BHEL, Vardhman Special Steels: Here's what Mileen Vasudeo of Arihant Capital says on these 2 stocks

Mileen Vasudeo, Senior Technical Research Analyst, Arihant Capital Markets said that there's a lot of activity going on currently in mid- and small-cap counters. If NSE Nifty holds 19,300, then we could see 19,500-19,600 levels to an outer extent of 19,700, Vasudeo told BT TV on Wednesday. On the stock-specific front, the market expert picked BHEL (Bharat Heavy Electricals Ltd) as one of his top picks. Traders can buy this stock keeping a stop loss at Rs 103 for targets between Rs 127 and Rs 135 levels to an outer extent of Rs 144 in a couple of days, Vasudeo said.

The state-run power firm has recently bagged a Rs 4,000 crore order from Mahan Energen Ltd, erstwhile Essar Power MP, a wholly-owned subsidiary of Adani Power Ltd. BHEL would be supplying equipment such as boiler, turbine and generator and offer supervision of erection & commissioning for 2x800 MW power project based on supercritical technology at Bandhaura, Madhya Pradesh.

BHEL's stock slipped today after scaling its one-year high of Rs 113.35. The counter was last seen trading 1.67 per cent lower at Rs 109.20.

The other stock which the market expert suggested was Vardhman Special Steels Ltd (VSSL). For VSSL, aggressive traders can keep a stop loss placed at Rs 205 for targets between Rs 231 and Rs 244, Vasudeo mentioned. The scrip was down 0.87 per cent today at Rs 215.70.

Meanwhile, Indian equity benchmarks were slightly up amid a volatile session, helped by gains in metals, state-owned banks and consumer durable stocks. Mid- and small-cap shares were positive as Nifty Midcap 100 climbed 0.46 per cent and small-cap gained 0.59 per cent. Asian markets were mixed today. Overnight, Wall Street equities were muted.

Back home, foreign institutional investors (FIIs) sold Indian shares on a net basis during the previous session, offloading Rs 495 crore, while domestic institutional investors (DIIs) bought shares worth Rs 534 crore, according to provisional National Stock Exchange data (NSE).

13 out of the 15 sector gauges -- compiled by the NSE -- were trading in the red. Sub-indexes Nifty Metal, Nifty PSU Bank and Nifty Consumer Durables were outperforming the NSE platform by rising as much as 0.84 per cent, 0.50 per cent and 0.66 per cent, respectively. However, Nifty FMCG and Nifty Financial Services slipped 0.22 per cent and 0.01 per cent, respectively.

On the stock-specific front, Hindalco was the top gainer in the Nifty pack as the stock jumped 2.14 per cent to trade at Rs 460. L&T, LTI Mindtree, Cipla and Divi's Labs gained up to 1.36 per cent.

In contrast, Jio Financial Services, Sun Pharma, Bharti Airtel, Adani Enterprises and Tata Consumer Products were among the top laggards.

 

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