Mileen Vasudeo, Senior Technical Research Analyst at Arihant Capital Markets, on Wednesday said domestic benchmarks are currently in a downtrend. On the stock-specific front, the market expert suggested a 'Buy' call for HCL Technologies Ltd. "On the higher side, HCL Tech could test Rs 1,310-1,339 levels. Keep stop loss placed at Rs 1,250," Vasudeo told BT TV. The counter was last seen trading 0.03 per cent lower at Rs 1,276.45 today.
The market veteran selected Action Construction Equipment Ltd (ACE) as his second pick for the day. "One can keep a stop loss of Rs 719 for targets between Rs 900 and Rs 930 levels," Vasudeo stated. The stock was up 2.65 per cent at Rs 856.55 today.
When asked about KPIT Technologies Ltd, he said, "There is some resistance near Rs 1,250-1,254. Once the said levels are crossed, the counter may test Rs 1,300-1,350 levels." The scrip today edged 0.16 per cent up at Rs 1,219.45.
In response to a query on Maruti Suzuki Ltd, the market expert said, "The stock has crucial support at Rs 10,300. If Maruti breaks below Rs 10,300, then we could see some more downside going forward, testing Rs 10,000-9,700 levels." Maruti shares were down 0.92 per cent at Rs 10,295.
Vasudeo, while sharing views on Reliance Industries, said, "If RIL doesn't cross Rs 2,328 level, then it may see some selling pressure which could lead to Rs 2,250-2,200 levels." RIL's stock was up 0.48 per cent at Rs 2,299.50.
Meanwhile, Indian equity benchmarks traded lower today, dragged by banks, financials and metal shares. Although, mid- and small-cap shares were up as Nifty Midcap 100 rose 0.06 per cent and small-cap climbed 0.50 per cent.
Foreign institutional investors (FIIs) sold shares worth Rs 696.02 crore during the previous session. In contrast, domestic institutional investors (DIIs) were net buyers and added Rs 340.25 crore.
10 out of the 15 sector gauges -- compiled by the National Stock Exchange -- were trading in the red. Sub-indexes Nifty Bank, Nifty Financial Services and Nifty Metal were underperforming the NSE platform by falling as much as 0.25 per cent, 0.20 per cent and 0.58 per cent, respectively.
On the stock-specific front, JSW Steel was the top loser in the Nifty pack as the stock cracked 1.64 per cent to trade at Rs 724.25. Airtel, Kotak Mahindra Bank, Asian Paints and PowerGrid fell up to 0.55 per cent.
In contrast, BPCL, Bajaj Auto, Hero MotoCorp, ONGC and Wipro were among the top gainers.
The overall market breadth was positive as 1,793 shares were advancing while 891 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.)
Also read: Protean eGov Tech has announced price band; check dates, lot size and other details
Also read: Jindal Steel shares hit four-month low post Q2 earnings; what should investors do?