Bank of Baroda, Indian Bank and Thyrocare technologies shares: What should investors do? Check potential upside in near-term

Despite a rate hike by The European Central Bank raised interest rates by an unprecedented 75 basis points and hawkish commentary by US Federal Reserve Chair Jerome Powell, the Indian markets were unfazed on Friday. Benchmarks Sensex and Nifty 50 opened higher as the former reclaimed 60,000-mark, while the latter traded past 17,900 in the opening session.  

The rally was supported by the sectoral indices as they all turned green and broader market, which saw Nifty Midcap and Small indices gaining by nearly half per cent.  

The 12-share Nifty Bank too touched around 400 points to trade near 42,600.  

"In India, the market momentum is so strong that the benchmark indices are moving towards previous record highs. Even though valuations are getting expensive, investors should remain invested in this strong market," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.  

Earlier, certain stocks came in focus on Thursday. These stocks were Thyrocare Technologies, Indian Bank and Bank of Baroda. Thyrocare tech gained over one per cent to Rs 695.65 per share in early trade on Friday. Indian Bank shares traded flat t Rs 203.35 and Bank of Baroda rose around two per cent to Rs 141 per share in BSE intraday trade on Friday.  

Here is what Gaurav Ratnaparkhi, Head of Technical Research at Sharekhan by BNP Paribas, recommends investors should do with these stocks.  

1. Thyrocare Technologies share price target 

The stock has seen multi-month base formation, post which it has started a fresh rally this week. On the way up, it crossed the swing high of 670, which has further fuelled the up move. Additionally, the up move is backed by large volumes. Thus, the stock is expected to head towards the 200 DMA, which is near Rs 810. 

2. Indian Bank share price target 

The stock gave a fresh breakout on Thursday post a short-term consolidation. Structurally, it has resumed the larger uptrend. The daily & the weekly Bollinger Bands are in expansion mode, which is expected to keep the trajectory positive. Going ahead, the stock can test 234 on the upside.  

3. Bank of Baroda share price target 

The stock has been on an uptrend from short-term as well as medium term perspective. The momentum indicators on various time frames are in sync with the rally. Structurally, the stock is forming wave extension on the upside. 155 & 187 will be the short term & medium-term targets respectively 

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