Coal India & Exide Industries: Here's what Sudeep Shah of SBI Securities says on these 2 stocks

Sudeep Shah, Head, Tech & Derivatives Research at SBI Securities on Tuesday said support for the headline index Nifty could be around 19,080-19,100 levels. For Nifty Bank, the 42,850-42,900 zone would be an important support area from here on, Shah told BT TV. The market expert selected Coal India Ltd as one of his top picks for the day. "From the current levels, Rs 305-307 levels could act as strong support. Till this mentioned zone holds, an up move of Rs 330-335 is likely during the next few sessions," Shah stated.

Coal India's stock was last seen trading 0.62 per cent lower at Rs 312.55 today.

The other stock which Shah suggested was Exide Industries Ltd. "We could see higher levels of Rs 268-270 in Exide. Keep stop loss placed at Rs 251," the market expert said.

Exide shares were up 0.71 per cent at Rs 256.20.

Meanwhile, Indian equity benchmarks slipped into the red after opening higher, dragged by technology and energy shares. On the other hand, broader market (mid- and small-cap) shares were up.

Foreign institutional investors (FIIs) sold shares worth Rs 1,762 crore on a net basis during the previous session, while domestic institutional investors (DIIs) bought shares for Rs 1,328 crore.

12 out of the 15 sector gauges -- compiled by the NSE -- were trading in the red. Sub-indexes Nifty IT and Nifty Oil & Gas were underperforming the NSE platform by falling as much as 0.31 per cent and 0.20 per cent, respectively. However, Nifty PSU Bank rose 0.61 per cent.

On the stock-specific front, ONGC Ltd was the top loser in the Nifty pack as the stock cracked 1.22 per cent to trade at Rs 186.5. Sun Pharma, Britannia, Bharti Airtel and LTI Mindtree fell up to 1.18 per cent.

In contrast, SBI Life, Dr Reddy's, Apollo Hospitals, BPCL and Tata Motors were among the top laggards.

The overall market breadth was positive as 2,014 shares were advancing while 801 were declining on BSE.

(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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