The Indian stock market rallied on Wednesday, with the Sensex surpassing 77,000 and the Nifty 50 reaching a record high above 23,440. The broader markets outperformed, with the Nifty Smallcap 100 and Nifty Midcap 100 indices both trading over a percent higher.
Most sectoral indices were trading positively, except for Nifty Realty and Nifty FMCG. Nifty PSU Bank, Nifty Oil & Gas, Nifty IT, and Nifty Auto were the top gainers.
Anand Rathi has added Hindustan Zinc and GMR Airports Infrastructure to its Emerging Picks for June 2024 based on technical analysis. The firm suggests buying these stocks within the next 30-90 days for an expected upside of around 28%.
Here are the details:
Hindustan Zinc (Buy | Target Price: ₹890)
- Recent Performance: Hindustan Zinc’s share price surged from ₹400 to ₹800 and then corrected.
- Current Status: The stock retraced 50% of its rally and is now moving upwards.
- Recommendation: Buy between ₹696 – 684 with a stop loss at ₹590. Target price is ₹840 – 890, suggesting an upside of nearly 28% from Tuesday’s closing price.
GMR Airports Infrastructure (Buy | Target Price: ₹112)
- Recent Performance: GMR Airports’ share price has been consolidating within a broad range since early 2024.
- Current Status: The stock recently broke out from this range, supported by positive momentum and increased volumes.
- Recommendation: Buy between ₹93 – 91 with a stop loss at ₹82. Target price is ₹107 – 112 per share.
These picks are based on technical analysis and are expected to provide significant returns in the short term.
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