Shares of Tejas Networks and Indian Bank have given handsome returns to their shareholders in recent months. In fact, these are one of the high yielding stocks that Indian Share Market produced year after year. Shares of Tejas Networks, which are now shares of the Tata Group, have delivered a strong 40 per cent year-on-year (YTD) return, while Indian Bank’s share price has appreciated by 35 per cent in 2022. However, Ventura Securities sees more upside in these stocks. The brokerage believes Indian Bank shares may go up. 400 per level while Tejas Networks share price may rise up to 850 each level from existing levels.
Tejas Network Share Price Target
Speaking on Tejas Networks share price target, Ventura Securities report said, “The share price has moved up from 156 (April 2021) to 570 (October 2021), leading to a series of up gap formations suggesting strong buy interest. During this move, as seen in the chart the stock always took support of the average and Super Trend is in positive mode till date. The brokerage said the firm’s uptrend from April 2021 suggests a strong ‘bull grip’ in the stock.
“Recently the stock gave a range breakout (October 2021 to August 2022) and made a high of 550 above the previous swing. 524. The stock has never breached the average and the up gap level during the up trend,” the brokerage said.
Responding to stock market investors’ suggestions regarding Tejas Network shares, Ventura Securities said, “Arun Up/Down, MACD, and Demand Index Indicator suggest the possibility of a strong up move. Probable targets are 850. If the stock price corrects to the downside then the buy levels are from 515 494 more 460 to 450. The stop loss to be seen in the trade is 415.”
Indian Bank Share Price Outlook
Speaking on Indian Bank’s share price outlook, Ventura Securities report said, “The share price started the downside break below 428 (Nov 2017) forming lower and lower bottoms along with trading below average. The stock made a low. 41.70 (March 2020). Later the stock attracted positive buying with substantial amount of support. Super Trend turned positive and stock made higher levels 195 in October 2021. The firm uptrend since March 20 suggests a strong bull grip in the stock.”
On its suggestion to positional investors regarding Indian Bank shares, the Ventura Securities report said, “Recently the stock formed a positive candle, leading to the formation of higher levels. 197 above recent high 195, after trading consistently above the trend line for the past few weeks. The Aroon Up/Down, KST and ROC indicators suggest a strong up move possibility. potential targets are from 350 400. If the stock price corrects to the downside then the buy levels are from 181 171 more from 155 151. The stop loss to be seen in the trade is 135.”
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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