Hindalco, Dabur, ONGC & HCLTech: What Osho Krishan of Angel One says on these 4 stocks

Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One, on Tuesday selected Hindalco Industries Ltd as one of his top picks for the day. "Hindalco shares have given a breakout above Rs 700 level. There can be a strong follow-up buying in the stock. It can test Rs 735-740 levels on a positional basis. One can expect a bullish setup in Hindalco. Keep stop loss placed at Rs 690 for short-term trade," the market expert told Business Today TV. Hindalco shares were last seen 0.44 per cent lower at Rs 708.55.

The second stock which Krishan picked was Dabur India Ltd. "Dabur has also given a strong breakout and there can be a strong follow-up buying. Investors can accumulate the stock around Rs 650-655 for an expected target of Rs 680. Stop loss should be placed at Rs 630 for this trade," the market specialist stated. Dabur's stock was down 0.54 per cent at Rs 651.

When asked about Oil and Natural Gas Corporation (ONGC) Ltd shares, Krishan said, "Rs 340 will act as a crucial resistance level. One should not be very much aggressive until the stock decisively surpasses the mentioned resistance level. Any dips around Rs 325-320 levels could be considered as a buying opportunity for an expected target of Rs 360." ONGC was up 0.23 per cent at Rs 328.55.

In response to a query on an IT stock pick for the day, he said, "Shares of HCLTechnologies Ltd can see a follow-up buying in the coming period. Any dips towards Rs 1,700 should be acting as a strong support and one can consider accumulating the stock for a higher target of Rs 1,760 from a short-term point of view." HCLTech shares were down 0.47 per cent at Rs 1,712.85.

Meanwhile, Indian equity benchmarks were trading slightly higher today, led by gains in pharma and healthcare stocks. Broader market (mid- and small-cap) shares were also positive.

14 out of the 16 sector gauges -- compiled by the NSE -- were trading in the green. Sub-indexes Nifty Pharma and Nifty Healthcare were outperforming the NSE platform by rising as much as 0.80 per cent and 0.57 per cent, respectively. However, Nifty FMCG was down 0.61 per cent.

The overall market breadth was positive as 2,229 shares were advancing while 1,448 were declining on BSE.