking at a target price of Rs 508 in this stock. That is, according to this, they are expecting a 10% increase in it now.
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Jindal Stainless
Target – Rs 202
Jindal Stainless’s share price has risen 10% so far this month. According to technical analysts of ICICI Direct, this stock can achieve a new high of Rs 207 per share. Jindal Stainless is the largest stainless steel manufacturer in India. Its Jajpur, Odisha plant has a stainless steel production capacity of 11 lakh tonnes per annum. According to the brokerage house, the company also plans to increase its downstream capacity by increasing the capacity of Hot Rolled Annealed Pickled (HRAP) and Cold Rolled Annealed Pickled. If this stock achieves the set target price of Rs 202 then it can give a return of about 11% from the current level.
(The stock recommendations given in the story are those of the respective research analysts and brokerage firms. Financial Express Online takes no responsibility for the same. Investments in capital markets are subject to risks. Please consult your advisor before investing.)
(Article: Kshitij Bhargava)
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