The Nifty IT index has recovered smartly from its September lows, and if the current momentum sustains select IT stocks could witness a medium-term bullish trend.
Among individual stocks, Shree Renuka Sugars, Ugar Sugar and EID Parry have zoomed up to 169 per cent so far in 2022. Charts indicate further upside for these select stocks.
The technical analyst from Anand Rathi has reiterated the Buy call on Redington (India) with a higher price target of Rs 210; Also, expects Bajaj Finance to rally to Rs 7,060.
According to the technical analyst from Anand Rathi, TCS can decline to Rs 3,160; whereas Page Industries can witness a sharp rally to Rs 48,500 level.
The technical analyst from HDFC Securities from HDFC Securities recommends buying JK Paper and Happiest Minds for targets of up to Rs 486 and Rs 1,150, respectively.
According to the technical analyst from Anand Rathi, Ashok Leyland can potentially break its all-time high at Rs 169.45, while he is also bullish on Lupin.
The derivative analyst from HDFC Securities recommends buying Hero MotoCorp 2750 Call and simultaneously selling 2800 Call of the November series.
According to the technical analyst from Anand Rathi, Jubilant Ingrevia can rally to Rs 570, while Whirlpool of India can target Rs 1,600 on the upside.
SBI with its humongous size has reported consistently upbeat performance with this quarter seeing above par growth in earnings and return ratios, said analysts.
The derivative analyst from HDFC Securities recommends buying Vedanta 310 Call and simultaneously selling 330 Call of the November series.
Technically, whenever any stock remains unaffected during times of volatility, the trend indicates something positive underneath. Such stocks are preferred by market participants for trading gains.
According to the technical analyst from Anand Rathi, a weekly close above Rs 825, can potentially trigger a massive rally in Axis Bank up to Rs 1,000-mark.
Sun Pharmaceutical Industries is the only other stock among the Sensex 30 and Nifty 50 that trades in the overbought category, technically.
According to the technical analyst from Anand Rathi, Arvind Fashions can rally to Rs 440, while CAMS can surge to Rs 3,650 within a year's time.
The analyst from HDFC Securities recommends selling Axis Bank October contract on rise with a stop loss at Rs 745, for a downside target of Rs 705.
According to the technical analyst from Anand Rathi, Metropolis Healthcare can rally to Rs 1,800, while Thyrocare Technologies can rise up to Rs 740.
Among individual stocks, Liberty Shoes has witnessed a 'Golden Cross' on the daily chart, and can potentially rally up to 15 per cent.
According to the technical analyst from Anand Rathi, Raymond can rally to Rs 1,100, while Metropolis Healthcare can surge to Rs 1,620.
Among individual stocks, the technical analyst is bullish on HG Infra and CreditAccess Grameen.
The technical analyst from HDFC Securities recommends buying Canara Bank 240 Call and simultaneously selling 250 Call for the September series.