Rachit Khandelwal, a prominent market expert from BNK Capital, has offered his insights on several key Indian stocks, providing guidance on potential movements and investment strategies. Khandelwal recently shared his analysis in an interaction, identifying Ashok Leyland and State Bank of India (SBI) as his preferred picks among a broader discussion that included Mazagon Dock Shipbuilders Ltd, Narayana Hrudayalaya Ltd, and Indian Renewable Energy Development Agency Ltd (IREDA).
The expert also noted an immediate support zone for the benchmark Nifty50 index, placing it between 24,100 and 24,150.
Mazagon Dock Shipbuilders
Khandelwal anticipates a continuation of the recent upward trend for Mazagon Dock. He identifies Rs 2,770 as a near-term supply level. A sustained breach above this point could pave the way for further gains. For long-term investors, Khandelwal suggests waiting for the stock to surpass Rs 3,020 over the next one to two quarters. Should this level be crossed, he sees potential targets of Rs 3,460 and ultimately Rs 3,800.
Narayana Hrudayalaya
Regarding Narayana Hrudayalaya, Khandelwal highlighted its reasonable valuations and confirmed its inclusion in BNK Capital's long-term portfolio. He maintains a bullish outlook for the counter from a medium-term perspective, projecting movement towards Rs 2,080 and eventually Rs 2,400 in the long run.
Indian Renewable Energy Development Agency (IREDA)
IREDA has experienced underperformance for over a year, according to Khandelwal. Despite this, he advises existing investors against exiting their positions at current levels. He suggests that a move above Rs 132, potentially driven by positive company financials or management announcements, could trigger an upside towards Rs 160. A sustained rally beyond Rs 160 might see the stock reach Rs 224–240.
Ashok Leyland
For Ashok Leyland, Khandelwal has set a stop-loss at Rs 158. He projects a near-term target of Rs 194, with the potential for the stock to advance towards Rs 224 over the course of the quarter.
State Bank of India (SBI)
Khandelwal has established a stop-loss of Rs 998 for SBI. He anticipates Rs 1,098 as the initial target, followed by Rs 1,160 by the conclusion of the September series.
Disclaimer: This article provides stock market news for informational purposes only and should not be considered investment advice. Readers are strongly encouraged to consult with a qualified financial advisor before making any investment decisions.