Equity benchmark Sensex rose 145 points to 60,967 on Monday, driven by gains in banking stocks such as ICICI Bank, Axis Bank, and accompanied by losses in auto and IT stocks.
The banking sector continues to dominate the show with ICICI Bank registering the new highs on Monday following the robust earnings quarterly.
The Asian Markets started Tuesday on a positive note as the major indices were trading in the green on the early hours on Monday. Japanese Nikkei 225 was up 500 points to 29,100, while Shanghai Composite Index was trading flat with 4 points gain at 3613. The Asia Dow Index USD was also trading half a per cent above at 3946.
Here are stocks that analysts suggest to watch out for today, as per Mint repot.
Sumeet Bagadia, Executive Director at Choice Broking
ONGC: Buy ONGC, Stop Loss 155, Target 170
Canara Bank: Buy Can Bank, Stop Loss Rs 195, Target 210-215
Mudit Goel, Senior Research Analyst at SMC Global Securities
City Union Bank: Buy CUB, Target Rs 183, Stop Loss Rs 173
Ravi Singhal, Vice chairman, GCL securities Limited
ONGC: Buy at Rs 161, Target Rs 170, Stop Loss Rs 157
Ravi Singh, Head of Research & Vice President, ShareIndia
ONGC: Buy at RS 160, Target Rs 168, Stop Loss Rs 158
IGPL: Buy at Rs 850, Target Rs 880, Stop Loss Rs 840
Manoj Dalmia, Founder, and Director- Proficient Equities Limited
Bank of Baroda: Buy at Rs 96.50, Target Rs 102, Stop Loss rs 94
Also, today, a lot of companies are expecting their quarterly results that could impact their share price. These companies include ABB, Ambuja Cement, Axis Bank, Bajaj Finance, BirlaSoft, Canara Bank, Central Bank, Cipla, Gati, Greaves Cotton, Hikal Chemicals, IRB, Kotak Bank, Mahindra Lifespace, Mahanagar Gas, MRPL, Persistent Systems, Torrent Pharma and Zensar Technologies.
Meanwhile, expressing views on Nifty, Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said, “The short term trend of Nifty is range bound with minor positive bias. Having slowed down of downside momentum and placed at the crucial supports, one may expect chances of upside bounce from the lower levels.”
Any failure to sustain the upside bounce or a decisive move below 17950-17900 levels could extend sharp weakness for the short term. A confirmation of upside reversal by positive close could open an upside bounce in the market, he said.