Airtel, Maruti, Tata Steel & Vedanta: What Rajesh Palviya of Axis Securities says on these 4 stocks
Top stock picks: "For Airtel, expected near-term targets would be Rs 1,280-1,290. Keep stop loss placed at Rs 1,210," Rajesh Palviya told Business Today TV. Airtel shares were last seen trading 0.38 per cent higher at Rs 1,236.70 today.
- Mar 21, 2024,
- Updated Mar 21, 2024 11:53 AM IST
Rajesh Palviya, Head Technical Research at Axis Securities, on Thursday selected Bharti Airtel Ltd as one of his top picks for the day. "Expected near-term targets would be Rs 1,280-1,290. Keep stop loss placed at Rs 1,210," Palviya told Business Today TV. Airtel shares were last seen trading 0.38 per cent higher at Rs 1,236.70 today.
The other stock which the market expert suggested was Maruti Suzuki India Ltd. "Next possible upside targets on the counter are Rs 12,300-12,400 with a stop loss at Rs 11,750," he stated. Maruti's stock turned flat today after scaling its fresh all-time peak of Rs 12,029.40. It was last seen 0.01 per cent up at Rs 11,942.55.
When asked about metal stocks, the market expert recommended Tata Steel Ltd as his preferred bets from the pack. "The overall structure is on the bullish side. Rs 142 is the immediate support area where one keep stop loss to buy the stock. On the higher side, immediate targets are Rs 155-158. Once it crosses Rs 158 level, then we can further higher levels of Rs 165-170." Tata Steel shares were up 3.36 per cent at Rs 150.60.
He also liked Vedanta Ltd from the metal basket. "The stock is looking promising. If it continues to hold above Rs 268 level, then we can see possible upside targets of Rs 285-290 in the next couple of sessions," Palviya said. Vedanta climbed 1.98 per cent to trade at Rs 272.80.
Meanwhile, Indian equity benchmarks rose sharply today on strong global cues. The surge in domestic indices was supported by strong gains in metal and state-owned lenders. Broader markets (mid- and small-cap shares) also staged a strong rebound with small-cap index rising 2.36 per cent.
All the 15 sector gauges -- compiled by the NSE -- were trading in the green today. Sub-indexes Nifty Metal and Nifty PSU Bank were outperforming the NSE platform by gaining 2.39 per cent and 2.50 per cent, respectively.
On the stock-specific front, NTPC was the top gainer in the Nifty pack as the stock soared 3.55 per cent to trade at Rs 324.8. Tata Steel, BPCL, IndusInd Bank and Hindalco climbed up to 3.19 per cent.
In contrast, Hero MotoCorp, Nestle India, Maruti and Infosys were among the top losers on Nifty50.
The overall market breadth was positive as 2,820 shares were advancing while 771 were declining on BSE.
Foreign institutional investors (FIIs) sold Rs 2,599.19 crore worth of shares on a net basis during the previous session while domestic institutional investors (DIIs) purchased Rs 2,667.52 crore worth of shares, exchange data showed.
Rajesh Palviya, Head Technical Research at Axis Securities, on Thursday selected Bharti Airtel Ltd as one of his top picks for the day. "Expected near-term targets would be Rs 1,280-1,290. Keep stop loss placed at Rs 1,210," Palviya told Business Today TV. Airtel shares were last seen trading 0.38 per cent higher at Rs 1,236.70 today.
The other stock which the market expert suggested was Maruti Suzuki India Ltd. "Next possible upside targets on the counter are Rs 12,300-12,400 with a stop loss at Rs 11,750," he stated. Maruti's stock turned flat today after scaling its fresh all-time peak of Rs 12,029.40. It was last seen 0.01 per cent up at Rs 11,942.55.
When asked about metal stocks, the market expert recommended Tata Steel Ltd as his preferred bets from the pack. "The overall structure is on the bullish side. Rs 142 is the immediate support area where one keep stop loss to buy the stock. On the higher side, immediate targets are Rs 155-158. Once it crosses Rs 158 level, then we can further higher levels of Rs 165-170." Tata Steel shares were up 3.36 per cent at Rs 150.60.
He also liked Vedanta Ltd from the metal basket. "The stock is looking promising. If it continues to hold above Rs 268 level, then we can see possible upside targets of Rs 285-290 in the next couple of sessions," Palviya said. Vedanta climbed 1.98 per cent to trade at Rs 272.80.
Meanwhile, Indian equity benchmarks rose sharply today on strong global cues. The surge in domestic indices was supported by strong gains in metal and state-owned lenders. Broader markets (mid- and small-cap shares) also staged a strong rebound with small-cap index rising 2.36 per cent.
All the 15 sector gauges -- compiled by the NSE -- were trading in the green today. Sub-indexes Nifty Metal and Nifty PSU Bank were outperforming the NSE platform by gaining 2.39 per cent and 2.50 per cent, respectively.
On the stock-specific front, NTPC was the top gainer in the Nifty pack as the stock soared 3.55 per cent to trade at Rs 324.8. Tata Steel, BPCL, IndusInd Bank and Hindalco climbed up to 3.19 per cent.
In contrast, Hero MotoCorp, Nestle India, Maruti and Infosys were among the top losers on Nifty50.
The overall market breadth was positive as 2,820 shares were advancing while 771 were declining on BSE.
Foreign institutional investors (FIIs) sold Rs 2,599.19 crore worth of shares on a net basis during the previous session while domestic institutional investors (DIIs) purchased Rs 2,667.52 crore worth of shares, exchange data showed.