Tata Consumer, Airtel & HAL: Here's what Akshay Bhagwat of JM Financial says on these 3 stocks

Akshay Bhagwat, Senior Vice-President, Derivatives Research at JM Financial Services, on Monday said domestic equity benchmarks looked strong at current levels. On the stock-specific front, the market expert selected Tata Consumer Products Ltd as one of his top pick for the day. "One can buy Tata Consumer shares with a stop loss of Rs 1,125. Expected target would be Rs 1,200," Bhagwat told Business Today TV. 

The second stock which the market expert suggested was Bharti Airtel Ltd. "The stock may see Rs 1,175 level in the near term. Stop loss would be at Rs 1,097," the expert mentioned.

When asked to choose a stock from the defence pack, Bhagwat said Hindustan Aeronautics Ltd looked positive on charts. "For HAL, support would be at Rs 2,900. The stock is likely to see a target of Rs 3,300," he said.

Meanwhile, Indian equity benchmarks traded almost flat in late-morning deals today as losses in IT shares countered gains in consumer durables. However, broader markets (mid- and small-cap shares) were positive.

Foreign institutional investors (FIIs) bought Rs 253.28 crore worth of shares on a net basis during the previous session and domestic institutional investors (DIIs) purchased Rs 1,571 crore worth of shares, exchange data showed.

11 out of the 15 sector gauges -- compiled by the NSE -- were trading in the green. Sub-indexes Nifty Consumer Durables was outperforming the NSE platform by rising as much as 1.02 per cent. Nifty IT slipped 0.70 per cent.

On the stock-specific front, Bajaj Auto was the top gainer in the Nifty pack as the stock soared 2.22 per cent to trade at Rs 8,509.95. Adani Enterprises, Grasim Industries, Bajaj Finance and Bharti Airtel rose up to 1.94 per cent.

In contrast, SBI Life, TCS, Wipro, L&T and HDFC Life were among the top losers on Nifty50.

The overall market breadth was strong as 2,388 shares were advancing while 1,278 were declining on BSE.

(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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