Market expert Akshay Bhagwat of JM Financial Services recently offered his insights on several prominent Indian stocks, alongside a critical support zone for the benchmark Nifty50. During an interaction on Wednesday, Bhagwat discussed potential movements for Reliance Industries (RIL), Life Insurance Corporation of India (LIC), Tata Steel Ltd, Indian Renewable Energy Development Agency Ltd (IREDA), Muthoot Finance Ltd, and Hindustan Copper Ltd.
Nifty50 Outlook
Bhagwat views the 24,000-24,050 range as a significant support area for the Nifty50 index, suggesting this zone could be crucial for market stability.
Life Insurance Corporation of India (LIC)
For LIC, Bhagwat observed strong price support forming on monthly charts at the Rs 360 level. He indicated that the current technical setup points towards a potential upside target of Rs 490 within a six-month timeframe.
Tata Steel Ltd
Investors in Tata Steel should closely monitor the Rs 180 level, according to Bhagwat. He stated that maintaining prices above Rs 180 could lead to a recovery. However, a breach below this point might see the stock decline towards Rs 160.
Indian Renewable Energy Development Agency Ltd (IREDA)
IREDA is expected to find support around Rs 100, where Bhagwat anticipates a potential stabilization and recovery. He advised setting a stop-loss at Rs 85 for a worst-case scenario.
Muthoot Finance Ltd
Among gold financing companies, Muthoot Finance is Bhagwat's preferred pick at current valuations. He identified a support zone between Rs 2,500 and Rs 2,750, from which a recovery could propel the stock towards targets of Rs 3,800-4,000. A stop-loss should be placed at Rs 2,200 for this trade.
Hindustan Copper Ltd
Bhagwat highlighted Rs 475 as a key support level for Hindustan Copper, noting the stock's tendency to defend and recover from this point. He projected an upside to Rs 615-620 within a three to six-month horizon, recommending a stop-loss below Rs 475.
Reliance Industries (RIL)
As his personal stock recommendation, Bhagwat picked RIL, anticipating a breakout in September. He noted that the stock has been trading within a range of Rs 1,280 to Rs 1,320. He suggested buying at current rates, expecting a target of Rs 1,440 post-breakout above Rs 1,340, with a stop-loss at Rs 1,260.
Disclaimer: This information is for educational 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.