Adani Ports, CG Power, Balu Forge, Nelcast: Price targets, stop loss by MOFSL's Ruchit Jain

Ruchit Jain, Vice President, Head – Equity Technical Research, Wealth Management, Motilal Oswal Financial Services on Thursday shared his analysis on a couple of stocks namely Adani Ports, CG Power, Balu Forge and Nelcast. 

While Adani Ports & Special Economic Zone Ltd is country's largest private port operator,  CG Power & Industrial Solutions Ltd is a leading engineering conglomerate, part of the Murugappa Group. 

Balu Forge operates a high-precision engineering business model and Nelcast is engaged in the manufacturing of Ductile & Grey Iron Castings. 

Jain's views on Adani Ports are critical because the Adani Group firm reported its Q4 earnings today. 

Here's a look at what Jain said on the outlook, stop loss, price targets and resistance of four stocks. 

Adani Ports 

Jain says overall trend remains positive for Adani Ports. It formed a double bottom around Rs 1300. In case of dips, Rs 1550 is a good support for the stock. Any decline post Q4 is a buy on dips. Investors having long positions can continue to hold on for the price target of Rs 1750.

CG Power

The analyst is positive on the stock in the long term. After a consolidation phase from October 2024 to March 2026, the stock has given a breakout. Price target for the stock is Rs 950.

Balu Forge

On Balu Forge, Jain said, "We have seen consolidation in the recent past. The stock is near to its 200 DMA resistance, which comes out to Rs 536." One should wait for that breakout above 200 DMA. Volumes have not been that high. Price pullbacks are not supported by good volumes. The Stock can be kept in the watchlist and can be bought post the breakout at good volumes.

Nelcast

The stock has seen a good pullback move in the last few weeks. It has a good support at Rs 120-125 range. Short-to-medium term trend is positive for the stock. Stop loss can be fixed at Rs 120. One can buy for a smaller portion in trading portfolio with a price target of Rs 175. 

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