Ola Electric, Bajaj Housing, IREDA & JFS: What Arpit Beriwal of Motilal Oswal says on these 4 stocks

Arpit Beriwal, Manager – Derivatives Analyst (Equity Research) at Motilal Oswal Financial Services, on Tuesday shared his views on select stocks, ranging from the pure-play electric vehicle (EV) space to shadow lending. From the EV segment, the market expert spoke about Ola Electric Mobility Ltd shares. "For Ola Electric's stock, a base foundation has been witnessed in the Rs 85-90 range. It can climb towards Rs 102-108 levels in the near term. Those holding should consider booking profits at higher levels," he told Business Today. Ola Electric shares jumped 5.67 per cent to settle at Rs 98.55.

In response to a query on Bajaj Housing Finance Ltd, Beriwal said, "The stock has been in a corrective phase post-listing. It has been trading in a broader range between Rs 125 and 142 for the last five to seven weeks. On the level-specific front, Rs 142 remains an immediate hurdle and a decisive breach can trigger further upside towards Rs 150-155 levels." Bajaj Housing's stock rose 1.41 per cent to end at Rs 136.50.

When asked about Indian Renewable Energy Development Agency (IREDA) Ltd, the market specialist said, "Buying price appears to be good near Rs 190 level. Existing investors should continue with their positions. On the upside, expected target prices will be Rs 215 and Rs 225." IREDA shares moved up 1.35 per cent to close at Rs 206.60.

Replying to a question on Jio Financial Services Ltd from the non-banking financial company (NBFC) pack, the analyst from Motilal said, "Support on JFS counter will be at Rs 285-290 and resistance at Rs 360. Setup-wise, one should continue to hold it as the stock looked positive to rangebound in the near term. And, it can gradually climb towards Rs 360 level." Jio Financial shares today finished with 3.17 per cent gains at Rs 340.20.

Meanwhile, Indian equity benchmarks on Tuesday extended their strong upward run for the third consecutive session, led by gains in banks, financials, automobile, metal and energy stocks. Broader markets (mid- and small-cap shares) settled higher too.

14 out of the 16 sector gauges -- compiled by the NSE -- closed in the green. Sub-indexes Nifty Bank, Nifty Financial Services, Nifty Auto, Nifty Metal and Nifty Oil & Gas were outperforming the NSE platform by rising as much as 1.13 per cent, 0.93 per cent, 0.65 per cent, 1.23 per cent and 1.16 per cent. In contrast, Nifty FMCG and Nifty Pharma shed 0.39 0.51 per cent and 0.02 per cent, respectively.

The overall market breadth was strong as 2,739 shares advanced while 1,220 declined on BSE.