Eicher Motors Ltd. has experienced a sharp decline, closing at ₹7,073.50 with a 4.75% decrease today. The stock has now fallen below its 20-day Exponential Moving Average at ₹7,301.5, reflecting a daily change of -1.68%. According to latest market data, the stock is trading under its second support level (S2) with current price at ₹7,226.50 and S2 support at ₹7,700.67. The stock has also fallen below its 100-day Simple Moving Average at ₹7,272.51, showing a -2.69% decline today. With a -2.79% return this week, Eicher Motors has faced significant setbacks in its stock performance, signaling potential concerns among investors.
Market experts provided mixed recommendations for major banking stocks during NDTV Profit's Ask Profit show. Canara Bank Ltd., trading at ₹125.04, received a Hold rating from Astha Jain of Hem Securities Ltd. The bank, which is India's 4th largest PSU Bank, has demonstrated strong asset quality and robust loan growth. Astha set a target price of ₹135 for long-term investors, citing the bank's strong fundamentals and growth prospects.
For Coforge Ltd. at ₹1,473.70, Swati Hotkar recommended a Hold rating, noting the stock is trading in an uptrend with higher tops and higher bottoms pattern. The stock faces strong resistance near ₹1,550 from the last 2-3 trading sessions. For Manappuram Finance Ltd. at ₹321.50, Swati provided a Hold recommendation with crucial support identified at ₹305 on the downside. The stock could witness swift movement once it breaks out above ₹330.
Astha Jain maintained positive outlooks for PSU banking stocks, recommending Hold ratings for both Canara Bank and State Bank of India (SBI). For SBI at ₹1,031.25, she highlighted the bank's position as one of the largest PSU banks with very strong asset quality and good loan growth. The target price for SBI was set at ₹1,150-1,200 for long-term investors, reflecting confidence in the sector's fundamentals.
Swati Hotkar from Nirmal Bang recommended Booking profits at current levels for Eicher Motors Ltd. trading at ₹7,112.50. The stock experienced significant profit booking today and has broken down at the 20-day moving average, which indicates potential selling pressure. Swati suggested that if the stock closes below ₹7,100, selling pressure will intensify, though fresh long positions could be considered at ₹6,750-6,800 levels. Recent trading data shows the stock has dropped below its 20-day Exponential Moving Average, currently priced at ₹7,413.5, reflecting a daily change of -2.43%.
