Want to use market crash as a buying opportunity? Analysts suggest buying Bharti Airtel, HDFC Life and 3 more shares for up to 39% gains
As predicted, the Fed dropped its benchmark rate by a quarter-point to between 4.25 per cent and 4.5 per cent. Other major central banks also remained unchanged this week, with the Bank of Japan maintaining its base rate at 0.25 per cent on Thursday.
Benchmark indices Sensex and Nifty 50 tanked on Thursday (December 19) following weak global market trends after the US Federal Reserve projected fewer rate cuts next year than projected in September. For those looking to use the market slide as an opportunity, here are a few stocks that analysts like froma long-term perspective.
Images: Pixabay, Pexels, Freepik
Currency update
Rupee fell 12 paise to an all-time low of 85.06 versus the US dollar in early trade on Thursday as the US Federal Reserve's hawkish stance prompted a wide dollar rally.
Market crash
The Sensex fell as much as 1,162.1 points, or 1.5 per cent, to 79,020.1 during the session while the Nifty50 slumped to as low as 23,870.3, down 328.6 points, or 1.4 per cent, for the day.
Fed rate cut
As predicted, the Fed dropped its benchmark rate by a quarter-point to between 4.25 per cent and 4.5 per cent.
Other central banks
Other major central banks also remained unchanged this week, with the Bank of Japan maintaining its base rate at 0.25 per cent on Thursday.
Stocks to buy for long-term
Despite the fall in benchmark indices, brokerage Mirae Asset Sharekhan has suggested buying five stocks from a long-term perspective (up to 12 months). A look at these stocks' share prices and targets.
Ashok Leyland Share Price Target
The first stock on the list is Ashok Leyland. The target is Rs 285. This means the stock has a potential upside of up to 28 per cent from its last closing price on Wednesday (December 18).
L&T Technology Services Share Price Target
The second stock on the list is L&T Technology Services. The target is Rs 6,500. This means the stock has a potential upside of up to 26 per cent from its last closing price on Wednesday (December 18).
Federal Bank Share Price Target
The next stock on the list is Federal Bank. The target is Rs 240. This means the stock has a potential upside of up to 20 per cent from its last closing price on Wednesday (December 18).
Airtel Share Price Target
The brokerage has also suggested buying shares of Bharti Airtel. The target is Rs 1,870. This means the stock has a potential upside of up to 17 per cent from its last closing price on Wednesday (December 18).
HDFC Life Share Price Target
The fifth stock suggested by the analysts is HDFC Life. The target is Rs 870. This means the stock has a potential upside of up to 39 per cent from its last closing price on Wednesday (December 18).
The views/suggestions/advices expressed here in this article are solely by investment experts. Zee Business suggests its readers consult their investment advisers before making any financial decision.