Vedanta, Tata Motors, M&M, Federal Bank: Arpit Beriwal of MOFSL shares view

Arpit Beriwal, Manager – Derivatives Analyst (Equity Research) at Motilal Oswal Financial Services Ltd (MOFSL), on Tuesday shared his views on select stocks across metals, banking and automobile sectors, including Vedanta Ltd, Federal Bank Ltd, Mahindra & Mahindra Ltd (M&M) and Tata Motors Ltd.

Commenting on the metals space, Beriwal said market breadth has largely remained in favour of bears, barring a few stocks and Vedanta stood out among them. "If you look at the price structure of Vedanta's stock, it is in a strong uptrend. The base is shifting higher on the weekly scale over the past four to five weeks. Vedanta would be a preferred pick. One can create positions keeping a stop loss of Rs 680 for an expected upside move towards Rs 720-750," he told Business Today.

In the mid-cap banking segment, Beriwal highlighted Federal Bank as a relatively stronger candidate. "The stock looks good for an upside target of Rs 300-plus levels with support around Rs 270," he added.

Sharing his outlook on the automobile sector, Beriwal noted that the segment has shown resilience over the past couple of months, despite a corrective phase in recent weeks. On M&M, he said the overall structure remains constructive. "If we see the charts of M&M (Mahindra & Mahindra Ltd), the monthly setup is still strong. Although the stock has seen a corrective move from Rs 3,800. Level-wise, Rs 3,200-3,300 would be a good support zone. Rs 3,200-3,250 would be considered as good entry levels. With major support around Rs 3,100, the stock can head towards Rs 3,600-3,800 slowly and steadily."

However, Beriwal advised caution on Tata Motors Ltd. He pointed out that the stock is currently witnessing a weaker technical trend. "So, it is better to avoid for now," he said.