A market expert has shared strategic entry and exit points for several prominent Indian stocks, including NTPC Green Energy, Jio Financial Services, CarTrade Tech, and Ashok Leyland. Nilesh Jain, Assistant Vice-President (Derivative and Technical Research) at Centrum Broking, also highlighted concerns about potential market volatility and the impact of rising Brent crude prices on Indian equity indices.
Expert Stock Analysis and Recommendations
Jain anticipates continued market pressure in the short term, urging investors to monitor Brent crude. He believes any further increase in oil prices could negatively affect Indian stock performance.
NTPC Green Energy Ltd
NTPC Green Energy has recently shown strong momentum, though some profit booking has been observed. Jain views this profit-taking as an opportunity for fresh investment. He suggests a potential entry point if the stock dips towards ₹105-₹108, setting a stop loss below ₹99. Upside targets are projected between ₹120-₹125. From a long-term perspective, he recommends a 'buy-on-dips' strategy for this stock.
Jio Financial Services Ltd
Jio Financial Services recently broke out from the ₹240-₹245 resistance zone but is now encountering resistance amidst broader market weakness. For positional investors, Jain advises accumulating the stock at current levels and on declines in a staggered manner. He recommends a strict stop loss at ₹225 for an 8-12 month holding period. From a momentum standpoint, the stock may trade within the ₹235-₹255 range.
CarTrade Tech Ltd
CarTrade Tech has been under pressure for the past four to five months, exhibiting a consistent lower top–lower bottom pattern. The stock broke down from the ₹1,900 level, which now functions as a significant resistance point. Major support is identified around ₹1,400. Jain suggests a further decline towards ₹1,500-₹1,400, which could serve as a good entry point. For fresh entry, he advises waiting for a correction towards ₹1,400, with a stop loss below ₹1,250, to potentially make a contra bet for a pullback towards ₹1,800-₹2,000. He does not foresee a swift V-shaped recovery.
Ashok Leyland Ltd
Ashok Leyland experienced a gap-up opening on April 8 and is currently attempting to fill that gap, indicating potential further downside. Jain expects the stock to correct towards ₹154-₹152. He advises investors to avoid current levels and wait for a correction towards ₹152-₹150 before considering a fresh entry, once the gap is filled.
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.