Rajesh Palviya, Head Technical Research at Axis Securities, on Thursday said market could witness some buying action with Nifty revisiting 19,500 level. Till 19,350 level is intact, our view remains on the bullish side, he told BT TV. On the stock-specific front, the market expert selected Glenmark Pharmaceuticals Ltd as one his top picks for the day. One can buy Glenmark Pharma share for a target price of Rs 810, keeping stop loss placed at Rs 775, Palviya said. The stock was last seen trading 0.23 per cent lower at Rs 783.90.
The other counter which the market expert picked was RBL Bank Ltd. "The stock is looking very positive and may see Rs 254 level in the near term. Keep stop loss at Rs 234," Palviya stated. RBL Bank shares rose 0.85 per cent today to trade at Rs 242.20.
When asked about Power Finance Corporation Ltd (PFC), he said, the upward trend is likely to continue and 'buy-on-dip' should be the strategy. "Rs 250-255 levels are important from the trading perspective to buy again. Stop loss must be placed at Rs 245 to hold long positions," Palviya mentioned. PFC was seen trading 4.53 per cent higher at Rs 275.55.
In response to a query on REC Ltd, the market expert said, "Buying opportunity near Rs 295-300 levels could be considered. Stop loss should be at Rs 288 for long positions. On the higher side, the stock may see Rs 330-335 levels on a positional basis." REC's stock was up 2.59 per cent at Rs 318.40.
Meanwhile, Indian equity benchmarks traded almost flat today as gains in automobile and financials were countered by losses in consumer durables and energy stocks. Mid- and small-cap shares were up as Nifty Midcap 100 rose 0.30 per cent and small-cap climbed 0.20 per cent.
Foreign institutional investors (FIIs) remained net sellers during the previous session, extending their selling streak to the 11th session, offloading Rs 84.55 crore of shares on a net basis. Domestic institutional investors (DIIs) bought shares worth Rs 524 crore.
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10 out of the 15 sector gauges -- compiled by the National Stock Exchange -- were trading in the green. Sub-indexes Nifty Auto and Nifty Financial Services were outperforming the NSE platform by rising as much as 1 per cent and 0.24 per cent, respectively. In contrast, Nifty FMCG and Nifty Oil & Gas slipped 0.35 per cent and 0.32 per cent.
On the stock-specific front, M&M was the top gainer in the Nifty pack as the stock jumped 2.71 per cent to trade at Rs 1,527.65. Tata Motors, Hero MotoCorp, IndusInd Bank and Apollo Hospitals rose up to 1.63 per cent.
In contrast, Tata Consumer Products, Tech Mahindra, Hindustan Unilever, JSW Steel and Sun Pharma were among the top losers.
The overall market breadth was positive as 1,794 shares were advancing while 1,464 were declining on BSE.
(Disclaimer: Business Today 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.)