JK Lakshmi, Metropolis, ONGC & IOC: Here's what Kiran Jani of Jainam Broking says on these 4 stocks

Kiran Jani, Head of Technical Research at Jainam Broking, on Friday said investors should be cautious at current levels as the risk-reward ratio didn't look good. On the stock-specific front, the market expert selected JK Lakshmi Cement Ltd shares as one of his top picks for the day. "One can buy JK Lakshmi shares at current market price. Price target would be Rs 940 with a stop loss of Rs 889," he told Business Today TV.

The other stock which Jani picked was Metropolis Healthcare Ltd. "For Metropolis, expected target would be Rs 1,740. Keep stop loss placed at Rs 1,689," he mentioned.

When asked to share his views on Oil and Natural Gas Corporation Ltd (ONGC), Jani said, "The stock given a breakout on daily charts. We are expecting price target of Rs 300 in the short term. Any dip towards Rs 260-265 would be a great opportunity to enter. Stop loss would be at Rs 250."

The analyst also liked Indian Oil Corporation Ltd from the oil marketing company (OMC) basket. "We are expecting IOC shares to give a fresh up move. Potential near-term targets would be Rs 220-230. Keep a strict stop loss placed at Rs 170," he stated.

Meanwhile, Indian equity benchmarks were up today, led by gains in automobile, pharma and IT stocks. Broader markets (mid- and small-cap shares) were positive as well.

14 out of the 15 sector gauges -- compiled by the NSE -- were trading in the green. Sub-indexes Nifty Auto, Nifty Pharma and Nifty IT were outperforming the NSE platform by rising as much as 1.93 per cent, 1.43 per cent and 0.67 per cent, respectively.

On the stock-specific front, BPCL was the top gainer in the Nifty pack as the stock soared 3.30 per cent to trade at Rs 674.3. Maruti Suzuki, Bajaj Auto, Tata Motors and M&M rose up to 1.92 per cent.

In contrast, PowerGrid, Apollo Hospitals, ITC and Britannia Industries were the top losers on Nifty50.

The overall market breadth was strong as 2,385 shares were advancing while 1,161 were declining on BSE.

Foreign institutional investors (FIIs) sold Rs 3,064.15 crore worth of shares on a net basis during the previous session, while domestic institutional investors (DIIs) bought Rs 2,276.93 crore worth of shares, exchange data showed.

(Disclaimer: Business Today provides stock market news for informational purposes only and that should not be construed as investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.)

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