Vaishali Parekh, Vice-President (Technical Research) at Prabhudas Lilladher, on Monday said benchmark Nifty50 can hit a potential upside target of 25,200 once it decisively crosses the 24,800 zone. "Nifty Bank is showing strength and 52,800 would act as near-term support. The sub-index is sustaining well above 53,000 level. So, the next projected target will be above 54,500," she told Business Today.
On the stock-specific front, the market expert mentioned that Tata Motors Ltd shares were in focus on Friday last week. "Overall, the bias has turned positive. Support levels have been elevated to Rs 785-790. Near-term resistance will be at Rs 860. Once we see this stock moving above Rs 820, it opens up targets of Rs 845-850 to start with," Parekh stated. Tata Motors shares were down 1.76 per cent at Rs 802.35.
Sharing views on Maruti Suzuki India Ltd (MSIL), she said, "The stock is well placed on technical charts. One can consider buying the stock at current market price." MSIL's stock shed 0.27 per cent to trade at Rs 11,288.20.
In response to a query on Mahindra & Mahindra Ltd (M&M) shares, Parekh suggested waiting for the stock to move above Rs 3,000 level. "Once M&M closes above Rs 3,000, we can expect upside targets of Rs 3,300-3,400 in the near term," she stated. M&M was down 0.47 per cent at Rs 3,058.95.
When asked about Reliance Industries Ltd (RIL), the market specialist said Rs 1,250 would act as support, adding that the counter needs to cross Rs 1,350 for higher targets. RIL shares traded 1.09 per cent lower at Rs 1,297.55.
Meanwhile, Indian equity benchmarks were down today, dragged by FMCG, automobile, pharma and energy stocks. However, broader markets (mid- and small-cap shares) were up.
10 out of the 16 sector gauges -- compiled by the NSE -- were trading in the red. Sub-indexes Nifty FMCG, Nifty Auto, Nifty Pharma and Nifty Oil & Gas were underperforming the NSE platform by falling as much as 2.36 per cent, 0.66 per cent, 0.47 per cent and 0.58 per cent. In contrast, Nifty Consumer Durables and Nifty Financial Services moved up 0.36 per cent and 0.28 per cent, respectively.
The overall market breadth was strong as 2,225 shares were advancing while 1,804 were declining on BSE.