Emami, Tata Consumer, JSW Steel & SAIL: What Kkunal V Parar of Choice Broking says on these 4 stocks

Kkunal V Parar, Vice-President of Technical Research and Algo at Choice Broking, on Thursday selected Emami Ltd as one of his top picks from the FMCG space. "One can consider taking a position in the stock, keeping a stop loss at Rs 518. Expected near-term targets on the counter will be Rs 548 and Rs 569," Parar told Business Today TV. Emami shares were last seen trading 0.01 per cent lower at Rs 535.55.

The other stock which the market expert suggested was Tata Consumer Products Ltd. "For Tata Consumer, potential upside targets will be Rs 1,155 and Rs 1,205. Keep stop loss at Rs 1,080," he stated. The stock was down 1 per cent at Rs 1,109.40.

When asked about the metal basket, Parar said, "The pack has seen a significant upmove. There are a few stocks -- JSW Steel Ltd and SAIL -- which still looked attractive at current levels."

"JSW Steel's stock has given a breakout and currently trading in unchartered territory. One can consider buying it with a stop loss of Rs 880. Expected near-term targets will be Rs 936 and Rs 976," the analyst said. The scrip slipped 1.48 per cent to trade at Rs 901.60.

On shares of Steel Authority of India Ltd, he said, "The stock has been trading with a positive volume activity. Traders can buy it for target prices of Rs 183 and Rs 205. Keep stop loss placed at Rs 151." SAIL was down 0.77 per cent at Rs 167.70.

Meanwhile, Indian equity benchmarks were trading higher today, led by gains in banks, financials, IT and energy stocks. Broader market (small- and mid-cap shares) were also up.

Nine out of the 16 sector gauges -- compiled by the NSE -- were trading in the green. Sub-indexes Nifty Bank and Nifty Financial Services, Nifty IT and Nifty Oil & Gas were outperforming the NSE platform by rising as much as 1.19 per cent, 0.99 per cent, 1.15 per cent and 0.53 per cent, respectively. However, Nifty Metal and Nifty Pharma fell 1.47 per cent and 1.19 per cent, each.

The overall market breadth was positive as 1,843 shares were advancing while 1,764 were declining on BSE.