GAIL, Vedanta, IEX, Aadhar Housing & Suzlon Energy: What Rudra Murthy of Vachana Investments says on these 5 stocks

Rudra Murthy BV, MD at Vachana Investments, on Monday recommended 'Buy' calls for shares of GAIL India Ltd, Vedanta Ltd and Indian Energy Exchange (IEX) Ltd based on technical parameters. "GAIL's stock has strong support at Rs 230. One can accumulate it at current levels expecting a target price of Rs 300," the market expert told Business Today TV. GAIL's stock was up 2.58 per cent at Rs 238.50 today.

In the case of Vedanta, Rudra Murthy said, "The stock is ready for the next upward move. Support on the counter will be at Rs 410-415. The next expected target for Vedanta will be Rs 500 on a positional basis." Vedanta shares were last seen trading 2.55 per cent higher at Rs 439.90.

Metals and mining stocks, including Vedanta, fell recently after the Supreme Court allowed states to levy tax and royalties on minerals, apart from Central duties. It also allowed states to collect past dues.

For IEX shares, the market specialist said, "Rs 190-195 is a good price for entering expecting a target of Rs 240." IEX shares were trading 0.36 per cent higher at Rs 195.75.

In response to a viewer's query on Aadhar Housing Finance Ltd, he said, "Investors can enter at current market price for an initial target of Rs 440 and then it can even move to Rs 480-500 levels. Keep a stop loss placed at Rs 375 on a closing basis." Aadhar Housing shares shed 0.01 per cent to trade at Rs 394.

When another viewer inquired about Suzlon Energy shares, Rudra Murthy said fresh entry is not advised at current levels. "Those holding should keep a strict stop of Rs 73 on a closing basis and hold on for a target of Rs 100," he mentioned. Suzlon was up 1.34 per cent at Rs 81.

Separately, the market veteran advised market participants to avoid penny stocks. "Suzlon is an exception. Zomato is an exception. But the other way around, I can name so many stocks where heavy wealth has got destroyed trying to buy penny stocks," he stated.

Meanwhile, Indian equity benchmarks were up during a highly volatile day led by gains in consumer, metals, PSU banks and energy shares. Broader markets (mid- and small-cap shares) were also positive.