Akshay Bhagwat, a market expert from JM Financial Services, has offered detailed insights and specific price targets for several prominent Indian stocks, including Data Patterns (India) Ltd, Adani Total Gas Ltd, Bandhan Bank Ltd, and Tata Motors Passenger Vehicles Ltd (TMPV).
Bhagwat noted that the benchmark Nifty50 index has been trading within a choppy range, oscillating around the 24,000 level. He emphasized that for a significant upward movement, the Nifty50 needs to decisively cross the 24,300 mark, with 23,800 serving as a defined support on the downside.
Data Patterns (India) Ltd: Hold for Upside
For investors currently holding Data Patterns shares, Bhagwat recommends maintaining their positions. He identified an immediate support level at Rs 4,000 and projects a short-term target of Rs 5,200. On a positional basis, he sees the stock potentially reaching Rs 5,500.
Tata Motors Passenger Vehicles (TMPV): Weak Pattern, Buy on Dips
Regarding Tata Motors Passenger Vehicles (TMPV), the expert indicated a weak current price pattern, suggesting the stock might retest the Rs 300 level. He advised investors to consider a 'buy-on-dips' strategy rather than purchasing shares at current market prices.
Bandhan Bank Ltd: Avoid New Entry, Wait for Declines
Bandhan Bank shares have a major support zone around Rs 150. Bhagwat suggested that investors avoid fresh entry at the current market price. Instead, he recommended waiting for declines before considering taking new positions in the stock.
Adani Total Gas Ltd: Consider Exiting Positions
Adani Total Gas has underperformed compared to its group peers, according to Bhagwat. Citing lagging momentum, he advised investors to consider exiting their current positions. Based on the technical setup, he predicts the stock could test the Rs 620-600 range in the coming months.
Disclaimer: This article provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.