Indus Towers & Coal India: Here's what Akshay Bhagwat of JM Financial says on these 2 stocks

Akshay Bhagwat, Senior Vice-President, Derivatives Research at JM Financial Services, on Monday selected Indus Towers Ltd as one of his top picks for the day. "The stock is very well placed on charts. I would recommend to 'Buy' the stock for upside targets of Rs 265-280. Support will be at Rs 235. Keep stop loss at Rs 232," Bhagwat told Business Today TV. Indus Towers shares were last seen trading 3.86 per cent higher at Rs 250.35.

The second stock which the market expert suggested was Coal India Ltd (CIL). "The stock can be accumulated around Rs 440-443 for a target of Rs 475. Keep stop loss placed at Rs 420," Bhagwat stated. CIL shares edged 0.29 higher to trade at Rs 445.10.

The market expert also liked Cipla Ltd and Sun Pharmaceutical Industries Ltd from the pharma pack.

Meanwhile, Indian equity benchmarks traded lower today, dragged by IT and bank stocks. Broader markets (mid- and small-cap shares) were mixed.

13 out of the 15 sector gauges -- compiled by the NSE -- were trading in the red. Sub-indexes Nifty IT and Nifty Private Bank were underperforming the NSE platform by falling as much as 1.25 per cent and 0.40 per cent, respectively.

On the stock-specific front, Asian Paints was the top loser in the Nifty pack as the stock cracked 3.89 per cent to trade at Rs 2,869.8. BPCL, Bharti Airtel, Hindalco and Wipro fell up to 1.74 per cent.

In contrast, L&T, PowerGrid, Adani Enterprises, Adani Ports and Bajaj Auto were among the top gainers on Nifty50.

The overall market breadth was strong as 1,891 shares were advancing while 1,810 were declining on BSE.

Foreign institutional investors (FIIs) bought Rs 14,470.55 crore worth of shares on a net basis during the previous session and domestic institutional investors (DIIs) purchased Rs 176.68 crore worth of shares, exchange data showed.

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

 

 

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