Zomato, Hindustan Zinc, Bajaj Finance & Axis Bank: What Kiran Jani of Jainam Broking says on these 4 stocks

Kiran Jani, Head of Technical Research at Jainam Broking, on Wednesday said that the market looked bearish for the near term. "As of now, there is a Diwali sale going on and one should definitely invest. Looking at the current setup, there are multiple stocks available at a very good level. We are identifying those values and we are buying," the market expert told Business Today TV.

On the stock-specific front, Jani selected Hindustan Zinc Ltd as his top pick from the metal space. "Hindustan Zinc is the third-largest for silver and second-largest for zinc. If you want to play the silver rally and encash it, Hindustan Zinc is a better play. One can buy at the current market price for a decent upside," the market specialist stated. Hindustan Zinc shares were last seen trading 2.35 per cent higher at Rs 525.50.

The other stock which the analyst picked was Bajaj Finance Ltd from the non-banking financial company (NBFC) space. "Bajaj Finance is available at a lucrative price. Investors can enter around Rs 6,600-6,700 for an expected target price of Rs 7,600-7,800 in the upcoming time. Keep stop loss placed at Rs 6,400," Jani said. Bajaj Finance's stock emerged as the top Nifty50 gainer today.

When asked to share a view on Axis Bank Ltd, he said, "One can buy the stock on dips around Rs 1,150-1,160 on a positional basis. Keep a strict stop loss below Rs 1,130 and if the said level is not broken then we can see another round of rally towards Rs 1,230-1,250." Axis Bank was up 0.23 per cent at Rs 1,178.50.

In response to a query on Zomato Ltd, Jani suggested that the stock can see a good upside. "Looking at current levels, the stock has stiff resistance in the Rs 270-275 zone. If it sustains above the Rs 270-275 range, then we can see the counter revisiting its all-time high level of Rs 300. Overall, the price charts are very strong but it is a conditional buy. And, one should buy only above Rs 270 with a stop loss of Rs 255. If Rs 270 level is breached, then we can expect a Rs 300-plus target," the market expert stated. Zomato shares traded 2.26 per cent higher at Rs 262.

Meanwhile, Indian equity benchmarks were trading higher today, led by gains in IT, banks and financials. Broader markets (mid- and small-cap shares) were also positive.

Nine out of the 16 sector gauges -- compiled by the NSE -- were trading in the green. Sub-indexes Nifty IT, Nifty Bank and Nifty Financial Services were outperforming the NSE platform by rising 1.13 per cent, 0.44 per cent and 0.77 per cent. On the flipside, Nifty PSU Bank and Nifty Realty fell 0.51 per cent and 1.10 per cent, respectively.

On the stock-specific front, Bajaj Finance was the top gainer in the Nifty pack as the stock surged 4.89 per cent to trade at Rs 7,004.55. Bajaj Finserv, HDFC Bank, Bajaj Auto and Adani Enterprises rose up to 1.99 per cent.

In contrast, NTPC, Eicher Motors, PowerGrid, M&M and ONGC were the top laggards on Nifty50.

The overall market breadth was weak as 1,702 shares were declining while 1,496 were advancing on BSE.