In a recent interaction with Business Today, Nilesh Jain, a market expert from Centrum Finverse, offered detailed perspectives on the near-term outlook for several prominent Indian equities. While anticipating the benchmark Nifty50 to fluctuate within the 24,100-24,300 range, Jain shared specific recommendations and technical insights for individual stocks.
BLS International Services Ltd
Jain advises investors to consider exiting BLS International on pullbacks, citing a weak major structure. He suggested maintaining a trailing stop loss at Rs 240, with a potential exit opportunity if the stock approaches the Rs 275-280 range.
Tata Steel Ltd
For Tata Steel, Jain noted strong support at Rs 180, indicating that the stock is currently trading near this crucial level. He recommended accumulating the stock at current prices, with a stop loss just below Rs 180. From a positional perspective, he expects a gradual uptick towards Rs 190-195 in the near term.
Hindustan Copper Ltd
Following a good uptick in global copper prices, Hindustan Copper technically appears to have a better structure, according to Jain. He projects the stock could move towards the Rs 620-650 zone over a month, advising investors to stay put with a stop loss around Rs 548.
Hindustan Zinc Ltd
The broader structure for Hindustan Zinc remains strong. Jain identified Rs 750 as a significant resistance level and Rs 400 as robust support. He believes a break above Rs 750 could propel the stock towards Rs 1,000-plus levels. The undertone is positive, suggesting the stock can be added on declines with immediate support at Rs 500 acting as a stop loss.
Parag Milk Foods Ltd
Parag Milk Foods has been consolidating sideways for the past six months, consistently facing resistance at the Rs 246-248 zone. Jain stated that a clear break above this barrier could lead to a move towards Rs 265-280. Investors can hold their positions with a stop loss below Rs 222, which is a strong support area.
Bharat Electronics (BEL)
BEL shows strong support near Rs 390 but faces significant resistance at Rs 420. Jain emphasized the importance of the stock breaking above Rs 420 for further upside. He does not recommend averaging at current levels but suggests that the Rs 390-395 range could be a good entry point for fresh averaging. Investors can maintain their positions with a stop loss at Rs 390.
Disclaimer: This information is provided for educational and informational purposes only and does not constitute investment advice. Readers should consult with a qualified financial advisor before making any investment decisions.