Technical bets: 3 stocks Ajit Mishra is bullish on from PSU space

It was a fantastic Friday for the Indian markets as the domestic equity benchmarks ended at their fresh closing highs. Sensex and Nifty hit their respective intraday highs of 63,520.36 and 18,864.70.

According to Ajit Mishra, SVP - Technical Research, Religare Broking, the markets surged strongly on Friday and inched closer to the record high, tracking firm global cues. After the firm start, the Nifty index hovered in a narrow band in the first half however a sharp surge in the latter half helped the index to test 18,864.70 but it finally settled at 18,826 levels. Recovery in banking and financials combined with buying in FMCG, pharma and energy majors largely aided the rebound. Besides, the continued buying in midcap and smallcap space further added to the positivity.

"The buoyancy in the global markets, especially the US, is helping the index to maintain a bullish tone amid mixed domestic cues. We reiterate our positive view but suggest limiting positions citing intermediate choppiness.  Instead of waiting for a new high in the index, we feel participants should maintain their focus on identifying stock-specific trading opportunities," he added.

Ajit Mishra is betting on these 3 PSU stocks for the near term. Take a look!

1. IRCTC

Buy: Rs 665
Stop loss: Rs 650
Target: Rs 694

2. BHEL

Buy: Rs 86.75
Stop loss: Rs 83.50
Target: Rs 92

3. GAIL

Buy: Rs 107.50
Stop loss: Rs 104
Target: Rs 115

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