CDSL, Vodafone Idea, Federal Bank, Nalco shares: Key support levels, target price

Aditya Agarwal, Head of Alternate Investments at Coheron Wealth, believes the overall market structure remains strong and dips should be considered as an opportunity to initiate long positions.

The expert suggested that the capital market sector is appearing positive. In this space, he sees opportunity in Central Depository Services (India) Ltd (CDSL). "CDSL is in accumulation zone. From current levels, the risk-reward ratio is looking favourable. Expected upside positional targets are Rs 1,340-1,350, keeping a stop loss placed at Rs 1,198," he told Business Today.

From the banking space, Agarwal liked Federal Bank Ltd. "The stock can be added at current levels for expected targets of Rs 300-302 with a stop loss of Rs 286," he said.

The expert also noted that the entire metals basket has given a decent breakout and selected National Aluminium Co Ltd (Nalco) as a preferred pick. "From current levels, risk-reward is looking good for an expected target of Rs 440, with a stop loss of Rs 404," he added.

In response to a query on Vodafone Idea Ltd shares, Agarwal highlighted that the counter has registered a strong breakout after a long time. "I'm expecting that the stock may move up towards Rs 16-16.5 levels. One can consider buy even at current levels with a strict stop loss of Rs 13. On the higher side, Rs 16.5 could be the first target, and if it breaks that, then it may climb towards Rs 17.20 level. The structure looks positive," he stated.

Meanwhile, domestic equity benchmarks declined for the second straight session on Wednesday.

At close, the 30-share BSE Sensex pack declined 141.90 points or 0.19 per cent to close at 75,867.80, while the broader NSE Nifty index shed 6.55 points or 0.03 per cent to settle at 23,907.15.

Indices will remain closed on Thursday due to 'Bakri Id', resuming action on Friday in this holiday-truncated week.