Kotak Mahindra Bank, Balrampur Chini & JSW Steel: What Kiran Jani of Jainam Broking says on these 3 stocks

Kiran Jani, Head of Technical Research at Jainam Broking, said investors can book profit when Nifty is around 19,250-19,300 levels. On the stock specific front, he gave a 'Buy' call for Balrampur Chini Mills Ltd. "Sugar prices are trading at all-time high. As sugar harvesting is going on, there are good chances that the sector-related stocks may see further higher levels. At current levels, Balrampur Chini could be a good pick. We would like to go long on the counter for a target price of Rs 440, keeping a stop loss at Rs 415," Jani told BT TV on Friday. The stock was last seen trading 0.08 per cent lower at Rs 424.85.

The other stock which the market expert included in his stock recommendations for the day was JSW Steel. "We would like to go short on the counter for a target of Rs 715, keeping stop loss at Rs 746. The commodity prices have started softening and metal stocks have begun to fall," Jani stated.

JSW Steel was last seen trading 1.28 per cent higher at Rs 742.90 today.

When asked to suggest a banking stock, he chose Kotak Mahindra Bank Ltd. "We would like to go long on the counter at current levels. Any dip around Rs 1,720 is very good buying opportunity. Keep an aggressive stop loss at Rs 1,690 and there are chances that the stock can see a rally until Diwali with a target price of Rs 1,800-plus." The banking scrip today edged 0.02 per cent up at Rs 1,737.40.

Meanwhile, Indian equity benchmarks traded higher today, led by gains across all sectors. The 30-share BSE Sensex pack rose 373 points or 0.58 per cent to trade at 64,454, while the NSE Nifty moved 118 points or 0.62 per cent up to trade at 19,251. Broader market (mid- and small-cap) shares were also positive as Nifty Midcap 100 climbed 0.51 per cent and small-cap gained 1.03 per cent.

All the 15 sector gauges -- compiled by the NSE -- were trading in the green. Sub-indexes Nifty Bank, Nifty Financial Services, Nifty Auto and Nifty IT were outperforming the NSE platform by rising as much as 0.70 per cent, 0.69 per cent, 0.77 per cent and 0.88 per cent, respectively.

On the stock-specific front, Apollo Hospitals was the top gainer in the Nifty pack as the stock jumped 3.29 per cent to trade at Rs 5,047.55. Tata Motors, Tech Mahindra, Adani Ports and LTI Mindtree gained up to 2.51 per cent.

In contrast, SBI Life, Tata Steel, Dr Reddy's, IndusInd Bank and Nestle India were among the top laggards.

The overall market breadth was positive as 2,198 shares were advancing while 647 were declining on BSE.

Foreign institutional investors (FIIs) remained net sellers during the previous session, offloading Rs 1,261 crore of shares on a net basis while domestic institutional investors (DII) bought shares worth Rs 1,380 crore.

(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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