Bikaji Foods, Century Textile & HG Infra: Here's what Mileen Vasudeo of Arihant Capital says on these 3 stocks

Mileen Vasudeo, Senior Technical Research Analyst at Arihant Capital Markets, on Wednesday said a lot of price activity going in mid- and small-cap counters. At current levels, we can see Nifty 500 clearly outperforming Nifty 50, Vasudeo told BT TV. On the stock-specific front, the market expert picked Bikaji Foods International Ltd as one of his top picks. Traders can buy this stock keeping a stop loss at Rs 492 for targets between Rs 550 and Rs 572 in two or three days, Vasudeo said. The counter was last seen trading 0.66 per cent higher at Rs 515.10 today.

The second stock which the market expert suggested was Century Textile and Industries Ltd. For Century Textile, keep stop loss placed at Rs 1,074 for targets of Rs 1,190-1,220, he mentioned. The stock slipped 1.89 per cent today to trade at Rs 1,096.40.

Vasudeo recommended HG Infra Engineering Ltd as his next pick for the day. Keep a stop loss at Rs 946 and the price target would be Rs 1,060 to Rs 1,100 in a couple of days, he said. HEG Infra was up 0.25 per cent at Rs 989.20.

Meanwhile, Indian equity benchmarks traded lower in early trade today, dragged by metals, state-owned banks and automobile stocks. Seven out of the 15 sector gauges -- compiled by the NSE -- were trading in the red. Sub-indexes Nifty Metal, Nifty PSU Bank and Nifty Auto were underperforming the NSE platform by falling as much as 0.90 per cent, 0.41 per cent and 0.24 per cent, respectively.

On the flip side, Nifty Oil & Gas, Nifty Pharma, Nifty FMCG and Nifty Consumer Durables rose 0.61 per cent, 0.46 per cent, 0.26 per cent and 0.19 per cent, each.

On the stock-specific front, Jio Financial Services was the top loser in the Nifty pack as the stock cracked 2.47 per cent to trade at Rs 248.75. Hindalco, Tata Steel, IndusInd Bank and NTPC fell up to 1.66 per cent.

In contrast, Cipla, HDFC Life, ONGC, SBI Life and Divi's Labs were among the top gainers.

Also read: Hot stocks on September 6, 2023: NBCC, Syrma SGS Tech, Jio Financial, Vedanta and more

The overall market breadth was positive as 1,783 shares were advancing while 1,068 were declining on BSE.

On the 30-share BSE index, ICICI Bank, Infosys, Tata Steel, IndusInd Bank and Bajaj Finance were among the top laggards.

Also, Himadri Speciality Chemical, IRFC, RVNL, APL Apollo Tubes and IRCON tanked up to 8.93 per cent. On the other hand, ZF Commercial Vehicle, Reliance Power, Indiabulls Real Estate, Castrol India and MMTC jumped up to 7.42 per cent.

Foreign institutional investors (FIIs) sold shares worth Rs 1,725 crore on a net basis during the previous session, while domestic institutional investors (DIIs) bought shares worth Rs 1,078 crore, according to stock exchange data.

Also read: Stocks that share market analysts recommended on September 6, 2023: Indian Hotels Company (IHCL), L&T Finance Holdings, Havells India

Also read: PM Modi to attend ASEAN-India, East Asia summits in Indonesia, Jupiter Life Line Hospitals IPO to open today in Top News on September 6: Share markets, Bank Nifty, Realme Narzo 60X, Moto G54 launch

Also read: Stocks to watch on September 6, 2023: Nykaa, TVS Motor Company, Route Mobile, Paytm, others