GAIL, MOIL & RCF: What Osho Krishan of Angel One says on these 3 stocks

Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One, selected Rashtriya Chemicals and Fertilizers (RCF) Ltd as his top pick from the chemical space for Wednesday's trade. "RCF is looking positive and we are witnessing a buying action over the last few sessions. One can buy this stock for a near-term target of Rs 232. Keep a stop loss placed at Rs 210 for this trade," the market expert told Business Today TV. RCF shares were last seen trading 0.80 per cent higher at Rs 221.65 today.

When asked about GAIL India Ltd shares from the energy segment, Krishan said, "The stock has seen a decent uptick today. There can be a strong follow-up buying with potential short-term targets of Rs 252-265. On the lower end, Rs 232-235 is a strong support zone." Last checked, GAIL was up 3.57 per cent at Rs 242 today.

In response to a query on MOIL Ltd, "The mining counter is likely to continue moving higher. On the higher end, Rs 535-540 is the immediate resistance for MOIL. If it decisively breaches the said resistance zone, then another 20 per cent upside can be seen," Krishan stated. MOIL shares were trading 0.45 per cent higher at Rs 495.25.

Meanwhile, Indian equity benchmarks were up in afternoon deals today, led by gains in financials, automobile, pharma and healthcare stocks. Broader markets (mid- and small-cap shares) were also positive.

15 out of the 16 sector gauges -- compiled by the NSE -- were trading in the green. Sub-indexes Nifty Financial Services, Nifty Auto, Nifty Pharma and Nifty Healthcare were outperforming the NSE platform by rising as much as 0.41 per cent, 0.48 per cent, 1 per cent and 0.90 per cent, respectively.

On the stock-specific front, Asian Paints was the top gainer in the Nifty pack as the stock climbed 2.69 per cent to trade at Rs 3,085.95. NTPC, Adani Ports, JSW Steel and SBI Life rose up to 2.86 per cent.

In contrast, Tata Consumer, Divi's Labs, Tata Motors, Axis Bank and PowerGrid were among the top laggards.

The overall market breadth was strong as 2,115 shares were advancing while 1,628 were declining on BSE.

Foreign institutional investors (FIIs) offloaded Rs 5,598.64 crore worth of shares on a net basis during the previous session, while domestic institutional investors (DIIs) bought Rs 5,565.10 crore worth of shares, exchange data showed.