Nilesh Jain, AVP - Derivative and Technical Research at Centrum Broking, on Wednesday selected Bajaj Auto Ltd as one of his top picks for the day. "The overall structure is looking strong. We recommend buying the stock for an upward target price of Rs 8,500, followed by Rs 8,600," the market expert told Business Today TV. Bajaj Auto shares were up 1.47 per cent at Rs 8,474.95.
The other counter which Jain suggested from the automobile space was TVS Motor Company Ltd. "The stock may move towards Rs 2,400 in the near term. One can buy at current levels with a stop loss placed at Rs 2,250," he stated. TVS Motor's stock today 0.71 per cent to hit a one-year high value of Rs 2,299.55. It was last seen trading 0.49 per cent lower at Rs 2,272.10.
When asked about Tata Motors Ltd, Jain said, "We expect the counter to continue its upward move towards Rs 1,035-1,040. Keep stop loss placed below Rs 1,015." Tata Motors shares were down 0.25 per cent at Rs 1,019.40. The carmaker has announced its plans to split into two separate listed companies.
Meanwhile, Indian equity benchmarks slipped in early deals, dragged by consumer, media, IT, metal and energy stocks. Mid- and small-cap shares were also negative.
10 out of 15 sector gauges -- compiled by the NSE -- were trading in the red. Sub-indexes Nifty FMCG, Nifty Consumer Durables, Nifty Media, Nifty IT, Nifty Metal and Nifty Oil & Gas were outperforming the NSE platform by falling as much as 0.50 per cent, 0.88 per cent, 2.61 per cent, 1.30 per cent, 1.50 per cent and 1.49 per cent, respectively. However, Nifty Bank and Nifty Financial Services capped some losses.
On the stock-specific front, NTPC was the top loser in the Nifty pack as the stock cracked 2.81 per cent to trade at Rs 348.2. ONGC, PowerGrid, Wipro and Tata Steel fell up to 2.43 per cent.
In contrast, Axis Bank, Kotak Mahindra Bank, Bajaj Auto, ICICI Bank and IndusInd Bank were among the top gainers.
The overall market breadth was weak as 2,977 shares were declining while 653 were declining on BSE.
Foreign institutional investors (FIIs) bought Rs 574.28 crore worth of Indian shares on a net basis during the previous session and domestic institutional investors (DIIs) purchased shares worth Rs 1,834.61 crore.
(Disclaimer: Business Today provides stock market news for informational purposes only and that should not be construed as investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.)