Indian equities rise on strong earnings and macro data, analysts recommend five stocks
Indian markets opened higher after better-than-expected second-quarter results and improving domestic indicators, with analysts highlighting Tata Steel, FACT, Ujjivan SFB, Tata Communications and AB Capital as potential buys.
Indian equities began the week on a firm footing, supported by better-than-estimated Q2 earnings and improving domestic cues such as higher passenger-vehicle sales and increased gross GST collections, which signaled resilient consumption.
Research analysts from Choice Equity Broking and Bonanza Portfolio identified five stocks they consider attractive for Tuesday.
"Tata Steel has shown a positive technical setup on the daily chart after breaking above its previous consolidation range, forming a bullish Marubozu candle and closing above the 20-day EMA," said Sachin Gupta, VP-Research at Choice Equity Broking, recommending a buy at Rs 177.4 with a target of Rs 193.
"FACT is showing signs of a potential recovery after taking support near a key horizontal zone and rebounding from the lower Bollinger Band," Gupta added, suggesting a buy at Rs 704 with a target of Rs 780.
"Ujjivan SFB has formed a strong bullish candle from its rising trendline support, indicating buying interest at lower levels," Gupta noted, proposing a buy at Rs 56.15 with a target of Rs 62.
"Tata Communications closed at Rs 1,748.1, up 4.34%, with a bullish candle and improving momentum around its moving averages," said Virat Jagad, senior technical research analyst at Bonanza Portfolio, recommending a buy near Rs 1,750 with a target of Rs 1,884.
"AB Capital closed at Rs 378.3, up 2.4%, after rebounding from recent lows and moving above its long-term moving average," Jagad added, suggesting a buy at Rs 378-379 with a target of Rs 408.
The article includes a standard disclaimer stating that the author is not a SEBI-registered research analyst and holds no financial interest in the mentioned companies. Readers are advised to review the original research reports before making investment decisions.