NTPC & Grasim 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 selected NTPC Ltd as one of his top picks for the day. "The stock has seen multi-year breakout. It is looking positive on all timeframes. One can buy NTPC shares for a target price of Rs 260, keeping a stop loss placed at Rs 235. Accumulation zone could be between Rs 240 and Rs 244, the market expert told BT TV.

NTPC's stock was last seen trading 0.37 per cent lower at Rs 244.75 today.

The other stock which Shah suggested was Grasim Industries Ltd. "The stock can witness a bigger breakout on the upside. We can buy Grasim shares around Rs 1,925-1,930 levels with a stop loss of Rs 1,890 and targets of Rs 1,980 and Rs 2,010," he stated.

Grasim shares were down 0.77 per cent at Rs 1,926.25.

Meanwhile, Indian equity benchmarks fell sharply in early trade today amid weak global cues. The domestic benchmarks were dragged by banks, financials, automobile, pharma and energy shares. On the other hand, broader market (mid- and small-cap) shares were mixed.

Foreign institutional investors (FIIs) sold shares worth Rs 1,685.70 crore on a net basis during the previous session, while domestic institutional investors (DIIs) bought Rs 2,751.49 crore, as per provisional stock exchange data. FIIs snapped a six-month buying streak in September, offloading shares worth Rs 14,768 crore, according to National Securities and Depository Ltd (NSDL) data.

13 out of the 15 sector gauges -- compiled by the NSE -- were trading in the red. Sub-indexes Nifty Bank, Nifty Financial Services, Nifty Auto, Nifty Pharma and Nifty Oil & Gas were underperforming the NSE platform by falling as much as 0.56 per cent, 0.60 per cent, 0.87 per cent, 0.73 per cent and 0.87 per cent, respectively. However, Nifty FMCG and Nifty Consumer Durables rose 0.09 per cent and 0.04 per cent.

On the stock-specific front, ONGC Ltd was the top loser in the Nifty pack as the stock cracked 3.49 per cent to trade at Rs 185.15. Eicher Motors, Hindalco, Maruti and Tata Consumer Products gained up to 3.04 per cent.

In contrast, UltraTech Cements, Hindustan Unilever, Asian Paints, M&M and Adani Ports were among the top laggards.

The overall market breadth was slightly weak as 1,492 shares were declining while 1,468 were advancing 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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