RIL, IREDA, LIC, Muthoot Finance, Tata Steel, Hindustan Copper: JM Financial's Akshay Bhagwat shares views

Akshay Bhagwat of JM Financial Services sees the 24,000-24,050 range as a key support zone for benchmark Nifty50. During an interaction with Business Today on Wednesday, the market expert shared views on several stocks, including Life Insurance Corporation of India (LIC), Tata Steel Ltd, Indian Renewable Energy Development Agency Ltd (IREDA), Muthoot Finance Ltd, Hindustan Copper Ltd and Reliance Industries (RIL).

LIC

Bhagwat sees strong price support for LIC at Rs 360.

"There is strong price support building on monthly charts at Rs 360. The current setup is hinting at an upside till Rs 490 with a time horizon of six months from now. So, I think Rs 490 is the working target for you. That's the target area for which you can hold LIC."

Tata Steel

For Tata Steel, Bhagwat identified Rs 180 as the key level to monitor.

"The key level you need to monitor in Tata Steel is Rs 180. Until the price holds Rs 180, all is good, and you could witness a recovery scenario. But if it breaks below Rs 180 level, then it may slip towards Rs 160."

IREDA

Bhagwat expects IREDA to find support around Rs 100.

"The stock may slip towards Rs 100 and stabilise there, where some recovery can be expected. For now, Rs 100 is the support zone. That said, for a worst-case scenario, stop-loss would be Rs 85."

Muthoot Finance

Among gold financing companies, Bhagwat preferred Muthoot Finance at current levels. He identified Rs 2,500-2,750 as the support zone.

"Rs 2,500-2,750 is a decent support zone from where a recovery upmove could be seen. Expected targets would be Rs 3,800-4,000. Keep stop loss placed at Rs 2,200 for this trade," he stated.

Hindustan Copper

Bhagwat sees Rs 475 as a key support level for Hindustan Copper.

"Rs 475 is a decent support level for the stock. The stock has been defending it and recovering from that level. So the current technical structure is hinting at an upside till Rs 615-620. These are the targets you can hold for a time horizon of three to six months. So hold with a stop-loss below Rs 475 is the advice."

Reliance Industries

Asked about his own stock pick, Bhagwat recommended RIL and expects a breakout in September.

"From a positional perspective, the stock has been trading in a range between Rs 1,280 and Rs 1,320. But I'm expecting a breakout happening in the month of September. So, consider buying it at the current rate. I think post-breakout above Rs 1,340, we are eyeing a target of Rs 1,440 on the upside. Stop loss should be placed at Rs 1,260 for this buying position," he stated.