Headline indices Nifty and Sensex ended in red sphere on Monday (June 23), despite recovering from early losses due to Isreal-Iran conflict and concerns over the Strait of Hormuz. 

On Monday, indexes opened sharply lower and extended their decline in the initial hours. However, a rebound in metal stocks, along with gains in smallcap and miccap stocks.

The 30-scrip basket closed at 81,896.79, down 511.38 points or 0.62 per cent, while the Nifty 50 dropped 140.50 points or 0.56 per cent to 24,971.90 amid selling pressure in Infosys, L&T, Hero MotoCorp, M&M, and HCL Tech. On the other hand, On the other hand, Trent, Bharat Electronics, and Bajaj Finance were top gainers.

In terms of sectoral theme, IT, auto, banking, and telecom, and FMCG sectors dragged the most. In contrast, consumer durables, metal, and capital goods sectors registered gains.

During the session, analysts at Axis Securities, Rajesh Palviya shared fresh investment ideas, highlighting that these stocks could offer up to 26 per cent returns from Monday’s closing based on recent technical trends and price patterns.

Largecap, midcap are among the stocks recommended for different horizons, including long term and short-term. 

Palviya has recommended these stocks on the basis of technical indicators such as moving averages, base-building activity, and breakout patterns.

Stocks to Buy List

• GMM Pfaudler

• KFin Tech

• ideaForge Technology

Shares to buy for long term | GMM Pfaudler shares

Analysts at Axis Securities has recommended buying GMM Pfaudler shares for a long term target. According to the market expert, the stock could rise up to 22.75 per cent from Monday’s closing in the next 9-12 months.

After a major correction, the stock has witnessed some good activity on the lower side, he said.

If we look at the weekly and monthly charts, over the last 3 to 4 months, there is been a good base-building activity on the lower side, Palviya said. According to him, the stock is sustaining above the 20-day and 50-day moving averages.

Palviya believe that the way this stock is showing buying interest on the lower side, and with the breakout on the Newton chart, it indicates that the stock can move towards the Rs 1,400 to Rs 1,450 levels going forward.

GMM Pfaudler Share Price Target: Palviya has suggested buying GMM Pfaudler shares for a target of Rs 1,450 with a stop loss at Rs 1,120. 

The given target suggests a potential upside of 22.75 per cent.

Positional Stock Pick | ideaForge Technology shares

Axis Securities’ analysts recommend buying ideaForge shares, citing that the stock has shown a good recovery trend for the past three months and higher-high, higher-low formation can be seen on the monthly chart, and there’s also been a breakout from a falling channel.

ideaForge Technology Share Price Target: Palviya has recommended buying ideaForge Technology shares for a positional target of Rs 800.

The target implies a potential upside of 26.77  per cent, with a stop loss at Rs 585.

Shares to buy for short term | KFin Technologies shares

For the short term horizon, Palviya has handpicked KFin Technologies shares for the next 1-3 months and based on the current structure, he expected that the stock can be bought for an upside of 8 per cent in the near term.

KFin Technologies Share Price Target: Palviya has recommended buying the KFin Technlogies shares for a target of Rs 1,420 with a stop loss at Rs 1,280.

(Disclaimer: The views/suggestions/recommendations expressed here in this article are solely by investment experts. Zee Business suggests its readers consult their investment advisers before making any financial decision.)