Kiran Jani, Head of Technical Research at Jainam Broking, on Friday said market saw some profit booking at higher levels and traders should consider the 'buy-on-dip' strategy. On the stock-specific front, the market expert selected Infosys Ltd as one of his top picks for the day. "The stock is looking good on charts. One can buy Infy shares at current levels for a target price of Rs 1,670. Keep stop loss placed at Rs 1,619," Jani told Business Today TV. Infosys shares were last seen trading 0.72 per cent higher at Rs 1,654.45.
The other stock which the analyst picked was Kotak Mahindra Bank Ltd. "For Kotak Bank, we are seeing a good risk-reward ratio at current market price. Expected target would be Rs 1,820 with a stop loss of Rs 1,754," he mentioned. The private lender's stock was up 0.91 per cent at Rs 1,793.50.
Meanwhile, Indian equity benchmarks rebounded today following a three-day losing run, led by gains across all sectors. Broader markets (mid- and small-cap shares) were positive as well.
Foreign institutional investors (FIIs) sold Rs 9,901.56 crore worth of shares on a net basis during the previous session, while domestic institutional investors (DIIs) bought Rs 5,977.12 crore worth of shares, exchange data showed.
All the 15 sector gauges -- compiled by the NSE -- were trading in the green. Sub-indexes Nifty Financial Services and Nifty IT were outperforming the NSE platform by rising as much as 1.01 per cent and 1.22 per cent, respectively.
On the stock-specific front, Tech Mahindra was the top gainer in the Nifty pack as the stock soared 2.74 per cent to trade at Rs 1,392.3. Wipro, Coal India, HCL Tech and TCS rose up to 1.92 per cent.
In contrast, IndusInd Bank was the top loser on Nifty50.
The overall market breadth was strong as 2,411 shares were advancing while 400 were declining on BSE.
(Disclaimer: Business Today provides stock market news for informational purposes only and that should not be construed as investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.)
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