BSE, Kalyan Jewellers, Union Bank shares: Expert weighs in

Aditya Agarwal, Head of Investment at Coherent Wealth, said the market outlook remains bullish from a medium- to long-term perspective, although some near-term weakness could be seen.

"We are expecting that Nifty may come towards 24,000 level. If the index breaks below 24,000, then another 300-400 points correction could be there. That kind of dip is something which we are advising our clients to buy," the market expert told Business Today.

Agarwal also shared stock-specific views on Union Bank of India Ltd, Kalyan Jewellers India Ltd and BSE Ltd.

Union Bank of India

Agarwal said some PSU banking stocks are looking attractive at current levels. On Union Bank, he noted that the stock had tested the Rs 190-192 levels before witnessing a correction, followed by renewed buying interest.

He expects the stock to move towards Rs 200-210 in the short to medium term. Agarwal said the stock can be bought at current levels with a positional stop-loss of Rs 178.

Kalyan Jewellers

Kalyan Jewellers remains Agarwal's top pick in the segment, with the overall structure of the stock remaining positive.

He expects the stock to move towards Rs 750-800 levels over the next couple of weeks. In case of a decline towards the Rs 575-580 zone, he said the stock can be added to the portfolio.

BSE

Among capital market stocks, Agarwal said BSE looks attractive after a sharp correction over the past couple of weeks. The stock is now showing signs of a reversal, according to the expert.

From a positional perspective, he expects BSE to move towards Rs 3,750-3,800 levels and said the stock can be considered for buying with a stop-loss at Rs 3,150.

For traders, Agarwal expects the stock to move towards Rs 3,400-3,450 levels, with a stop-loss at Rs 3,130.