15 largecaps hit 52-week highs today. Is it time to book profits?

NEW DELHI: Many of the 15 largecaps that hit their fresh 52-week highs on Thursday could be in for selling pressure going ahead, median analyst targets suggest. Data showed Avenue Supermarts, Reliance Industries, Bajaj Finance, Tech Mahindra and Bajaj Finserv are among BSE100 stocks that have rallied far ahead of their 12-month median analyst targets, suggesting possible correction ahead.

For example, Bajaj Finserv hit its all-time high of Rs 18,755 today. The scrip is up 110 per cent year-to-date and 230 per cent in the last one year. A median target of 10 analysts on the stock stood at Rs 14,250.78, suggesting a potential 24 percent downside.

Bajaj Finance hit its record high of Rs 4,931.95 today. This stock is up 50 per cent year-to-date and 145 per cent in the last one year. A total of 27 analysts tracking this stock have a median target of Rs 6,084.72, suggesting a 23 per cent potential downside.

A total of 28 analysts tracking Avenue Supermarts have a median target of Rs 3,142 on the stock, which suggests a potential 29.22 per cent downside in the counter. The scrip, which is up 59 per cent year-to-date and 116 per cent in the last one year, hit a record high of Rs 4,495 earlier today.

Tech Mahindra's median of 40 analyst targets suggests a 12 per cent downside. The median target stands at Rs 1,324.22 while the scrip hit a high of Rs 1,530.25 in Thursday's trade. DLF scrip has also risen ahead of its median target, which stood at Rs 339.75, suggesting 13 per cent downside. The scrip has jumped 63 per cent jump YTD and 159 per cent rally in the last one year.

In case of Reliance Industries, the median target of 31 analysts was at Rs 2,272.10, which suggests 8 per cent potential downside. This stock hit its 52-week high of Rs 2,496.95 today. RIL has risen 25 per cent year-to-date and 11.50 per cent in the last one year.

Voltas (down 11.80 per cent) and Indus Tower (down 8 per cent) are two other stocks which have run ahead of their median targets.

Median estimates for NTPC (up 15 per cent), ONGC (up 11 per cent), L&T (up 7 per cent), Coal India (up 3 per cent), Tata Power (up 0.3 per cent) suggest limited upside potential.