Rajesh Palviya, Head of Technical Research at Axis Securities, on Thursday, selected Suzlon Energy Ltd shares as one of his top picks from the power space. "Suzlon is looking very promising. It has managed to give a breakout above Rs 50 level. There is a possibility that this rally can extend further. Expected short-term positional targets for Suzlon will be Rs 58-60 levels. Keep a stop loss placed at Rs 50," Palviya told Business Today TV. Suzlon was last seen trading 1.16 per cent lower at Rs 52.16 today.
The other power stock which the market expert suggested was NTPC Ltd. "One can buy and accumulate the counter at current levels. The overall structure is looking bullish. Rs 362 should be your stop loss. On the higher side, one can add more positions when the stock crosses the Rs 375 range. Then, the possible upside target will be Rs 390," Palviya stated. NTPC shares were up 1.78 per cent at Rs 371.45.
The analyst also liked Indian Energy Exchange Ltd (IEX) from the power space. "We also have a bullish view for IEX as the stock can continue its upward momentum," he said. IEX was last seen down 0.34 per cent at Rs 177.90.
Meanwhile, Indian equity benchmarks today continued their record run for the third straight session, led by gains in IT and energy stocks. The 30-share BSE pack hit a record high of 79,240 and the broader NSE Nifty scaled a fresh lifetime peak of 24,037. India VIX, fear index, rose 1.33 per cent to 14.23-level. However, broader markets (mid- and small-cap shares) were down.
Seven out of the 15 sector gauges -- compiled by the NSE -- were trading in the green. Sub-indexes Nifty IT and Nifty Oil & Gas were outperforming the NSE platform by rising as much as 1.63 per cent and 0.34 per cent, respectively. However, Nifty PSU Bank and Nifty Pharma slipped 1.40 per cent and 0.46 per cent.
The overall market breadth was weak as 2,492 shares were declining while 1,337 were declining on BSE.
Foreign institutional investors (FIIs) sold Rs 3,535.43 crore worth of shares on a net basis during the previous session while domestic institutional investors (DIIs) purchased Rs 5,103.67 crore worth of shares, exchange data showed.