Apollo Hospitals, Birlasoft & Tata Motors: What Rajesh Palviya of Axis Securities says on these 3 stocks

Rajesh Palviya, Head Technical Research at Axis Securities, on Thursday said selling pressure in banks may continue. On the stock-specific front, the market expert selected Apollo Hospitals Enterprise Ltd as one his top picks for the day. "One can buy Apollo Hospitals share for target prices of Rs 6,020-6,040, keeping stop loss placed at Rs 5,860, Palviya told Business Today TV. The stock was last seen trading 0.99 per cent lower at Rs 5,862.85.

The other counter which the market expert picked was Birlasoft Ltd. "The stock is looking positive and may see Rs 830-840 levels in the near term. Keep stop loss at Rs 785," Palviya stated. Birlasoft shares fell 3.35 per cent today to trade at Rs 775.

When asked about Tata Motors Ltd, the market expert said, "The stock has seen a very strong momentum in the last two months. We have a bullish view on Tata Motors and expect that the outperformance will continue further. One can hold this stock with a stop loss of Rs 785 for expected targets of Rs 860-880 on a positional basis." Tata Motors' stock was up 0.33 per cent at Rs 808.20.

Meanwhile, Indian equity benchmarks extended their fall for the third straight session today. The domestic indices were dragged by banks, financials, IT and consumer stocks. Broader markets (mid- and small-cap shares) felt the pain as well.

Foreign institutional investors (FIIs) sold Rs 10,578.13 crore worth of shares on a net basis during the previous session, while domestic institutional investors (DIIs) bought Rs 4,006.44 crore worth of shares, exchange data showed.

10 out of the 15 sector gauges -- compiled by the NSE -- were trading in the red. Sub-indexes Nifty Bank, Nifty Financial Services, Nifty IT, Nifty FMCG and Nifty Consumer Durables were underperforming the NSE platform by falling as much as 1.07 per cent, 1.43 per cent, 0.63 per cent, 0.40 per cent and 0.62 per cent, respectively.

On the stock-specific front, LTIMindtree was the top loser in the Nifty pack as the stock cracked 12.71 per cent to trade at Rs 5,478. Divi's Labs, Asian Paints, Adni Enterprises and PowerGrid fell up to 3.15 per cent.

In contrast, Axis Bank, Sun Pharma, ICICI Bank and Kotak Mahindra Bank were among the top gainers.

The overall market breadth was weak as 2,415 shares were declining while 718 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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