MOIL, Sunflag Iron & BHEL: What Mileen Vasudeo of Arihant Capital says on these 3 stocks

Mileen Vasudeo, Senior Technical Research Analyst at Arihant Capital Markets, on Wednesday said 21,600 level will be make-or-break level for Nifty. There could be a further drop if the index fails to hold the said level, he told Business Today TV. On the stock-specific front, the market expert selected MOIL Ltd as one of his top picks for the day. "One can buy the stock at current prices with a stop loss at Rs 410. Expected targets will be Rs 485-510," Vasudeo stated. MOIL was last seen trading 1.41 per cent lower at Rs 331.70.

The other stock which the market veteran picked was Sunflag Iron and Steel Co Ltd. "Keep stop loss placed at Rs 200 for expected targets of Rs 266-280," he mentioned. Sunflag Iron was up 0.38 per cent at Rs 224.15.

When asked to share his views on Bharat Heavy Electricals Ltd, Vasudeo said, "BHEL is looking good on charts. From here, support will be at Rs 200-190 levels for expected targets of Rs 220-230 in a couple of days." BHEL was trading 3.70 per cent higher at Rs 210.40.

Meanwhile, Indian equity benchmarks traded sharply lower today amid weak global cues. The domestic indices were dragged by banks and financials. Broader markets (mid- and small-cap shares) were down as well.

Foreign institutional investors (FIIs) bought Rs 656.57 crore worth of shares on a net basis during the previous session, while domestic institutional investors (DIIs) sold Rs 369.29 crore worth of shares, exchange data showed.

All the 15 sector gauges -- compiled by the NSE -- were trading in the red. Sub-indexes Nifty Bank and Nifty Financial Services were underperforming the NSE platform by falling as much as 2.48 per cent and 2.56 per cent, respectively.

On the stock-specific front, HDFC Bank was the top loser in the Nifty pack as the stock cracked 5.67 per cent to trade at Rs 1,584. Hindalco, Tata Steel, Axis Bank and Bajaj Auto fell up to 2.30 per cent.

In contrast, HDFC Life, Bharti Airtel, UltraTech Cement, ITC and PowerGrid were among the top gainers.

The overall market breadth was weak as 1,744 shares were declining while 624 were advancing 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.)

 

 

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