HUL & Tata Consumer: Here's what Akshay Bhagwat of JM Financial says on these 2 FMCG stocks

Akshay Bhagwat, Senior Vice-President, Derivatives Research at JM Financial Services, on Monday picked Hindustan Unilever Ltd (HUL) as one of his top picks. Going by technical charts, Rs 2,450 is a value area for HUL where we are witnessing a recovery, Bhagwat told BT TV. "We believe that it is in a base formation and might see a further recovery around Rs 2,524-2,536 levels. Keep a stop loss placed at Rs 2,449 on this 'Buy' trade," he mentioned.

HUL was last seen trading 0.62 per cent lower at Rs 2,466.95.

The second stock pick which Bhagwat suggested was Tata Consumer Products Ltd. "Charts are looking positive. The stock is a 'Buy' for us for a target of Rs 915 and an extended target of Rs 927. For this trade, place the stop loss at around Rs 847," the market expert said.

Tata Consumer's share price was up 0.84 per cent today at Rs 884.90.

Meanwhile, Indian equity benchmarks traded lower in early trade today, dragged by technology, state-owned banks, pharma and energy stocks. Broader market (mid- and small-cap) shares were also negative. The domestic indices have come under pressure this month with foreign investors offloading over $1 billion worth of shares as of September 21.

Foreign institutional investors (FIIs) sold shares worth Rs 1,327 crore on a net basis during the previous session, while domestic institutional investors (DIIs) bought Rs 801 crore, as per provisional stock exchange data.

12 out of the 15 sector gauges -- compiled by the NSE -- were trading in the red. Sub-indexes Nifty IT, Nifty PSU Bank, Nifty Pharma and Nifty Oil & Gas were underperforming the NSE platform by falling as much as 0.91 per cent, 0.96 per cent, 0.48 per cent and 0.44 per cent, respectively. However, Nifty Consumer Durables rose 0.35 per cent.

On the stock-specific front, SBI Life Insurance was the top loser in the Nifty pack as the stock cracked 1.87 per cent to trade at Rs 1,294.2. Infosys, L&T, PowerGrid and IndusInd Bank gained up to 1.27 per cent.

In contrast, Bajaj Finserv, Bajaj Finance, Maruti, Asian Paints and Tata Consumer were among the top laggards.

The overall market breadth was positive as 1,793 shares were advancing while 1,567 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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