Market expert Aditya Agarwal, Head of Alternate Investments at Coheron Wealth, has shared his comprehensive outlook and specific targets for several prominent Indian stocks, including Suzlon Energy, Bharat Forge, Paytm, City Union Bank, and Tech Mahindra. In an interaction with Business Today, Agarwal highlighted critical support, resistance, target, and stop-loss levels, offering valuable insights for investors.
Suzlon Energy: Buying Opportunity After Correction
Agarwal identifies a fresh buying opportunity in Suzlon Energy following a recent correction. The stock, having moved from Rs 60 to Rs 50-51 levels, now finds strong support in this range. He views the long-term structure of Suzlon as positive, suggesting current levels are suitable for buying with a stop loss at Rs 51. Short-term investors can eye targets of Rs 56-56.5, while a slightly longer-term perspective points to Rs 60-61.
Bharat Forge: Positive Outlook with Clear Targets
The auto ancillary stock Bharat Forge maintains a positive outlook according to Agarwal. He anticipates the stock testing Rs 2,300-2,350 in the short term, with a long-term target set at Rs 2,500.
City Union Bank: Caution Advised at Current Levels
For City Union Bank, Agarwal advises caution. The stock is currently range-bound, and he recommends against initiating fresh positions at the current market price. A positional play could emerge if the stock breaks above Rs 235, potentially leading to moves towards Rs 260-265. Until then, he suggests avoiding the counter.
Paytm (One 97 Communications): Consolidation Expected
Agarwal notes that Paytm has witnessed a significant rally, climbing from Rs 1,000 to Rs 1,340-1,350 over recent weeks. However, it is now trading near a key resistance zone of Rs 1,370-1,380, which saw profit booking last week. He advises avoiding Paytm at current levels, expecting a period of consolidation between Rs 1,300 and Rs 1,400 before any fresh upward movement.
Tech Mahindra: Approaching Resistance, 'Buy on Dips' Strategy
Tech Mahindra, one of the better-performing IT counters, is approaching a major resistance zone of Rs 1,600-1,610. Agarwal suggests that fresh buying at current levels is not advisable. However, a close above Rs 1,610 could trigger a positional upmove towards Rs 1,750-1,800. Conversely, a correction towards the Rs 1,540-1,550 range would present a buying opportunity. Agarwal is not negative on the IT sector, believing the major correction is behind it, but he advocates a 'buy on dips' strategy rather than chasing stocks post-rebound.
Disclaimer: This analysis is for informational purposes only and should not be considered investment advice. Investors should consult a qualified financial advisor before making any investment decisions.