Deepak Nitrite, PCBL & Gujarat Pipavav: Here's what Mileen Vasudeo of Arihant Capital says on these 3 stocks

Mileen Vasudeo, Senior Technical Research Analyst, Arihant Capital Markets, on Wednesday picked Deepak Nitrite Ltd as one of his top picks. "We've seen a strong activity in this counter during the previous trading session. Momentum indicators are positively poised. One can keep a stop loss of Rs 2,050 and the target price would be Rs 2,365-2,470," Vasudeo told BT TV. Deepak Nitrite was last seen trading 1.82 per cent higher at Rs 2,207.65 today against a previous close of Rs 2,168.10.

The market veteran picked PCBL as his next pick. "One can buy the counter at current levels or on a decline of up to Rs 162. Keep a stop loss placed at Rs 156 and the target price would be Rs 186-196," he said. PCBL shares were trading 1.29 per cent lower at Rs 168.35.

The other stock which Vasudeo picked was Gujarat Pipavav Port Ltd (GPPL). "Traders can buy it on a decline of up to Rs 122 and stop loss would be Rs 117. Target price would be Rs 147-157 in a couple of weeks' time," he mentioned. GPPL shares jumped 4.65 per cent today to hit a 52-week high of Rs 134.

Meanwhile, Indian equity benchmarks were up in early deals today, led by gains across all sectors. Mid- and small-cap shares were also positive.

Foreign institutional investors (FIIs) bought shares worth Rs 61.51 crore on a net basis during the previous session, while domestic institutional investors (DIIs) bought shares worth Rs 305 crore, according to stock exchange data.

All 15 sector gauges -- compiled by the NSE -- were trading in the green. Sub-indexes Nifty IT, Nifty Metal, Nifty Financial Services, Nifty Auto and Nifty Bank were outperforming the NSE platform by rising as much as 0.61 per cent, 0.78 per cent, 0.63 per cent, 0.80 per cent and 0.56 per cent, respectively.

On the stock-specific front, Jio Financial Services was the top gainer in the Nifty pack as the stock jumped 4.99 per cent to trade at Rs 231.25. Tata Steel, Axis Bank, M&M and UPL gained up to 1.63 per cent.

In contrast, BPCL, PowerGrid, Apollo Hospitals, Adani Ports and Britannia were among the top laggards.

The overall market breadth was positive as 2,225 shares were advancing while 703 were declining on BSE.

On the 30-share BSE index, ICICI Bank, Axis Bank, Jio Financial, Reliance Industries, M&M, Infosys, L&T and Tata Consultancy Services (TCS) were among the top gainers.

 

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