Domestic markets have recovered meaningfully post the interim low in September 2022 end, primarily driven by easing inflation and consequent moderation in the pace of interest hikes by central banks.
The benchmark index has risen over 9 percent in the last 1 year but is down 2 percent in 2023 YTD.
With progressive Union Budget, capex cycle revival and healthy credit growth & asset quality in the banking space, market experts have retained a positive stance on domestic markets and believe any dips should be used to build a long-term portfolio of quality companies that have lean balance sheets, are capital efficient in nature and possess growth longevity.
However, experts expect markets to remain volatile in the near term following FPI selling.
Amid this backdrop, domestic brokerage house Prabhudas Lilladher has come out with 3 technical pick ideas for the medium term. Let's take a look.
CMP: ₹682, TARGET: ₹755, STOP LOSS: ₹650
The brokerage has a ‘buy’ call on the stock with a target price of ₹755, indicating an upside of 11 percent.
"The stock has witnessed a steep slide and consolidated near the significant 200DMA zone of 666 levels overall indicating an ascending channel pattern on the daily chart and recently has indicated a pullback with improvement in the bias. The RSI is well placed and has indicated a trend reversal from the oversold zone to signal a buy and has much upside potential from here on. We recommend a buy in this stock for an upside target of 755 keeping a support level of 650," said the brokerage.
The stock has gained 8 percent in the last 1 year as against a 9 percent rise in Nifty. In March so far, the stock has added 1 percent after an around 7 percent fall in January as well as February.
The stock has risen 31 percent from its 52-week low of ₹520, hit in May 2022. It had hit its 52-week high of ₹790 in April 2022.
CMP: ₹8,596, TARGET: ₹9,750, STOP LOSS: ₹8,400
The brokerage has a ‘buy’ call on Maruti with a target price of ₹9,750, indicating a potential upside of over 13 percent.
"The stock has witnessed a gradual slide and consolidated near the significant 200-DMA zone of 8,630 levels and currently has indicated a pullback with improvement in the bias to move past the important 50-EMA level of 8,690 to anticipate a further rise in the coming days. The RSI is well placed and has indicated a trend reversal to signal a buy and has much upside potential from here on. We recommend a buy in this stock for an upside target of 9,750 keeping a support level of 8,400," said the brokerage.
The stock has gained 19 percent in the last 1 year as against a 9 percent rise in Nifty. In March so far, the stock has been flat but in the red after an around 3 percent fall in February and a 6 percent jump in January.
The stock has risen 31 percent from its 52-week low of ₹6,540, hit in March 2022. It hit its 52-week high of ₹9,768.65 in October 2022.
CMP: ₹1,731, TARGET: ₹1,900, STOP LOSS: ₹1,650
The brokerage has a ‘buy’ call on the stock with a target price of ₹1,900, indicating an upside of 10 percent.
"The stock has made a higher bottom formation on the daily chart and is on an upward trend currently moving past the significant 50EMA level of 1680 to improve the bias and overall the chart looks attractive for a further rise in the coming days. The RSI has shown a trend reversal and has signaled a buy in this stock, indicating a positive bias with immense upside potential from here on. With decent volume participation witnessed, we recommend buying this stock with an upside target of 1900 and a stop loss of 1650," said the brokerage.
The stock has lost 5 percent in the last 1 year as against a 9 percent rise in Nifty. In March so far, the stock is up 1 percent after an around 1.3 percent fall in February and a 7.5 percent jump in January.
The stock has risen 43 percent from its 52-week low of ₹1,211.85, hit in July 2022. It hit its 52-week high of ₹2,160.95 in March 2022.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of MintGenie.
