Canara Bank, Bharat Dynamics & RVNL: What Ashish Chaturmohta of JM Financial says on these 3 stocks

Ashish Chaturmohta, Executive Director and Fund manager at JM Financial, on Tuesday said state-owned bank stocks will be in focus at current levels. The market expert liked Canara Bank Ltd from the PSU banking space. "The stock has support around Rs 450-452. It has potential to move upside towards Rs 505-510 levels," Chaturmohta told Business Today TV. The counter was last seen trading 0.35 per cent higher at Rs 467.30.

The other stock which the analyst suggested was from the defence segment -- Bharat Dynamics Ltd. "We have been recommending Bharat Dynamics for a long. The stock could move towards Rs 2,000-2,050 level in the coming few months," Chaturmohta stated. The scrip rose 3.88 per cent to trade at Rs 1,823.50.

When asked to pick a stock from the railway basket, the market veteran selected Rail Vikas Nigam Ltd (RVNL) as a momentum pick. "The stock may move towards Rs 250-260 levels. Support on the counter could be seen at Rs 220," he said. RVNL was up 2.92 per cent at Rs 227.15.

Meanwhile, Indian equity benchmarks traded lower today, dragged by technology and pharma stocks. Although, broader markets (mid- and small-cap shares) were positive.

Foreign institutional investors (FIIs) bought Rs 1,085.72 crore worth of shares on a net basis during the previous session, while domestic institutional investors (DIIs) sold Rs 820.69 crore worth of shares, exchange data showed.

Nine out of the 15 sector gauges -- compiled by the NSE -- were trading in the red. Sub-indexes Nifty IT and Nifty Pharma were underperforming the NSE platform by falling as much as 0.97 per cent and 0.22 per cent, respectively. On the flip side, Nifty Metal moved 0.65 per cent higher.

On the stock-specific front, HCLTech was the top loser in the Nifty pack as the stock cracked 2.34 per cent to trade at Rs 1,551.05. Wipro, Divi's Labs, Tech Mahindra and LTIMindtree fell up to 1.66 per cent.

In contrast, Tata Motors, Bajaj Finance, Hero MotoCorp, Asian Paints and Maruti were among the top gainers.

The overall market breadth was strong as 1,838 shares were advancing while 1,168 were declining on BSE.

(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.)

 

 

Also read: Stock recommendations by analyst for January 16, 2024: JK Paper, KEC and JM Financial