Nifty 50 and BSE Sensex have scaled fresh all-time highs and are not searching to slow down. Sensex is now above 60,000 points although the Nifty 50 is closer to 18,000 than ever ahead of. Amid this upward trend, the broader markets have participated with each smallcap and midcap indices mirroring the moves. Bank Nifty as well has reached new record highs. As the indices zoom ahead analysts at ICICI Direct have picked two stocks that they think have sturdy technical uptrend patterns along with robust fundamentals warranting an upside prospective involving 10-12%.
Housing Development and Finance Corporation (HDFC) – Buy
Target value – Rs 3,125
HDFC’s share value was moving in a variety just after February this year ahead of moving up earlier last month. “The stock is on the cusp of generating a breakout above the last seven months range and has recently witnessed a faster retracement of the last falling segment as 24 week’s correction (Rs 2896-2380) is completely retraced in just seven weeks, thus offering fresh entry opportunity,” ICICI Direct stated. The brokerage firm expects the stock to move towards Rs 3,125 levels, translating to an upside of 10% from existing levels.
On the basic front, has demonstrated constant functionality in terms of each company development as properly as asset high quality. “We believe with recent pick-up in demand from individual loans for housing is positive for the company being the market leader. We remain positive on earnings visibility given healthy capital adequacy, low funding cost and thus healthy margins,” ICICI Direct stated. The trade has been suggested with a 3-month time frame.
Phoenix Mills – Buy
Target value – Rs 1,085
Real estate sector stocks have been rallying in current trading sessions, outperforming the benchmark indices as properly. ICICI Direct believes Phoenix Mills to be a essential beneficiary of the economy coming back to normalcy, seeing a favourable danger-reward setup for fresh entry. “The stock is coming out of 20 month’s consolidation range on the back of above-average volume signalling resumption of the structural uptrend,” ICICI Direct stated. They added that going ahead, the stock is anticipated to head towards a target of Rs 1,one hundred in the coming months. The breakout for Phoneix Mills is believed to be properly supported by a sturdy volume of more than 3 occasions the 50-week typical volume, highlighting bigger participation in path of trend. The time frame for the trade is 3 months with an upside prospective of 12%.
Phoenix Mills develops and operates retail malls in India. The corporation did see the company getting hit by the covid pandemic and resultant lockdowns. However, substantial momentum in the close to-to-medium term is anticipated with enhanced mall operations across India, and choose up on account of the festive season. “Phoenix Mills remains a quasi-play on India’s consumption story, given the quality of assets, healthy balance sheet & strategic expansion plans,” ICICI Direct added.
(The stock suggestions in this story are by the respective investigation and brokerage firms. TheSpuzz Online does not bear any duty for their investment tips. Please seek advice from your investment advisor ahead of investing.)