Adani Total Gas, Kaynes Tech stock good buy at current price? Ruchit Jain of MOFSL decodes

Answering the viewers/investors queries at Daily Calls on Business Today Television (BTTV), Ruchit Jain, Head of Technical Research at Motilal Oswal Financial Services Ltd (INH000000412) shared his views on select EMS and Adani Group stocks.

An unnamed viewer on YouTube requested views on Kaynes Technology India Ltd.

Jain said that Kaynes Tech has remained in the downtrend for last few weeks and months, with no signs of reversal. It failed to surpass its key resistance levels even in May, when the markets were doing well, indicating the lack of buying interest in the stock. He suggested investors to avoid any kind of bottom fishing in the stock. He advised to follow a 'sell on rise' strategy for the stock.

Arihant Pant asked views on Adani Total Gas Ltd, asking the good levels to enter in the stock. Answering to him, Jain said that Adani Group stocks have performed well in the last one and half months, but Adani Total Gas has underperformed its group peers.

He suggested that Rs 580-level is a key support for the stock, while Rs 700 is an important resistance for the counter. Any decisive move above this level will lead to more upside. He suggest partial buying the stock at current levels, followed by some more buying on the breakout above Rs 700-mark.
 

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(DISCLAIMER: The views/advice/suggestions expressed in the video are solely by market analysts & investment experts. Please consult your investment advisers before making any financial decisions.)