ABB India & Glenmark Pharma: What Kiran Jani of Jainam Broking says on these 2 stocks

Kiran Jani, Head of Technical Research at Jainam Broking, on Wednesday selected ABB India Ltd as one of his top picks for the day. "The stock is looking good on charts. One can buy ABB shares at current levels for a target price of Rs 5,550. Keep stop loss placed at Rs 5,400," Jani told Business Today TV. ABB shares were last seen trading 0.03 per cent lower at Rs 5,451.

The other stock which the analyst picked was Glenmark Pharmaceuticals Ltd. "The scrip looked bullish. Expected target would be Rs 960 with a stop loss of Rs 910," he mentioned. The select pharma stock was down 1.10 per cent at Rs 917.35.

Meanwhile, Indian equity benchmarks were trading almost flat today as losses in healthcare stocks countered gains in consumer durables. Broader markets (mid- and small-cap shares) were mixed.

Foreign institutional investors (FIIs) sold Rs 1,509.16 crore worth of shares on a net basis during the previous session, while domestic institutional investors (DIIs) bought Rs 2,861.56 crore worth of shares, exchange data showed.

Eight out of the 15 sector gauges -- compiled by the NSE -- were trading in the red. Sub-indexes Nifty Healthcare was underperforming the NSE platform by falling as much as 0.31 per cent. In contrast, Nifty Consumer Durables was up 0.51 per cent.

On the stock-specific front, Apollo Hospitals was the top loser in the Nifty pack as the stock cracked 1.33 per cent to trade at Rs 6,532.85. Asian Paints, M&M, BPCL and UltraTech Cement fell up to 1.14 per cent.

In contrast, Tata Consumer Products, Tata Motors, Airtel, SBI and HDFC Life were the top gainers on Nifty50.

The overall market breadth was strong as 1,773 shares were advancing while 1,215 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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