Market Update: ICICI Securities Recommends Reliance and Power Grid Shares for Investment
Stocks to buy or sell: Dharmesh Shah of ICICI Sec suggests buying Reliance, Power Grid Corp shares on April 20
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On April 17, 2023, India's benchmark indices, Nifty 50 and Sensex, rose by 0.65%, marking their second consecutive weekly gain. Dharmesh Shah of ICICI Securities advises buying shares of Reliance Industries Ltd and Power Grid Corporation of India Ltd, with specific price targets and stop-loss recommendations.
- 01Nifty 50 and Sensex increased by 0.65% on April 17, 2023.
- 02Dharmesh Shah recommends buying shares of Reliance Industries and Power Grid Corporation.
- 03Reliance's target price is ₹1,480, while Power Grid's target is ₹352.
- 04Investor wealth increased by ₹4.84 lakh crore, reaching ₹4,65,64,461.51 crore (USD 5.02 trillion).
- 05Market sentiment improved due to declining oil prices and US-Iran diplomatic discussions.
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On April 17, 2023, India's benchmark indices, the Nifty 50 and Sensex, both increased by 0.65%, marking their second consecutive weekly gain. This rise follows a 1.3% increase over the week and a remarkable 6% jump the previous week, the best performance in five years. The positive sentiment is attributed to declining oil prices and optimism surrounding US-Iran discussions, which have enhanced global risk tolerance. Investor wealth surged by ₹4.84 lakh crore, reaching ₹4,65,64,461.51 crore (approximately $5.02 trillion) on the Bombay Stock Exchange (BSE). Dharmesh Shah, Vice President at ICICI Securities, recommends buying shares of Reliance Industries Ltd (RIL) and Power Grid Corporation of India Ltd. He suggests purchasing RIL shares in the range of ₹1,325-1,365, with a target price of ₹1,480 and a stop loss at ₹1,237. For Power Grid, he recommends a buying range of ₹308-318, targeting ₹352 with a stop loss at ₹289. Shah's analysis indicates that the market is poised for a significant upward move, despite potential volatility, and advises investors to view market corrections as opportunities to acquire quality stocks.
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The recommendations from ICICI Securities could lead to increased investment in these companies, potentially boosting their stock prices and benefiting shareholders.
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