Equity Research Report: Analysis of SBI, NAUKRI, and RELIANCE

SBI (State Bank of India) – Buy Rating with 29% Upside Potential

Jefferies has issued a "Buy" rating on SBI, projecting a 29% upside potential from its current levels, citing stable asset quality and strong fundamentals. The stock closed at 816.05, up from the previous close of 780.75, indicating bullish momentum. Despite a slight decrease in volume (20.67 million from 29.49 million), the stock continues to show a strong bullish candle, suggesting a favorable outlook. Key resistance levels are seen at 829, 843, and 865, while the support levels are at 793, 771, and 758. As per the technical setup, SBI is positioned for possible potential gains, with stable performance expected in the near term, driven by healthy asset quality and robust market positioning.

Naukri (Info Edge India Ltd) – Strong Bullish Outlook Post Upgrade

Goldman Sachs has upgraded Naukri (Info Edge India Ltd) to a "Buy" with a revised price target of 8,600, up from 5,700. The upgrade comes after a better-than-expected outlook on the company's recruitment revenue, which is anticipated to grow at a 16% CAGR in FY25-28, up from 8% in FY23-25. The company is expected to see a 17% CAGR in overall revenue and a 24% CAGR in earnings per share (EPS) during this period. The stock closed at ₹7,999.95, a significant increase from the previous close of ₹7,515.35, supported by strong bullish technicals, including a breakout in RSI and a bullish candle formation. Volume has surged to 987,000 from 147,740, indicating increased investor interest. Resistance levels lie at 8130, 8259, and 8489, while support is seen at 7770, 7540, and 7410. With solid growth prospects, Naukri is well-positioned to deliver possible strong returns.

Reliance Industries – Bullish Technicals with Strong Refining Margins

Reliance Industries continues to receive strong bullish support from global brokers such as Morgan Stanley and JPMorgan, who have reiterated their "overweight" stance on the stock. Morgan Stanley maintains a target price of 1,662, while JPMorgan's target price is 1,468, driven by improved refining margins and the company's diversified business model. The stock closed at 1,265.40, up from 1,223, with strong volume activity (20.47 million vs. 19.43 million). The technical outlook for Reliance is also bullish, with RSI signaling positive momentum. Resistance levels are at 1,313, 1,329, and 1,348, with support at 1,250, 1,222, and 1,200. Given the positive market sentiment and growth in refining margins, Reliance is expected to maintain ia probable strong bullish trend in the medium term.

Conclusion

The stocks of SBI, Naukri, and Reliance present strong bullish trends supported by solid technicals and favorable market outlooks. SBI’s stable asset quality, Naukri’s positive earnings growth forecast, and Reliance’s improving refining margins offer possible investment opportunities. However, investors should remain cautious of market volatility and consider their risk tolerance before making investment decisions.

Disclaimer:
The opinions and views expressed in this article are those of the author and do not serve as financial advice. This content is intended for informational purposes only and should not be interpreted as a
recommendation to buy, sell, or hold any financial asset. Trading and investing in securities and financial markets involve risks, and the author makes no guarantees regarding future returns. Readers are encouraged to conduct their own research and seek advice from a licensed financial professional before making any investment decisions. Simple Trade with Patience (STWP) and its affiliates are not responsible for any financial losses or damages resulting from reliance on the information provided. The content is based on publicly available data, which may be subject to change without prior notice. Past performance is not a reliable indicator of future outcomes. Please ensure that you assess your personal risk tolerance and investment goals before engaging in any trading activities.

Sat Nov 23, 2024

Equity Research Report: Analysis of SBI, NAUKRI, and RELIANCE

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