IREDA, Jio Financial, BEL & Union Bank: JM Financial's Akshay Bhagwat shares outlook

Akshay Bhagwat, Senior Vice-President, Derivatives Research at JM Financial Services, on Wednesday said 22,500 level is likely to act as an immediate short-term support for Nifty50, while the ongoing recovery could potentially extend towards 24,000 in the best-case scenario. However, he cautioned that the market is "still not out of the woods."

He also shared stock-specific views across select counters. On Bharat Electronics Ltd (BEL), Bhagwat, in an interaction with Business Today, said, "From a short-term perspective, BEL does not look attractive on price charts. There is a possibility that the stock may drift towards Rs 400 in the near term. The long-term view is different. If investors are looking for suitable levels to go long from an investment perspective, Rs 400 could be a reasonable entry point, provided the holding horizon is at least one year or more."

Regarding Indian Renewable Energy Development Agency Ltd (IREDA), he noted that the technical structure remains weak. "There is a possibility that the stock may drift below Rs 100 in the coming months. We would look for exit opportunities, ideally around the Rs 130–140 zone. A stop loss can be placed near Rs 105 for worst-case scenarios. Averaging should be avoided, and exits may be considered on any pullback towards Rs 130," Bhagwat said.

On Jio Financial Services Ltd (JFSL), Bhagwat highlighted the potential trigger from the expected Jio Platforms IPO in 2026, but remained cautious on price action. 

"The silver lining for JFSL could be the upcoming IPO. However, the stock has not shown much strength on charts, with selling pressure emerging at higher levels. Many retail investors continue to hold the stock, but prices have not reflected the same optimism. Averaging is not advisable. One may look for exit opportunities on pullbacks. If the stock rallies on IPO-related developments, support is seen at Rs 220, while relief rallies could push it towards Rs 280–300 in the best-case scenario. Exits may be considered at these levels," he stated.

For Union Bank of India Ltd, Bhagwat largely maintained a constructive stance. "As long as the stock holds above Rs 160, the technical setup appears strong. One can look for a positional upside target of around Rs 240, though it may take some time to materialise. A stop loss should be placed at Rs 160," he added.