Stock brokerage Religare Broking has announced two tech stars and has recommended ‘Buy’ on them as it sees growth potential ahead. These two stocks are IDFC First Bank and Tata Motors. The brokerage is upbeat on these stocks and expects a fresh breakout ahead and hence suggests investors not miss the opportunity in them under auto and banking space. Both of the stocks touched a fresh 52-week high on Tuesday.
1. Tata Motors:
For this auto giant, the brokerage said, “Auto Sector has made a new record high, after spending nearly 8 months in a consolidation range. Tata Motors has also witnessed a fresh breakout from a congestion zone and looks upbeat to maintain the prevailing momentum. Traders shouldn’t miss this opportunity and accumulate in the given range.”
Religare has set a ‘Buy’ recommendation in the range of ₹500 to ₹505 with a stop loss of ₹485 apiece. The target price is set at ₹540 apiece.
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Currently, Tata Motors is trading at ₹503.75 apiece at the time of writing with an upside of 0.71% on BSE. The stock hits a new 52-week high of ₹512.65 apiece earlier in the day.
In 5 trading sessions, the stock has climbed by nearly 5% on BSE. Its monthly gain is over 9%. Year-to-date, the stock has risen by a whopping 27.7%.
In a year, the upside is about 24.8% currently.
2. IDFC First Bank:
The brokerage said, “We are seeing noticeable traction in the banking and financial pack and IDFC First Bank is trading in tandem with the trend. It is currently hovering in a narrow range around the previous swing high while holding the gap on the daily chart. Indications are in the favor of fresh surge in near future. We thus suggest creating fresh longs in the mentioned range.”
Accordingly, the brokerage has set Buy in the range of ₹64 to ₹65 per share with a stop loss of ₹61.50 per share. The target price is seen at ₹70 apiece.
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On BSE, at the time of writing, IDFC First traded at ₹64.57 apiece up by 0.6%. The stock also hits a new 52-week high of ₹65.85 apiece earlier today.
IDFC First Bank stock’s monthly upside is nearly 20%. In a year, the stock has gained by a massive 70.5%.
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