There has been a call from brokerage company ICICI Securities to buy shares in Tata Power, Torrent Pharma and Maruti all. with stop loss target price of 7,740 and Brokerage sets buy limit for Maruti between Rs 9,250 8350-8510. ICICI Securities has fixed the buy limit 210-216, stop loss 190, and a target price of 252 for Tata Power. The brokerage has established a buying range of 2880- 2920 with stop loss for torrent pharma 2659 and target price of 3250. The brokerage has set a target frame of three months for each of these stocks to achieve their individual target prices.
Maruti Suzuki India Limited (MSIL)
The brokerage has said, “Since August 2020, the stock has remained above its 52-week EMA and has formed a higher low, suggesting inherent strength on higher buying demand. We expect the stock to move in the current upward trend and continue This is a measurement implication of the four-month range breakout as the 9250 level is expected in the coming months ( 8300 – 7200 = 1100) Added 8300. The weekly RSI recently generated a buy signal by moving above its nine period average. Thus, it validates the positive bias.”
ICICI Securities also said that “the auto and auto ancillary space extended their outperformance as the Nifty auto index looks set to breakout above its multi-year high since CY17. At Large Cap Auto, we remain positive on Maruti. The stock remains resilient in the recent market correction and is looking to breakout of the four-month consolidation signals for an upside move and new entry opportunities.
“In the long run, the company is well positioned to capitalize on the rising PV penetration in India as well as increased earnings levels. We generate 14% Volume CAGR, 17.7% Revenue CAGR and 60.4% PAT CAGR for MSIL in FY22-24E. On the Balance Sheet front, MSIL is a net debt free company with ~. is surplus cash 40,000 crore till FY22. On the Core Return Ratio Matrix i.e. ROIC, MSIL is a capital efficient player with ROIC > 25% in normal times. The company is also likely to benefit from the recent correction in the metal prices along with the recent appreciation of Rupee vs JPY. The company is currently trading at ~26x P/E at FY24E EPS in CMP 321/share,” said Dharmesh Shah, Nitin Kunte, Ninad Tamhanekar, Pabitro Mukherjee and Vinayak Parmar, research analysts at ICICI Securities.
Tata Power
According to ICICI Securities, “Open interest in Tata Power is declining in the current phase of consolidation due to the prevailing volatility. Open interest is at a one-year low in July 2022 series. However, since the stock is less leveraged, there are downsides. very limited. Close to the money The stock has started closing call strikes of 210 and 215, which may provide much needed momentum in the coming trading sessions. Also, Put open interest base at 200 put strike is consolidating from where the stock has seen a sharp reversal recently and is likely to act as a strong support.”
“The stock witnessed significant delivery volume in the lower trading range of the trading band 190-200 in October 2021 and December 2021. It revisited these levels in the June series but saw a sharp correction. We believe that these levels will act as key support for the stock in the coming sessions. Volumes have started rising again in the recent period 200 level, indicating fresh momentum for the stock. The stock is finding support near its mean-2*sigma levels since the start of the current uptrend in January 2021. The mean-2*sigma level for the stock is currently placed near 196. We believe it will move towards 250 levels,” the brokerage said in its note.
“Midcap and smallcap stocks are seeing recovery from recent lows with Nifty. In the last two series, some strength can be seen in Nifty. However, apart from sectoral heavyweights, there has been interest in delivery-based buying at support levels from select midcap space, especially Tata Power. 200. We expect Tata Power to continue its positive momentum with new long growth, said Nandish Patel, Raj Deepak Singh, Dipesh Dedhia and Siddhesh Jain, Research Analysts, Broking Company.
torrent pharma
The brokerage said in a note, “Open interest in the stock has remained relatively low in the last six months. However, with the recent relative outperformance in the pharma space, the stock has seen a gradual build-up of open interest over the past few weeks with recent price performance. However, there is ample scope for further growth in open interest. We believe that new long pairs can be seen, which should propel the stock higher in the coming trading sessions. The stock saw significant distribution based activity at May 2022 levels ~2800, which is an important support for the stock. As the stock witnessed accumulation last month, we believe that downside is limited, while the uptrend is likely to retain the positive momentum. 2800 levels.”
As per ICICI Securities, “Delivery Z score reading in the cash segment indicates that there is still room for more delivery pick-up in the coming days. The stock should pick up momentum in the times to come. From May 2020 to December 2021, One of the stocks saw an impulsive rise since 2000 3200 levels. Since then, it has been largely limited with time and value based corrections. this recent decline towards 2600 has given another opportunity to go long on the stock for fresh gains.
“The broader markets are moving into a consolidation phase after seeing sharp profit-taking moves over the past few weeks. However, stock specific moves are likely to continue, while the focus should be on stocks with lower leverage. Torrent Pharma is one such stock which seems to be breaking out of the current consolidation and is likely to rally in the coming weeks.
The views and recommendations given above are those of individual analysts or broking companies and not of Mint.