SBI Life, Hero MotoCorp, Aurobindo Pharma & RIL: What Mileen Vasudeo of Arihant Capital says on these 4 stocks

Mileen Vasudeo, Senior Technical Research Analyst at Arihant Capital Markets, on Wednesday shared his views on select set of stocks. In an interaction with BT TV, the market expert said SBI Life Insurance Company Ltd's share price could head higher in the near term. For SBI Life, he said, "One can expect targets of Rs 1,466-1,489. Keep stop loss placed at Rs 1,380." The stock was last seen trading 0.21 per cent lower at Rs 1,420.85.

The other which Vasudeo suggested was Aurobindo Pharma Ltd. "Traders should keep a stop loss at Rs 995 and expected targets would be 1,080-1,120 levels," the market veteran stated. Aurobindo Pharma's stock was marginally up 0.04 per cent to trade at Rs 1,027.20.

When asked about Hero MotoCorp Ltd, Vasudeo said, "The stock is likely to head towards Rs 3,500-3,600 to an outer extent of Rs 3,700 levels in a couple of months." The counter was up 0.71 per cent at Rs 3,402.55.

On Reliance Industries Ltd, the expert said, "We could some price action in Reliance which could take the stock towards Rs 2,400-2,420 levels." The scrip was trading 0.55 per cent higher at Rs 2,391.60.

Meanwhile, Indian equity benchmarks were up today in a highly volatile trading session, led by gains pharma and energy stocks. Mid- and small-cap shares were mixed as Nifty Midcap 100 rose 0.22 per cent and small-cap shed 0.35 per cent.

Foreign institutional investors (FIIs) sold off Indian shares worth Rs 456 crore during the previous session, on a net basis, while domestic institutional investors (DIIs) bought shares worth Rs 722 crore.

10 out of the 15 sector gauges -- compiled by the National Stock Exchange -- were trading in the green. Sub-indexes Nifty Pharma and Nifty Oil & Gas were outperforming the NSE platform by rising as much as 0.92 per cent and 0.85 per cent, respectively. In contrast, Nifty Metal and Nifty Private Bank slipped 0.34 per cent and 0.20 per cent.

On the stock-specific front, BPCL was the top gainer in the Nifty pack as the stock jumped 3.14 per cent to trade at Rs 400.2. Cipla, PowerGrid, UPL and HDFC Life rose up to 1.80 per cent.

In contrast, Hindalco, Adani Enterprises, Kotak Mahindra Bank, ICICI Bank and Eicher Motors were among the top losers.

The overall market breadth was positive as 1,830 shares were advancing while 1,127 were declining on BSE.

(Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.)

Also read: MTAR Technologies shares fall 24% from record high; what should investors do?

Also read: Stock recommendations for November 22, 2023: Garden Reach Shipbuilders, HCL Tech, HDFC Life and Airtel