Independence Day 2023: Tata Motors, Grasim among analysts' top 7 picks for next 1 year
Nifty gained by 9.8%. On Monday trading session, Nifty 50 closed 6 points, or 0.03 per cent, up at 19,434.55. According to Rajesh Bhosale - Equity Technical and Derivative Analyst, Angel One, in the immediate future, a robust support range is identified at 19,000 - 18,800.
Any potential downward movement towards this range should be viewed as a favourable opportunity for purchasing. Conversely, the levels of 20,000 and 20,300 represent immediate resistance, while looking at a span of one year, a feasible target is around 21,000. As the market approaches an election year, historically characterised by bullish trends, and with the initiation of declining interest rates, the momentum of this rally is likely to receive additional fuel.
Also Read: Market Wrap: Sensex, Nifty end flat ahead of retail inflation data; mid, smallcaps underperform On this Independence Day, analysts recommend investors to buy select stocks with a one-year horizon. Let's take a look at them; Sneha Poddar, AVP Research, Broking & Distribution of Motilal Oswal Financial Services Ltd recommends Tata Motors with price target of ₹750. According to Poddar, Tata Motors should witness a healthy recovery as supply-side issues ease (for JLR), along with a better mix, lower discounts and operating leverage (for all 3 businesses).
It will benefit from: a) the commercial vehicles (CV) uptrend and stable growth in passenger vehicles (PVs), b) company-specific volume/margin drivers, and c) a sharp improvement in free cash flow (FCF) as well as a reduction in net debt in both JLR and the India businesses. Second on the list is HDFC Bank with a price target of ₹2,070. Poddar believes that the merged entity is set to extend its lead as the second-largest bank in the
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