Adani Power, Ipca Labs: What Mileen Vasudeo of Arihant Capital says on these 2 stocks

Mileen Vasudeo, Senior Technical Research Analyst at Arihant Capital Markets, on Wednesday said 19,200 would be a key support level for NSE Nifty. On the stock-specific front, the market expert suggested a 'Buy' call for Ipca Laboratories Ltd. "One can buy Ipca Labs at current levels. The stock is forming an accumulation pattern. Keep a stop loss placed at Rs 960 for targets of Rs 1,050-1,080 levels, Vasudeo told BT TV. The counter was last seen trading 0.39 per cent lower at Rs 993.85 today.

On the other hand, the market veteran gave a 'Sell' call for Adani Power Ltd. "One can sell Adani Power shares at current prices. Keep stop loss at Rs 330. On the lower side, you can see Rs 260-280 levels in a couple of days," Vasudeo stated. The stock was up 3.48 per cent at Rs 327.50 today.

Meanwhile, Indian equity benchmarks traded higher in early deals, led by gains across all sectors. Broader market (mid- and small-cap) shares were also positive as Nifty Midcap 100 climbed 0.54 per cent and small-cap gained 1.35 per cent. India VIX, fear index, was up 1.42% to 11.06-level.

Both foreign institutional investors (FIIs) and domestic institutional investors (DIIs) were buyers in Indian shares during the previous session, adding Rs 252 crore and Rs 1,112 crore, respectively, on a net basis.

All 15 sector gauges -- compiled by the NSE -- were trading in the green. Sub-indexes Nifty Metal and Nifty PSU Bank were outperforming the NSE platform by rising as much as 1.65 per cent and 1.64 per cent, respectively.

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On the stock-specific front, Hindalco Ltd was the top gainer in the Nifty pack as the stock jumped 2.57 per cent to trade at Rs 468.45. LTI Mindtree, Tata Steel, HCL Tech and Wipro climbed up to 1.39 per cent.

In contrast, Divi's Labs, Apollo Hospitals, Cipla, HDFC Life and SBI Life were among the top laggards.

The overall market breadth was positive as 1,565 shares were advancing while 551 were declining on BSE.

On the 30-share BSE index, Infosys, Reliance Industries, L&T and Bajaj Finance were among the top gainers.

Also, Bajaj Consumer Care, Delta Corp Ltd, Sequent, Triveni and NIIT surged up to 8.07 per cent. On the flipside, MMTC, Mahindra Logistics, Welspun India, Jai Corp and Max Health slipped up to 4.99 per cent.

(Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.)

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