1 Tech, 1 NBFC Stock Trading Below Rs 500 Are Recommended To Buy For Short-Term; Find Out!

Wipro and Aditya Birla Capital are tech stars of Religare Broking. The brokerage has recommended buying these two stocks with potential upside ranging from 7% to over 8% in the coming days. With the IT index ending its long consolidation phase, Wipro stock has moved in sync making the tech player in a sweeter spot to buy. In the case of Aditya Birla Capital, Religare said that the stock has formed a fresh buying pivot. Both the stocks have given positive returns so far in 2023.

Highlighting tech stars, Religare Broking said it comprises "our 2-stop picks filtered based on momentum from our coverage universe. It's scheduled weekly on every Monday or the first working day of the week. Please note, all these recommendations are 'valid for taking position' in the next two sessions from the date of recommendation and in the given range. The initiated recommendations will stand closed, in case the target or stop loss not met by the end of the next week."

Religare Broking added Wipro and Aditya Birla Capital as tech stars on September 5, 2023.

1. Wipro:

Religare's note said, the IT index has finally ended one and a half years long consolidation phase and Wipro is trading in sync. It has witnessed a breakout from a consolidation range with noticeable volumes and also crossed the hurdle of moving average on the weekly chart. All indications are in the favor of steady up move.

Hence, the brokerage has given a Buy recommendation on Wipro for a target price of Rs 465. The initiation range is recommended between Rs 432 to Rs 435, while stop loss is set at Rs 418 apiece.

Currently, the stock is at RS 429.10 on BSE, down by 0.61% on Wednesday. Its market cap is over Rs 2.24 lakh crore. Year-to-date, Wipro shares have gained by a little over 9% on the exchange.

Taking into consideration the target price, Wipro shares are expected to rise by 8.4% at least.

Wipro is a leading technology services and consulting company focused on building innovative solutions that address clients' most complex digital transformation needs. With 250,000 employees and business partners in more than 60 countries, the company leverages its holistic portfolio of capabilities in consulting, design, engineering, and operations, while helping clients realize their boldest ambitions and build future-ready, sustainable businesses.

2. Aditya Birla Capital:

Brokerage's note said AB Capital has been inching gradually higher after breakout from the broadening formation. It has formed a fresh buying pivot post marginal dip to the support zone of short term and seeing a gradual recovery now.

"We thus recommend creating longs in the mentioned range," it added.

The brokerage has recommended buying in the range of Rs 189 to Rs 191 for a target price of Rs 205 with a stop loss of Rs 182.

On September 6, the stock ended at Rs 186.80 apiece, down by 2.4% on BSE. The stock's market cap is nearly Rs 48,542 crore. Year-to-date, Aditya Birla Capital stock has rallied by over 20% on the exchange.

Taking into consideration the target price, the stock has a potential upside of over 7%.

Aditya Birla Capital is the holding company for the financial services businesses of the Aditya Birla Group. With subsidiaries/JVs that have strong presence across Protecting, Investing and Financing solutions, ABCL is a financial solutions group that caters to diverse needs of its customers across their life cycle. Powered with about 38,000 employees, the businesses of ABCL have a nationwide reach with over 1,331 branches, more than 2,00,000 agents/channel partners and several bank partners.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author nor Greynium Information Technologies. The author, znor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.