Mirae Asset Analyst Picks: YES Bank, SAMIL, Cummins India Stocks
By Market Desk
Mirae Asset Sharekhan analyst recommends YES Bank (Buy), SAMIL (Hold), and Cummins India amid market downturn. Get stock targets and stop losses.
Muthuselvaraj M, a Research Analyst at Mirae Asset Sharekhan, has issued specific stock recommendations for YES Bank, Samvardhana Motherson International (SAMIL), and Cummins India.
The broader Indian equity market closed lower on Friday. This downturn was influenced by a lack of clear geopolitical signals, an increase in crude oil prices, and concerns over potential outflows from Foreign Institutional Investors (FIIs).
Samvardhana Motherson International (SAMIL)
Mirae Asset Sharekhan recommends a ‘Hold’ position for SAMIL. The target price stands at Rs 190, with a stop loss set at Rs 155.
The stock recently achieved a new 52-week high. Investors are advised to maintain current positions and utilize a trailing stop-loss strategy rather than initiating new trades.
YES Bank Outlook
YES Bank received a ‘Buy’ recommendation, setting a target price of Rs 28 and a stop loss at Rs 20.
The bank’s stock has traded within a consolidation range of Rs 16 to Rs 23 after a significant rally over the past year. Fresh momentum is anticipated once it surpasses the Rs 28 resistance level.
A crucial support level exists at Rs 21. The strategy suggests maintaining a buying interest as long as the stock holds above the Rs 20-21 support zone.
Cummins India Analysis
Cummins India has been assigned a ‘Wait & Watch’ rating by Muthuselvaraj M. Its resistance level is identified at Rs 5,500, with support at Rs 5,150.
The stock recently underwent profit-taking from its peak of Rs 6,100, implying further downward pressure towards Rs 5,150, and potentially Rs 4,700 in the short to medium term.
Conversely, a rally above Rs 5,500 could push the stock into the Rs 5,700-5,900 range. Currently, the stock is trading below its 20-day Exponential Moving Average (EMA), making it an unsuitable entry point for short-term buying.
A recovery is expected once the stock stabilizes above Rs 5,500, with immediate support at Rs 5,150.
These recommendations from Mirae Asset Sharekhan provide key levels for investors to consider amidst the current market dynamics and specific stock movements.