Indian stock market rallied on Wednesday, with the benchmark Sensex surpassing 77,000-mark and the Nifty 50 index hitting record high above 23,440 level. Broader markets outperformed, as the Nifty Smallcap 100 and the Nifty Midcap 100 index were trading over a percent higher each.
Barring Nifty Realty and Nifty FMCG, all the sectoral indices were trading in the green with Nifty PSU Bank, Nifty Oil & Gas, Nifty IT and Nifty Auto rising the most.
Brokerage firm Anand Rathi has added two stocks to buy in its Emerging Picks in June 2024, based on its technical analysis. These two stocks to buy are Hindustan Zinc and GMR Airports Infrastructure.
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The brokerage firm recommends buying GMP Airports and Hindustan Zinc shares for a timeframe of 30-90 days, expecting a potential upside of around 28%.
Here are the technical factors for these two stocks to buy:
Hindustan Zinc | Buy | TP: ₹890
Hindustan Zinc share price saw a rally from ₹400 to ₹800 recently and then after the stock underwent correction. Hindustan Zinc stock retraced exactly 50% of the rally and has turned up from there. Hindustan Zinc, a subsidiary of Vedanta Ltd, is an integrated mining and resources producer of zinc, lead, silver and cadmium.
Going ahead, Anand Rathi expects a further rally in silver price in the coming months. Thus, it advises traders to go long in the Hindustan Zinc stock in the range of ₹696 – 684 with a stop loss of ₹590 and a target price of ₹840 – 890 per share, implying an upside potential of nearly 28% from Tuesday’s closing price.
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GMR Airports Infrastructure | Buy | TP: ₹112
Right from the beginning of the year 2024, GMR Airports Infrastructure share price has been consolidating in a broad range. The range has been shrinking and finally we have witnessed a breakout from the same. GMR Airports share price action is supported with positive placement of momentum oscillators and increase in volumes, Anand Rathi said.
Thus, the brokerage firm advises traders to go long in GMR Airports stock in the range of ₹93 – 91 with a stop loss of ₹82 and a target price of ₹107 – 112 per share.
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Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Published: 12 Jun 2024, 01:18 PM IST
