BHEL, GAIL & Bajaj Auto: Here's what Rajesh Palviya of Axis Securities says on these 3 stocks

Rajesh Palviya, Head Technical Research at Axis Securities, on Thursday said select PSU counters could still be considered for better gains in the near term. On the stock-specific front, the market expert selected Bharat Heavy Electricals Ltd (BHEL) as one of his top picks for the day. "BHEL is looking positive, given the momentum seen in the last couple of weeks. The stock can continue with furthermore upside. Expected targets would be Rs 225-230 on a positional basis. Keep stop loss placed at Rs 203," Palviya told Business Today TV. BHEL shares were last seen trading 1.64 per cent higher at Rs 213.40.

The other stock which the analyst suggested was GAIL India Ltd. "One can look to buy GAIL shares for upside targets of Rs 174-176 with a stop loss of Rs 162," he stated. The counter was up 0.36 per cent at Rs 165.35.

The market expert also liked Bajaj Auto Ltd from the automobile space. "Traders can look to buy the stock today for targets of Rs 7,350-7,400. Keep stop loss at Rs 7,240," Palviya mentioned. Bajaj Auto shares rose 0.88 per cent to trade at Rs 7,274.85.

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

Foreign institutional investors (FIIs) offloaded Rs 6,934.93 crore worth of shares on a net basis during the previous session, while domestic institutional investors (DIIs) bought Rs 6,012.67 crore worth of shares, exchange data showed.

Eight 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 1.15 per cent and 0.50 per cent, respectively. Although, an uptick in Nifty PSU Bank and Nifty Metal capped some losses.

On the stock-specific front, Tech Mahindra was the top loser in the Nifty pack as the stock cracked 5.34 per cent to trade at Rs 1,332.7. HCLTech, SBI Life, Wipro and Infosys fell up to 1.87 per cent.

In contrast, Coal India, NTPC, IndusInd Bank, BPCL and Bajaj Finance were among the top gainers.

The overall market breadth was strong as 2,066 shares were declining while 861 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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