IREDA, IRFC, Tata Motors, L&T, HDFC Bank & Asian Paints: What Rahul Ghose of Hedged says on these stocks

Rahul Ghose, CEO at Hedged, on Wednesday said index-wise a closing above 23,000 level would be required from a recovery perspective for Nifty50. "Even if the market (Nifty) goes up to 22,500-22,700, it should not be construed as a trend change. 2025 is going to be a lacklustre year and there would be a lot of sideway moves," the market expert told Business Today.

When asked to share his views on Indian Railway Finance Corporation (IRFC) Ltd, Ghose said, "The stock has seen a sharp downward move. One should not consider accumulating it at current levels and look for better names."

In response to a query on Indian Renewable Energy Development Agency (IREDA) Ltd, the market expert suggested that it is a sharply downward trending stock. "The next bout of momentum can happen only when it closes above Rs 190 level. The scrip has come to around Rs 150 from Rs 300, losing 50 per cent. When it has lost 50 per cent, there is no certainty that it may not fall 10 per cent further. One should wait for momentum and start averaging around Rs 190," he stated.

Ghose selected Tata Motors Ltd, Larsen & Toubro (L&T) Ltd, HDFC Bank Ltd and Asian Paints as value picks amid the recent downticks. "Tata Motors, Larsen & Toubro and HDFC Bank are looking good presently. Asian Paints from the FMCG space also look good on charts. L&T has corrected around 25 per cent from the highs. Looking at the infra push, which has happened in the last five years and likely to continue in the next five, all these stocks could be prudent bets for the future," he said.

Meanwhile, Indian equity benchmarks witnessed a sharp recovery today amid a broad-based buying interest. Broader indices (mid- and small-cap shares) also turned positive.

All 19 sector gauges -- compiled by the NSE -- traded in the green. Sub-indexes Nifty Metal, Nifty PSU Bank and Nifty Auto outperformed the NSE platform by rising as much as 4.10 per cent, 3.07 and 2.57 per cent, respectively.

The overall market breadth was strong as 3,233 shares advanced while 766 declined on BSE. 95 stocks stayed unchanged.