IREDA, Raymond Lifestyle, Bajaj Finance: Globe Capital's Gaurav Sharma weighs in; sees value in select PSBs

Gaurav Sharma of Globe Capital on Thursday said benchmark Nifty50 is facing strong resistance at the psychological 25,000 mark. "Now going ahead, sustaining above 25,050 is most important. Once Nifty is able to sustain and go past that level, then a further upside toward 25,200-odd levels is quite possible; otherwise it will again slip down towards 24,900–24,800 levels, which are acting as immediate supports," he told Business Today.

Sharma suggested investors focus on stock-specific opportunities and highlighted PSU banking names such as Canara Bank, State Bank of India (SBI), Indian Bank, Bank of India and Indian Overseas Bank as attractive for short-term trading.

On Indian Renewable Energy Development Agency Ltd (IREDA), the market expert noted that the counter is not showing signs of reversal at present. He said only investors with a long-term view should consider averaging, citing the company's business outlook.

Regarding Raymond Lifestyle Ltd, Sharma observed that the stock is consolidating and advised investors to hold. "Once it is able to go above Rs 1,400-odd levels, the counter will rush up towards the Rs 1,800–2,000 mark," he said.

Sharma maintained a positive stance on the non-banking financial company (NBFC) segment, particularly Bajaj Finance Ltd. He said the company stands to benefit from its leadership position, seasonal demand during the festive period, GST-related benefits and interest rate cuts.

"We expect it to perform well and a CAGR of around 20–25 per cent can be expected going forward," Sharma added.