IndusInd Bank, Bajaj Finserv, Eternal & Swiggy: What Kiran Jani of Jainam Broking says on these 4 stocks

Kiran Jani, Head of Technical Research at Jainam Broking, on Wednesday said benchmark Nifty50 could test 24,800-24,900 levels by next month. On the stock-specific front, the market expert suggested that the overall chart pattern of Bajaj Finserv Ltd looked promising. "Any dips towards Rs 1,950-2,000 levels should be considered as an opportunity to enter. Keep a strict stop loss below Rs 1,950 and one should accumulate the stock for sure," he told Business Today.

In response to a query on IndusInd Bank after its MD & CEO Sumant Kathpalia stepped down following a derivative accounting lapse, Jani said, "Investors should stay away from the stock at current levels. Those holding should maintain a strict stop loss of Rs 800."

When asked about Eternal Ltd (formerly known as Zomato), he recommended entering the counter at current levels. "Keep stop loss placed at Rs 220. If this level is not broken, we can expect price targets of Rs 245-260 in the upcoming time," Jani stated.

The market expert said one can also consider Swiggy Ltd at the current market price while underscoring that it could be a risky bet though. "Keep a strict stop loss of Rs 300. If Rs 300 level is not broken, we can expect a target of Rs 400 in the short term. This will be a risky but worth-taking bet," Jani mentioned.

Meanwhile, Indian equity benchmarks were trading almost flat today as losses in state-owned banks and consumer durables countered gains in pharma and energy stocks. Broader indices (mid- and small-cap shares) were also down.

The overall market breadth was weak as 2,373 shares were declining while 1,210 were advancing on BSE. 193 stocks stayed unchanged.