Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One, on Wednesday said the market saw a decent recovery in the past few sessions. Index-wise, 24,500 remains a crucial resistance zone for Nifty50, the market expert told Business Today.
On the stock-specific front, Krishan selected Jupiter Wagons Ltd from the railway pack. "The stock is looking positive at current levels. It is hovering around a critical zone of Rs 510. A daily close above Rs 512 can further boost a strong momentum in the coming period for an immediate upside target of Rs 560," he stated. Jupiter Wagons shares were up 0.43 per cent at Rs 491.95.
In response to a query on power stocks such as Power Finance Corporation (PFC) Ltd PFC and REC Ltd, the market specialist said, "There can be a decent upmove in both the counters. But REC is looking more lucrative from the risk-reward point of view. It is hovering around Rs 550 levels while a strong support is placed near the Rs 525-528 zone. And, expected near-term target for REC will be Rs 590-600."
He added that Rs 545-550 is the resistance range for PFC shares while Rs 480 should act as a strong support level. PFC was up 1.38 per cent at Rs 508 and REC's stock rose 0.71 per cent to trade at Rs 543.50.
When asked about CESC Ltd shares, Krishan said, "There is a possibility of trend reversal in the counter. Rs 192-194 is the immediate resistance for the stock. If it surpasses the same, we can expect a gradual upmove towards Rs 200 for a very short-term perspective. One has to accumulate it on dips and keep trailing profits with a higher stop loss." CESC was last seen 1.47 per cent higher at Rs 186.75.
Meanwhile, Indian equity benchmarks were trading flat today as losses in automobile and metals stocks countered gains in banks and financials. However, broader indices (small- and mid-cap shares) were positive.
10 out of the 16 sector gauges -- compiled by the NSE -- were trading in the green. Sub-indexes Nifty Bank and Nifty Financial Services were outperforming the NSE platform by rising as much as 0.56 per cent and 0.76 per cent. However, Nifty Auto and Nifty Metal slipped 0.74 per cent and 0.62 per cent, respectively.
The overall market breadth was positive as 2,212 shares were advancing while 1,618 were declining on BSE.
Foreign portfolio investors (FPIs) bought Indian shares worth Rs 3,664.67 crore on a net basis during the previous session while domestic institutional investors (DIIs) sold shares worth Rs 250.99 crore.