Vodafone Idea, Trent & HAL: Choice Broking's Kkunal V Parar shares views on these 3 stocks
Vodafone Idea has said it would issue fresh equity shares worth Rs 36,950 crore, raising the government's stake in the struggling telco to 48.99 per cent.
- Apr 1, 2025,
- Updated Apr 1, 2025 11:25 AM IST
Kkunal V Parar, Vice-President of Technical Research and Algo at Choice Broking, said we are seeing some corrections at the start of the new financial year 2025-26 (FY26). "We may expect a good bounce bank in the market soon. The first potential target for Nifty50 would be 23,600 with a stop loss of 23,300. If the index breaks above 23,600 then it could climb up to 23,800-24,500 levels," the market expert told Business Today on Monday.
In response to a query on Vodafone Idea Ltd shares, he said, "We can see an upside move towards Rs 8.50-10.50 levels. If you have a positive in the counter then hold it. On the downside, support would be placed at Rs 6.50."
For the unversed, the company has said it would issue fresh equity shares worth Rs 36,950 crore, raising the government's stake in the struggling telco to 48.99 per cent. The move follows the Centre's 2021 telecom relief package and comes just weeks after CEO Akshaya Moondra's direct appeal to the Department of Telecommunications (DoT) for urgent equity conversion approvals. The new equity infusion is expected to ease pressure from mounting dues and regulatory payouts.
On Trent Ltd shares, Parar said the stock looked attractive on daily charts. "One can get into the counter at current levels. Strong support would be at Rs 5,290. On the higher end, the first suggested target would be Rs 5,670. If Trent breaks above this level then we may see an uptick of up to Rs 6,000," the market specialist stated.
When asked about Hindustan Aeronautics Ltd (HAL), he said, "One should avoid the stock at the current market price. Investors should only take positions if it sustains above Rs 4,380 level for an upside move towards Rs 4,800-5,000."
Meanwhile, domestic equity benchmarks registered a sharp cut today as IT, financials, consumer, metal and pharma stocks dragged. Last checked, the 30-share BSE Sensex pack was down 1,127 points or 1.46 per cent at 76,287 while the broader NSE Nifty index dived 281 points or 1.20 per cent to 23,238 level. Broader indices (mid- and small-cap shares) were also in the red, falling up to 0.75 per cent.
Kkunal V Parar, Vice-President of Technical Research and Algo at Choice Broking, said we are seeing some corrections at the start of the new financial year 2025-26 (FY26). "We may expect a good bounce bank in the market soon. The first potential target for Nifty50 would be 23,600 with a stop loss of 23,300. If the index breaks above 23,600 then it could climb up to 23,800-24,500 levels," the market expert told Business Today on Monday.
In response to a query on Vodafone Idea Ltd shares, he said, "We can see an upside move towards Rs 8.50-10.50 levels. If you have a positive in the counter then hold it. On the downside, support would be placed at Rs 6.50."
For the unversed, the company has said it would issue fresh equity shares worth Rs 36,950 crore, raising the government's stake in the struggling telco to 48.99 per cent. The move follows the Centre's 2021 telecom relief package and comes just weeks after CEO Akshaya Moondra's direct appeal to the Department of Telecommunications (DoT) for urgent equity conversion approvals. The new equity infusion is expected to ease pressure from mounting dues and regulatory payouts.
On Trent Ltd shares, Parar said the stock looked attractive on daily charts. "One can get into the counter at current levels. Strong support would be at Rs 5,290. On the higher end, the first suggested target would be Rs 5,670. If Trent breaks above this level then we may see an uptick of up to Rs 6,000," the market specialist stated.
When asked about Hindustan Aeronautics Ltd (HAL), he said, "One should avoid the stock at the current market price. Investors should only take positions if it sustains above Rs 4,380 level for an upside move towards Rs 4,800-5,000."
Meanwhile, domestic equity benchmarks registered a sharp cut today as IT, financials, consumer, metal and pharma stocks dragged. Last checked, the 30-share BSE Sensex pack was down 1,127 points or 1.46 per cent at 76,287 while the broader NSE Nifty index dived 281 points or 1.20 per cent to 23,238 level. Broader indices (mid- and small-cap shares) were also in the red, falling up to 0.75 per cent.