Cipla, Indian Hotels, Chalet Hotels & Genus Power: Here's what Akshay Bhagwat of JM Financial says on these stocks

Akshay Bhagwat, Senior Vice-President, Derivatives Research at JM Financial Services, on Friday picked Cipla Ltd as one of his top picks. "The stock price has been in a stellar up move for the last couple of months and it may continue further. One can buy Cipla at current levels for target prices of Rs 1,318 and Rs 1,342. Stop loss for this trade would be Rs 1,218," Bhagwat told BT TV. Cipla was last seen trading 0.05 per cent higher at Rs 1,257.85.

The second stock pick which Bhagwat suggested was Indian Hotels Co Ltd. "A couple of days back, the stock had a very strong breakout at Rs 400 level. Target prices on the counter would be between Rs 442 and Rs 460. Stop loss would be placed at Rs 405," the market expert said. Indian Hotels share price was down 0.71 per cent today at Rs 418.

When asked about Chalet Hotels Ltd, he said one can consider buying this stock despite being overbought. Keep a stop loss of Rs 510 for a target of Rs 625 with horizon fo 15 trading sessions, he mentioned. The stock was today down 0.68 per cent at Rs 547.30.

For Genus Power Infrastructures Ltd, the market veteran said the stock looked overbought. "Let's wait and watch for levels of Rs 250 to invest or re-invest. Keep stop loss placed at Rs 225 for extended targets," he stated. The stock was locked in upper price band of 5 per cent today at Rs 271.60.

Meanwhile, Indian equity benchmarks traded higher today, led by gains in metals, automobile and energy stocks. Mid- and small-cap shares were mixed as Nifty Midcap 100 shed 0.01 per cent and small-cap rose 0.48 per cent.

Foreign institutional investors (FIIs) sold shares worth Rs 2,973 crore on a net basis during the previous session, while domestic institutional investors (DIIs) bought shares worth Rs 4,383 crore, according to stock exchange data.

Eight out of the 15 sector gauges -- compiled by the NSE -- were trading in the green. Sub-indexes Nifty Metal, Nifty Auto and Nifty Oil & Gas were outperforming the NSE platform by rising as much as 2.28 per cent, 0.79 per cent and 0.80 per cent, respectively. However, Nifty Pharma and Nifty Healthcare slipped 0.27 per cent and 0.37 per cent, respectively.

On the stock-specific front, Tata Steel was the top gainer in the Nifty pack as the stock jumped 4.15 per cent to trade at Rs 128. Hindalco, Jio Financial Services, JSW Steel and ONGC gained up to 3.70 per cent.

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In contrast, Divi's Labs, Asian Paints, NTPC, Adani Ports and HDFC Bank were among the top laggards.

The overall market breadth was positive as 1,888 shares were advancing while 956 were declining on BSE.

On the 30-share BSE index, Reliance Industries, Tata Steel, Tata Consultancy Services (TCS), M&M and ITC were among the top gainers.

Also, DCM Shriram, ITD Cementation India, MTAR Technologies, ZF Commercial Vehicle, BHEL and Navneet Education surged up to 20 per cent. On the flipside, HDFC AMC, Aether Industries, KPI Green Energy, CG Power and Power Finance Corporation slipped up to 3.68 per cent.

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