Stock picks: Prabhudas Lilladher suggests these two shares to buy this week

Indian stock market: Stock market indices Sensex and the Nifty 50, concluded more than one percent lower for the second consecutive session. Investor sentiment was dampened as equities across various sectors were offloaded amidst escalating tensions in West Asia. The situation intensified after Iran launched over 300 missiles and drones at Israel on Saturday in retaliation to a suspected Israeli strike on its embassy in Syria earlier.

At the start of trading, the Sensex saw a drop of 930 points, hitting a day’s low of 73,315.16, compared to its previous close of 74,244.90. Eventually, the 30-share index concluded the day down by 845 points, or 1.14%, settling at 73,399.78.

Also read: Iran-Israel Tensions: How do they impact Indian stock market? Here’s what experts say

Meanwhile, the Nifty 50 commenced 180 points lower at 22,339.05 from its previous close of 22,519.40, and it continued to decline, reaching a low of 22,259.55, down by 260 points. By the close, the index recorded a decline of 247 points, or 1.10%, ending at 22,272.50.

“Geo-political concerns globally weighed on Indian markets with Nifty opening gap down and remaining under pressure throughout the session to close with a loss of 247 points (-1.1%) at 22273 levels. Broader market was down more than 1% amid a rise in India’s VIX (Volatility Index) by 8%. Barring Oil & Gas, selling was seen across the sectors. Weakness in the global market on account of the Iranian attack on Israel, persistent concerns over higher-for-longer U.S. interest rates, and weak earnings, weighted on Indian equities. Further, India’s WPI inflation accelerated to a three-month high of 0.53% in March, driven by food and primary articles dampening the sentiments. Thus, we expect domestic markets to witness near-term headwinds amid rising volatility. With the start of result season and poll promises by several political parties, we may continue to see sector & stock-specific action. Globally, Investors will keenly watch out for US core retail sales and China Q1 GDP numbers which will be released late today for further cues,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.

Technical stock picks by Prabhudas Lilladher’s Vaishali Parekh –

SJVN: Buy at 127.70 | Target Price: 152 | Stop Loss: 114

The stock has been in consolidation for quite some time with currently picking up momentum improving the bias maintaining above the significant 50EMA level of 117 zone and is anticipated for further rise in the coming days. The RSI has shown improvement rising after the short consolidation phase and has much upside potential to carry on with the momentum further ahead. We suggest to buy the stock for an upside target of 152 keeping the stop loss of 114.

Also read: Stocks to buy: SBI Card, CDSL, Jindal Saw among 8 stocks that can rise 5-31% in next 3-4 weeks, say analysts

Sun TV: Buy at 629 | Target Price: 707 | Stop Loss: 597

The stock has moved past the significant 50EMA level of 620 levels and indicated a breakout above the descending channel pattern on the daily chart at 625 levels to improve the bias anticipating for further rise in the coming days. The RSI is well placed indicating a trend reversal to signal a buy with much upside potential visible from current levels. With the chart looking attractive, we suggest to buy the stock for an upside target of 707 keeping the stop loss of 597 level.

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

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Published: 15 Apr 2024, 06:12 PM IST

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