Market Update: Nagaraj Shetti Recommends JM Financial and Canara Bank Shares
Stocks to buy: Nagaraj Shetti recommends JM Financial, Canara Bank shares to buy
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On April 9, 2023, the Nifty 50 and Sensex indices declined by 0.62% and 0.77% respectively, influenced by renewed Middle Eastern conflicts. Analyst Nagaraj Shetti recommends buying JM Financial shares at ₹131 with a target of ₹141, and Canara Bank shares at ₹140 with a target of ₹150, both within a week.
- 01Nifty 50 fell by 0.62% to 23,851.15, while Sensex decreased by 0.77% to 76,966.49.
- 02The decline follows a previous 4% increase driven by a ceasefire announcement.
- 03Nagaraj Shetti suggests buying JM Financial at ₹131 with a target of ₹141.
- 04Shetti also recommends Canara Bank shares at ₹140 with a target of ₹150.
- 05Immediate support for Nifty 50 is at 23,700, with upside targets around 24,300.
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On April 9, 2023, the Indian stock market saw a decline, with the Nifty 50 dropping 0.62% to 23,851.15 and the Sensex falling 0.77% to 76,966.49. This downturn followed a significant rise of about 4% the previous day, which was fueled by a decrease in oil prices after a ceasefire was announced between the United States and Iran. However, renewed tensions in the Middle East, particularly Iran's refusal to negotiate with the US after Israel's attacks on Lebanon, have led to cautious investor sentiment. Nagaraj Shetti, a Senior Technical Research Analyst at HDFC Securities, believes the Nifty 50's near-term uptrend remains intact and suggests that current consolidation presents a buying opportunity. He recommends purchasing JM Financial shares at ₹131, targeting ₹141 with a stop loss at ₹126, and Canara Bank shares at ₹140, targeting ₹150 with a stop loss at ₹135. Both recommendations are based on recent price movements and technical indicators.
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Investors considering these recommendations could see potential gains if the stocks reach their target prices, impacting their investment portfolios positively.
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