Aurobindo Pharma, Cochin Shipyard, UPL, Biocon: Here's what Rajesh Palviya of Axis Sec says on these stocks
Top stock picks for today: Rajesh Palviya told BT TV that one can buy Aurobindo Pharma Ltd in the pharma space. For Auro Pharma, upside targets would be Rs 885-890 and keep stop loss at around Rs 858, Palviya said.
- Sep 7, 2023,
- Updated Sep 7, 2023 11:28 AM IST
Rajesh Palviya, Head Technical Research at Axis Securities, on Thursday suggested 'Buy on dip' strategy for Nifty and Nifty Bank for today's session. When asked to pick stocks for the day, the market expert told BT TV that one can buy Aurobindo Pharma Ltd in the pharma space. For Auro Pharma, upside targets would be Rs 885-890 and keep stop loss at around Rs 858, Palviya said.
"Most of the pharma stocks have recovered from their recent lows and now some of them are showing outperformance. We believe that new course pharma stocks are likely to exhibit further upside," he stated.
When asked about other stocks from the pharma segment, Palviya said one can buy Torrent Pharma at current levels. "Once the stock crosses Rs 1,980, this rally can further extend for Rs 2,100-2,200 levels," he said.
For Biocon, the market expert said if the stock sustains Rs 270 level, then next targets would be Rs 285-290.
In the chemical basket, he recommended UPL Ltd. Palviya said targets of Rs 635-640 could be expected and traders can buy this stock with a stop loss of Rs 600.
Going by market traction, the expert also preffered Cochin Shipyard Ltd. "A strong buying action with volumes can be seen in the stock even at higher prices. "The momentum may extend towards Rs 1,100-1,150 zone in the near term. Those who have bought this counter at lower levels can now trail their stop loss towards Rs 1,020," Palviya said.
He also liked Garden Reach Shipbuilders & Engineers Ltd. One can buy Garden Reach for a target of Rs 950, keeping a stop loss placed at Rs 810, Palviya mentioned.
Meanwhile, Indian equity benchmarks traded lower in early trade today, dragged by technology, metals and consumer good stocks. Although, gains in state-owned banks and energy shares capped some losses. Despite weakness in the headline indices, broader markets (mid- and small-cap shares) were positive.
Foreign institutional investors (FIIs) sold Rs 3,246 crore of shares on a net basis during the previous session, while their domestic institutional investors (DIIs) offloaded Rs 247 crore of stocks, exchange data showed.
Seven out of the 15 sector gauges -- compiled by the NSE -- were trading in the red. Sub-indexes Nifty IT, Nifty Metal and Nifty FMCG were underperforming the NSE platform by falling as much as 0.30 per cent, 0.21 per cent and 0.22 per cent, respectively. On the flip side, Nifty PSU Bank and Nifty Oil & Gas rose 0.38 per cent and 0.27 per cent, each.
On the stock-specific front, Tata Consumer Products was the top loser in the Nifty pack as the stock cracked 2.26 per cent to trade at Rs 859. Sun Pharma, UltraTech Cement, Apollo Hospitals and Bajaj Finance fell up to 0.77 per cent.
In contrast, Coal India, Maruti, Dr Reddy's, UPL and BPCL were among the top gainers.
The overall market breadth was positive as 1,917 shares were advancing while 913 were declining on BSE.
Also read: TCS shares in focus as Tata group firm bags $1 billion deal from Tata Motors arm JLR
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Rajesh Palviya, Head Technical Research at Axis Securities, on Thursday suggested 'Buy on dip' strategy for Nifty and Nifty Bank for today's session. When asked to pick stocks for the day, the market expert told BT TV that one can buy Aurobindo Pharma Ltd in the pharma space. For Auro Pharma, upside targets would be Rs 885-890 and keep stop loss at around Rs 858, Palviya said.
"Most of the pharma stocks have recovered from their recent lows and now some of them are showing outperformance. We believe that new course pharma stocks are likely to exhibit further upside," he stated.
When asked about other stocks from the pharma segment, Palviya said one can buy Torrent Pharma at current levels. "Once the stock crosses Rs 1,980, this rally can further extend for Rs 2,100-2,200 levels," he said.
For Biocon, the market expert said if the stock sustains Rs 270 level, then next targets would be Rs 285-290.
In the chemical basket, he recommended UPL Ltd. Palviya said targets of Rs 635-640 could be expected and traders can buy this stock with a stop loss of Rs 600.
Going by market traction, the expert also preffered Cochin Shipyard Ltd. "A strong buying action with volumes can be seen in the stock even at higher prices. "The momentum may extend towards Rs 1,100-1,150 zone in the near term. Those who have bought this counter at lower levels can now trail their stop loss towards Rs 1,020," Palviya said.
He also liked Garden Reach Shipbuilders & Engineers Ltd. One can buy Garden Reach for a target of Rs 950, keeping a stop loss placed at Rs 810, Palviya mentioned.
Meanwhile, Indian equity benchmarks traded lower in early trade today, dragged by technology, metals and consumer good stocks. Although, gains in state-owned banks and energy shares capped some losses. Despite weakness in the headline indices, broader markets (mid- and small-cap shares) were positive.
Foreign institutional investors (FIIs) sold Rs 3,246 crore of shares on a net basis during the previous session, while their domestic institutional investors (DIIs) offloaded Rs 247 crore of stocks, exchange data showed.
Seven out of the 15 sector gauges -- compiled by the NSE -- were trading in the red. Sub-indexes Nifty IT, Nifty Metal and Nifty FMCG were underperforming the NSE platform by falling as much as 0.30 per cent, 0.21 per cent and 0.22 per cent, respectively. On the flip side, Nifty PSU Bank and Nifty Oil & Gas rose 0.38 per cent and 0.27 per cent, each.
On the stock-specific front, Tata Consumer Products was the top loser in the Nifty pack as the stock cracked 2.26 per cent to trade at Rs 859. Sun Pharma, UltraTech Cement, Apollo Hospitals and Bajaj Finance fell up to 0.77 per cent.
In contrast, Coal India, Maruti, Dr Reddy's, UPL and BPCL were among the top gainers.
The overall market breadth was positive as 1,917 shares were advancing while 913 were declining on BSE.
Also read: TCS shares in focus as Tata group firm bags $1 billion deal from Tata Motors arm JLR
Also read: Bharti Airtel, Indian Hotels, ITI: Trading strategy for these buzzing stocks