BLS International, Parag Milk, Hindustan Copper, Hindustan Zinc, Tata Steel & BEL: Expert shares outlook

Nilesh Jain of Centrum Finverse expects benchmark Nifty50 to oscillate in the 24,100-24,300 range from a near-term perspective. In an interaction with Business Today, the market expert also shared stock-specific views, including on BLS International Services Ltd, Tata Steel Ltd, Hindustan Copper Ltd, Hindustan Zinc Ltd, Parag Milk Foods Ltd and Bharat Electronics (BEL).

BLS International: Jain said, "One should exit on pullbacks as the major structure is still looking weak. If you want to stay put, then keep a trailing stop loss at Rs 240. If you get any pullback near Rs 275-280, that can be a good exit opportunity."

Tata Steel: Jain said the stock has strong support at Rs 180 and is trading near support. "So, it can be added at the current level, keeping a stop loss below Rs 180," he said. 

"It is moving sideways as of now. One can accumulate from a positional perspective because the counter may witness a gradual uptick towards Rs 190-195 in the near term. So, keep a stop-loss at Rs 180, and it can be added on declines," Jain added.

Hindustan Copper: Jain said, "We have seen a good uptick in copper prices. So, Hindustan Copper technically has a better structure." Over a month's timeframe, he believes the counter has the potential to move towards the Rs 620-650 zone. "So, one can stay put, keeping a stop loss near about Rs 548. That could be a stop loss, and a gradual uptick is something that we can expect in the near term," he said.

Hindustan Zinc: Jain said the broader structure of Hindustan Zinc still looks strong. "Rs 750 is acting as a strong resistance, and Rs 400 has acted as a strong support. Once it breaks the barrier on the upside of Rs 750, then there is a high possibility of the counter moving towards Rs 1,000-plus levels," he said. "With that being said, the undertone looks positive, and the stock can be added on declines. Immediate support is somewhere around Rs 500. Keeping that as a stop-loss, one can stay put in long positions," Jain said.

Parag Milk Foods: Jain said, "Over the last six months, the counter is moving sideways and facing resistance constantly at the Rs 246-248 zone. So, it must break that barrier. If that happens, then there is a high possibility of the counter moving towards Rs 265-280 in the near term." At the present level, he said investors can stay put while keeping a stop loss below Rs 222, which he highlighted as a strong support area. "Going forward, we can expect a gradual uptick towards Rs 265-280 in the near term," he said.

BEL: Jain said BEL has strong support near Rs 390 and is facing strong resistance at Rs 420. "So, it is important that it should break Rs 420 level on the upside. Then, one can average on breakouts," he said. He does not advise averaging at the present level. "If it falls in the range of Rs 390-395, that can be a good entry point in terms of taking a fresh average. So, at the present level, one can keep a stop loss at Rs 390 and stay put is the call as of now," he added.