Adani Power, Paytm, Infosys & Kotak Bank: What Osho Krishan of Angel One says on these 4 stocks

Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One, on Friday said index-wise support for Nifty will be at Rs 22,000 and resistance could be seen around 22,170-22,180 levels. On the stock-specific front, the market expert selected Infosys Ltd as one of his top picks for the day. For Infy, the risk-reward ratio is looking decent. Keep stop loss at Rs 1,600 for an upside target of Rs 1,680," Krishan told Business Today TV. Infosys shares were trading 1.56 per cent lower at Rs 1,626.60 today.

The other counter which the analyst suggested was Kotak Mahindra Bank Ltd. "One should try to accumulate this stock, expecting a decent up move. Stop loss will be at Rs 1,700 and immediate target would be Rs 1,765. A decisive close above the said target level can trigger a further upside till Rs 1,800," Krishan mentioned. Kotak Bank's stock was down 0.63 per cent at Rs 1,732.20.

When asked about Adani Power Ltd, he said, "Next resistance will be at the Rs 565-570 zone. Keep stop loss placed at Rs 515 with strong risk management." The stock slipped 1.79 per cent to trade at Rs 528.

In response to a query on One 97 Communications Ltd (Paytm's parent), Krishan said, "At present, the counter is a highly speculative counter. Wait for some stability and stay updated. Resistance comes around the zone of Rs 430." Paytm shares were up 5 per cent to hit their upper price band of Rs 370.90. The counter has seen a sharp correction in the near term.

Today's rebound in the share price came after payments authority NPCI gave approval to One97 Communications to participate in UPI services as a third-party application provider under a multi-bank model. Under the new model, Paytm will provide the payment service in partnership with four new banks -- Axis Bank, HDFC Bank, SBI and YES Bank.

Meanwhile, Indian equity benchmarks plunged into the red in early deals, dragged by metals, IT, automobile and energy stocks. Broader market (small- and mid-cap shares) were also negative as Nifty Midcap 100 fell 1.05 per cent and small-cap shed 0.69 per cent.

14 out of the 15 sector gauges -- compiled by the NSE -- were trading in the red. Sub-indexes Nifty Metal, Nifty IT, Nifty Auto and Nifty Oil & Gas were underperforming the NSE platform by falling as much as 1.02 per cent, 0.88 per cent, 0.97 per cent and 1.88 per cent, respectively. However, Nifty Media edged 0.13 per cent up.

On the stock-specific front, BPCL was the top loser in the Nifty pack as the stock cracked 4.94 per cent to trade at Rs 578.7. Coal India, ONGC, NTPC and Infosys slipped up to 3.23 per cent.

In contrast, UPL, Bajaj Finance, Airtel, PowerGrid and Adani Enterprises were among the top gainers.

The overall market breadth was weak as 1,716 shares were declining while 1,430 were advancing on BSE.