IREDA, PNB Housing & Adani Total: Kush Ghodasara's take on these 3 stocks

Market specialist Kush Ghodasara on Monday shared his views on select stocks, including PNB Housing Finance Ltd, Indian Renewable Energy Development Agency (IREDA) Ltd, and Adani Total Gas. In an interaction with Business Today, he advised against entering PNB Housing shares at the moment.

"I wouldn't recommend buying PNB Housing at current levels. The NBFC (non-banking financial company) space may face pressure due to a potential slowdown in housing demand and the likelihood of further interest rate cuts, which could impact net interest margins (NIMs). For now, it's a clear avoid for us, as the stock may decline towards Rs 680 level," he stated.

When asked about IREDA, Ghodasara said, "I believe IREDA has strong support around Rs 135 level. For investors with a time horizon of over two years, it can be a good buy with a stop loss at Rs 135. While a sharp rally like the post-IPO surge is unlikely, I expect a slow and steady recovery from current levels, with an upside target price of Rs 250."

In response to a query on Adani Total, the market expert noted that the stock has underperformed in the recent past, but it appeared to be forming a base now.

"The company may see a recovery in its city gas distribution segment. If you're open to taking some risk, you could consider averaging at current levels, with a stop loss at Rs 560," he added.

Meanwhile, Indian equity benchmarks witnessed a sharp rise today, driven by gains in metal, commodities and automobile stocks amid strong cues from global markets.

The 30-share BSE Sensex climbed 418.81 points, or 0.52 per cent, to close at 81,018.72, while the broader 50-share NSE Nifty advanced 157.40 points, or 0.64 per cent, to settle at 24,722.75.