Escorts Kubota, Pitti Engg, GMDC & TVS Motor: What Mileen Vasudeo of Arihant Capital says on these 4 stocks

Mileen Vasudeo, Senior Technical Research Analyst at Arihant Capital Markets, on Wednesday said domestic equity benchmarks are likely head higher in the near term. On the stock-specific front, the market expert selected Escorts Kubota Ltd as one of his top picks. One can keep a stop loss of Rs 3,300 and target prices of around Rs 3,600-3,700 levels could be expected in a couple of weeks, Vasudeo told BT TV. The counter was last seen trading 0.20 per cent up at Rs 3,401.95 today.

The second stock which the market expert suggested was Pitti Engineering Ltd. "The stock's price and volume actions are looking positive. Investors can buy the stock for targets of Rs 710-740. Keep stop loss placed at Rs 620," he stated. The stock was down 1.23 per cent at Rs 641.90 today.

When asked about Gujarat Mineral Development Corporation Ltd, Vasudeo said, "The stock is maintaining higher top-higher bottom formation. Keep stop loss placed at Rs 376 for targets of Rs 450-475 in a couple of weeks." GMDC was last seen trading 0.60 per cent higher at Rs 385.20.

In response to a query on TVS Motor Company Ltd, he said one can buy the counter for target prices of Rs 1,650-1,675. TVS Motor shares were up 1.04 per cent at Rs 1,543.70.

Meanwhile, Indian equity benchmarks traded higher in early trade today, led by gains across all sectors. Broader market (mid- and small-cap) shares were positive as Nifty Midcap 100 climbed 0.79 per cent and small-cap gained 0.89 per cent. Market participants keenly await the September quarter earnings of India's IT giant Tata Consultancy Services (TCS).

Foreign institutional investors (FIIs) sold Rs 1,005 crore of shares on a net basis during the previous session, while domestic institutional investors (DIIs) bought Rs 1,963 crore of stocks, exchange data showed. FIIs remained net seller for 15th consecutive session.

All the 15 sector gauges -- compiled by the NSE -- were trading in the green. Sub-indexes Nifty Bank, Nifty Financial Services and Nifty Auto were outperforming the NSE platform by rising as much as 0.63 per cent, 0.67 per cent and 0.49 per cent, respectively.

On the stock-specific front, Dr Reddy's was the top gainer in the Nifty pack as the stock jumped 1.45 per cent to trade at Rs 5,558. ICICI Bank, Apollo Hospitals, Tata Motors and Bajaj Auto gained up to 0.95 per cent.

In contrast, Coal India, SBI Life, PowerGrid and Britannia were among the top laggards.

The overall market breadth was positive as 2,177 shares were advancing while 453 were declining on BSE.

On the 30-share BSE index, index heavyweights such as ICICI Bank, HDFC Bank, Infosys, L&T, Reliance Industries, ITC and Axis Bank were among the top gainers.

Also, Laxmi Organic Industries, DCW, GHCL, HBL Power and KPIT Tech surged up to 8.26 per cent. On the flipside, Bank of Baroda, Oil India, Vaibhav Global, AIA Engineering and Sobha slipped up to 1.82 per cent.

(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.)

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