Kiran Jani, Head of Technical Research at Jainam Broking, on Friday selected Persistent Systems Ltd as one of his top picks for the day. "One can expect a near-term target of Rs 4,090. Keep stop loss placed at Rs 3,980," Jani told Business Today TV. Persistent shares were last seen trading 1.10 per cent lower at Rs 3,985.
The other stock which the analyst picked was Rainbow Children's Medicare Ltd. "We are seeing multiple bullish patterns. Keep stop loss at Rs 1,340 and expected target will be Rs 1,430," he stated. The scrip was down 0.67 per cent at Rs 1,346.35.
When asked to share a view on Rail Vikas Nigam Ltd (RVNL), he said, "The stock has already performed well. There is a chance that the stock may go into the consolidation zone. One can consider buying around Rs 200 level." RVNL was last seen 0.23 per cent up at Rs 264.50.
The market expert liked Indian Railway Catering and Tourism Corporation Ltd (IRCTC) from the railway pack.
"IRCTC has given a fresh breakout at Rs 900 level. Traders can enter at Rs 950-980, keeping stop loss at Rs 940. Looking at current market charts, expected target prices are Rs 1,100 and Rs 1,200," Jani mentioned. IRCTC was trading 0.43 per cent higher at Rs 1,002.15.
Meanwhile, Indian equity benchmarks were trading slightly lower today, dragged by technology and automobile stocks. However, broader markets (mid- and small-cap shares) were positive.
Four out of the 15 sector gauges -- compiled by the NSE -- were trading in the red. Sub-indexes Nifty IT and Nifty Auto were underperforming the NSE platform by falling as much as 0.54 per cent and 0.32 per cent. In contrast, Nifty Pharma and Nifty PSU Bank rose 0.62 per cent and 0.54 per cent, respectively.
On the stock-specific front, BPCL was the top loser in the Nifty pack as the stock cracked 1.79 per cent to trade at Rs 587.8. Bajaj Auto, Grasim Industries, Hindalco and Bajaj Finance fell up to 1.45 per cent.
In contrast, HDFC Bank, Dr Reddy's, Divi's Labs, SBI Life and Kotak Mahindra Bank were the top gainers on Nifty50.
The overall market breadth was strong as 2,299 shares were advancing while 1,390 were declining on BSE.