HDFC Bank, Adani Power, Colgate-Palmolive, M&M & TVS Motor shares: Key levels to track

Kkunal V Parar, Vice-President of Technical Research and Algo at Choice Broking, expects benchmark Nifty50 to trade on a positive note in the near term. "On the level-specific front, a decisive close above 24,800 is required for further upside momentum up to 25,250. On the lower side, 24,400–24,350 would act as support," he told Business Today on Friday.

On individual counters, Parar liked shares of HDFC Bank Ltd and Colgate-Palmolive (India) Ltd at current levels. "HDFC Bank can hit an upside target of Rs 980. If the stock sustains the said level, then it could rise further towards Rs 1,020. Investors should keep a stop loss of Rs 940," he said.

For Colgate-Palmolive, he noted that the stock has witnessed a breakout on daily charts. "One can get into the stock, placing a stop loss at Rs 2,420. On the higher end, it may see Rs 2,510 and if the stock breaks this level, then it is likely to climb further towards Rs 2,670," he added.

On Mahindra & Mahindra (M&M), Parar said there could be further upside momentum. "Investors can get into the stock with a strict stop loss of Rs 3,460. On the higher end, we may see a move up to Rs 3,650 and if the stock sustains above this level, then further upside would be there up to Rs 3,800," he stated.

From the two-wheeler segment, he remained bullish on TVS Motor Company Ltd. With a strict stop loss of Rs 3,360, Parar suggested upside targets between Rs 3,540 and Rs 3,630.

On Adani Power Ltd, the analyst pointed out that the company has announced a stock split in the ratio of 1:5. "The stock looked attractive at even current levels. From a trading perspective, keep a stop loss at Rs 570 for expected upside targets of Rs 635–680," he said.