Tata Steel, Hindustan Copper, Lloyds Engineering shares: Expert weighs in; names top pharma, broking bets

Benchmark Nifty50 faces a strong hurdle at the 24,000 level, according to Nilesh Jain, Head of Technical and Derivative Research at Centrum Finverse. "As long as the index stays below 24,000, there is a high possibility of it slipping further towards 23,600-23,500 levels," the market expert told Business Today on Monday.

Jain also shared his technical views on select stocks, including Tata Steel Ltd, Hindustan Copper Ltd and Lloyds Engineering Works Ltd.

Tata Steel

On Tata Steel, Jain said the stock appears to be forming a base. While some selling pressure could emerge, he does not expect a major correction based on the current setup.

"Tata Steel, I think buy on decline can be the strategy. Rs 180 should be the stop-loss for the long position. As long as it trades above Rs 180, there is a high possibility of the counter gradually moving towards Rs 195-200 levels. So, one can remain put, keeping a stop loss below Rs 180," he said.

Hindustan Copper

Jain expects Hindustan Copper to remain rangebound in the short term.

"From a short-term perspective, I think Hindustan Copper is likely to remain in a range, Rs 550 on the upper side and Rs 480 on the lower side. We expect the counter to remain range-bound within this particular range," he said.

However, he said the broader structure remains strong over a six-to-eight-month timeframe, with the stock potentially moving towards Rs 580-600 and above. For the immediate one-to-two months, he expects consolidation with a slightly negative bias to continue.

Lloyds Engineering Works

On Lloyds Engineering Works, Jain said the stock looks strong from a positional perspective. He advised keeping a trailing stop-loss at Rs 78 and staying put for levels of Rs 95-100.

Pharma, broking stocks

In the pharma segment, Jain advised adding Wockhardt Ltd, Glenmark Pharmaceuticals Ltd and Dr Reddy's Laboratories Ltd on declines.

In the broking space, he highlighted Nuvama Wealth Management Ltd, Central Depository Services India Ltd (CDSL), Motilal Oswal Financial Services Ltd and BSE Ltd.