Tata Tech, RIL, Motherson & Trent: What Vaishali Parekh of Prabhudas Lilladher says on these 4 stocks

Vaishali Parekh, Vice-President - Technical Research at Prabhudas Lilladher, on Monday suggested that market looked positive at current levels. For Nifty, support can be seen at Rs 24,400 and the index may see Rs 25,300 in the near term, she told Business Today TV.

The market expert picked Samvardhana Motherson International Ltd as one of her top picks for the day. "One can buy this stock from the auto and ancillary space. Support will be at Rs 175 and the expected positional target is Rs 220. The stock was last seen trading 0.20 per cent down at Rs 197.20.

The second stock which Parekh picked was Tata Technologies Ltd. "The risk-reward ratio is quite favourable. Rs 980 would act as support and one can look for a positional target of Rs 1,150." The counter was up 1.87 per cent at Rs 1,056.20.

When asked about shares of Trent Ltd, she said, "The trend is robust and the stock is still showing strength. But I will be cautiously positive. Those holding should keep a trailing stop loss. Support will be at Rs 6,700-6,800 levels and the expected target will be Rs 7,300-7,400 in the near term. The view gets negated if it breaks below Rs 6,800." The stock was up 0.64 per cent at Rs 6,994.65.

In response to a query on Reliance Industries Ltd (RIL), Parekh said, "Rs 2,900 could act as the near-term support. And, once the stock sustains above Rs 3,030 levels, it would be ready for targets of Rs 3,150-3,200." RIL's stock was up 1.22 per cent at Rs 3,036.50 ahead of the oil-to-telecom giant's 47th annual general meeting (AGM) scheduled for Thursday, August 29.

Meanwhile, Indian equity benchmarks were trading on a strong note today, led by gains in banks, financials, IT and consumer stocks. Broader market (mid- and small-cap) shares were also positive.

14 out of the 16 sector gauges -- compiled by the NSE -- were trading in the green. Sub-indexes Nifty Bank, Nifty Financial Services, Nifty IT, Nifty Consumer Durables and Nifty FMCG were outperforming the NSE platform by rising as much as 0.56 per cent, 0.73 per cent, 1.29 per cent, 1.04 per cent and 0.32 per cent, respectively. However, Nifty PSU Bank was down 0.22 per cent.

The overall market breadth was positive as 2,245 shares were advancing while 1,653 were declining on BSE.