Suzlon, IndusInd Bank, SBI, Tata Power, BHEL & HPCL: Axis Securities' Rajesh Palviya shares views on these stocks

Rajesh Palviya, Head of Technical Research at Axis Securities, expects benchmark Nifty50 to touch fresh record highs in the November derivatives series, supported by strong momentum in large-cap and midcap stocks.

Speaking to Business Today on Thursday, Palviya said, "Looking at the broader market, we believe that we are going to see a new all-time high trajectory in the November series. It may take another couple of weeks, but considering the sectoral rotation and positive sentiment seen in recent sessions, the outlook remains bullish."

He added that both Nifty and Nifty Bank are showing strong technical structures. "Nifty Bank is comfortably holding strength and the way most of the large-cap private as well as PSU banks are showing traction, we believe that Nifty Bank can continue further upside. We could see a higher target of 58,800 to Rs 59,000," he noted.

For Nifty, Palviya maintained that minor declines should be viewed as buying opportunities. "Till Nifty trades above the Rs 25,800–25,850 zone, the trend is likely to remain bullish. Sectors such as power, metal, banking, automobile and oil marketing companies (OMCs) are showing signs of buying action. We project a target of 26,300–26,400 in the near to short term," he said.

Stock-specific views

Hindustan Petroleum Corporation Ltd (HPCL):

Palviya said HPCL has given a breakout above multiple supply zones, indicating continuation of the uptrend. "We are projecting a target of Rs 485–490 for HPCL. One can buy and accumulate with a stop loss of Rs 458," he advised.

Bharat Heavy Electricals Ltd (BHEL):

According to Palviya, BHEL has witnessed strong buying interest in recent sessions and is now trading comfortably above its previous swing high breakout level of Rs 244. "If it continues to hold above Rs 244, further buying action could continue. With the power sector showing strength, the stock looks promising. We expect near-term targets of Rs 260–265," he said.

IndusInd Bank and State Bank of India (SBI):

Palviya remains optimistic on banking names, citing a sustained uptrend across the sector. "From the banking space, IndusInd Bank and SBI are looking promising," he said.

"We believe that SBI has potential to move to the four-digit kind of target. Initially, we are projecting targets of Rs 980 to Rs 1,000 for a near-term perspective. Buy and accumulate would be the strategy. On the downside, one needs to keep a stop loss at Rs 905," Palviya stated.

For IndusInd Bank, he observed that a trend reversal took place after a prolonged downtrend. "Based on the last 2–3 weeks' price behavior, we expect a move towards Rs 835–840 from a positional perspective. The stop loss should be placed at Rs 790," he added.

Suzlon Energy:

Palviya highlighted Suzlon Energy as another promising name. "If the stock continues to trade above Rs 56, there is a possibility of extending gains towards Rs 62–64," he said.

Tata Steel:

From the metals pack, Tata Steel remains Palviya's preferred choice. "The stock is holding well above the Rs 180 mark. If it sustains this level, we may see targets of Rs 190–195 in the near term," he noted.