Nifty Pharma rises, Sun Pharma and HDFC Bank predicted to breakout

  • Stock Market News
Nifty Pharma rises, Sun Pharma and HDFC Bank predicted to breakout
Credit: © Reuters.

Indian equity benchmarks experienced a downturn today due to the performance of banks and financials, with foreign institutional investors (FIIs) extending their selling streak to the ninth session, offloading shares worth ₹549 crore. Domestic institutional investors (DIIs), however, purchased shares worth ₹596 crore (INR100 crore = approx. USD12 million). The Nifty Bank and Nifty Financial Services were among the underperforming sectors, while Nifty Pharma rose by 0.66%.

In this mixed market scenario, ICICI Bank emerged as the top loser, while Dr Reddy's surfaced as the top gainer. Despite some sectors' underperformance, the overall market breadth remained positive with more shares advancing than declining on BSE.

Analysts at Derivatives Research provided an optimistic outlook for several stocks. He highlighted Nifty's strength at 19,200 and recommended Sun Pharma, currently priced at ₹1,155.70. Bhagwat predicts a breakout above ₹1,160 with an accumulation range of ₹1,140-₹1,150 and a target of ₹1,200.

In addition to Sun Pharma, Bhagwat also recommended HDFC Bank Ltd, which is trading at ₹1,484.65. He expects recovery from a support base of ₹1,460-₹1,480 with a target of ₹1,525.

Tata Motors (NYSE: TTM ) also received Bhagwat's endorsement as a long-term investment. With its current price at ₹646.55, he aims for the stock to reach ₹900-₹1,000 levels within a year.

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