Punjab National Bank & Havells India: Here's what Akshay Bhagwat of JM Financial says on these stocks

Akshay Bhagwat, Senior Vice-President, Derivatives Research at JM Financial Services, on Monday picked Punjab National Bank (PNB) as one of his top picks. "The stock is very strong on technical setup, backed by the derivative readings. Investors can buy the counter for a target price of Rs 69, keeping a stop loss placed at Rs 63.9," Bhagwat told BT TV.

PNB was last seen trading 2.23 per cent higher at Rs 68.33.

The second stock pick which Bhagwat suggested was Havells India Ltd. "The scrip saw a powerful breakout in the last trading session, which was backed by strong volumes. Buy at the current market price (CMP) for a target of Rs 1,495-1,520 with a stop loss of Rs 1,410," the market expert said.

Havells' share price was down 0.73 per cent today at Rs 1,439.60.

When asked about large-cap stocks, Bhagwat said Reliance Industries (RIL) and HDFC Bank would be his preferred bets from blue-chip companies in the current market scenario.

Meanwhile, Indian equity benchmarks traded higher in early trade today, led by gains in bank, financial, automobile, consumer durables and pharma stocks. Broader market (mid- and small-cap) shares were positive. Domestic investors now await retail inflation print for August and industrial output figures for July, due on Tuesday.

Foreign institutional investors (FIIs) sold Rs 224 crore of shares on a net basis during the previous session, while domestic institutional investors (DIIs) bought Rs 1,150 crore of stocks, exchange data showed.

14 out of the 15 sector gauges -- compiled by the NSE -- were trading in the green. Sub-indexes Nifty Bank, Nifty Financial Services, Nifty Auto, Nifty Consumer Durables and Nifty Pharma were outperforming the NSE platform by rising as much as 0.45 per cent, 0.50 per cent, 0.69 per cent, 0.47 per cent and 0.46 per cent, respectively. However, Nifty Consumer Durables shed 0.07 per cent.

On the stock-specific front, Adani Ports was the top gainer in the Nifty pack as the stock jumped 3.15 per cent to trade at Rs 851. Apollo Hospitals, Adani Enterprises, HCL Tech and Dr Reddy's gained up to 1.75 per cent.

In contrast, Coal India, IndusInd Bank, Cipla, Eicher Motors and Bharti Airtel were among the top laggards.

The overall market breadth was positive as 2,049 shares were advancing while 954 were declining on BSE.

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