Nilesh Jain, Head Derivatives and Technical Research at Centrum Broking, recently offered his insights on the investment outlook for Multi Commodity Exchange of India Ltd (MCX) and Bharat Electronics Ltd (BEL) shares during a segment on Business Today Television (BTTV).
MCX: Staggered Buying Recommended
Addressing a viewer's query about MCX shares, Jain advised caution at current levels. He suggested that investors consider buying MCX in a staggered manner, particularly on any dips that bring the stock into the Rs 3,000-2,800 range. Despite the current need for caution, Jain highlighted that MCX is in a secular uptrend, not a weak one, with potential for a follow-up move. He projects a price target of Rs 4,000 to Rs 4,500 for MCX within a two-year time horizon.
BEL: Patience Advised Amidst Consolidation
Regarding Bharat Electronics Ltd (BEL), a significant defense sector player, Jain noted that the stock is currently undergoing a "time-wise consolidation." This means the stock is trading within a relatively narrow range over an extended period rather than experiencing a sharp price decline. A positive sign for BEL, according to Jain, is its ability to take support at its key 200-day moving average.
For investors holding BEL shares, Jain advised patience. He stated that as long as the stock maintains levels above Rs 414, a pullback towards the Rs 440-450 range remains a possibility. He recommended placing a stop-loss at Rs 214 while looking for targets around Rs 450.
Disclaimer: The views and investment advice expressed by market analysts and experts in this article are their own and do not necessarily reflect the views of this publication. Investors are advised to consult with qualified financial advisors before making any investment decisions. Stock market investments are subject to market risks.