Tata Power & Adani Power: Here's what Kiran Jani of Jainam Broking says on these 2 stocks

Kiran Jani, Head of Technical Research at Jainam Broking, on Friday selected shares of two power distribution companies as his preferred picks from the mentioned space. "From this sector, we like Tata Power Company Ltd and Adani Power," Jani told Business Today TV. "Tata Power shares have given a breakout. The momentum indicator has also entered into the bullish zone. One can expect upside targets of Rs 490-500 in the near term. Keep a strict stop loss placed at Rs 420," the market expert stated. The stock today rose 2.70 per cent to hit a one-year high of Rs 443.50.

For Adani Power, he said the stock has given a breakout after four months of consolidation. "One can accumulate it at the Rs 600-610 zone. Keep stop loss below Rs 570 with an expected upside target price of Rs 700," Jani from Jainam Broking said. The counter slipped 1.63 per cent to hit a day low of Rs 607.85 in early trade.

Bourses BSE and NSE have put the securities of Adani Power under the long-term ASM (Additional Surveillance Measure) framework. Exchanges put stocks in short-term or long-term ASM frameworks to caution investors about high volatility in share prices.

Meanwhile, Indian equity benchmarks were trading lower today, dragged by banks, financials, consumer and pharma stocks. However, broader markets (mid- and small-cap shares) were positive.

13 out of the 16 sector gauges -- compiled by the NSE -- were trading in the red. Sub-indexes Nifty Bank, Nifty Financial Services, Nifty FMCG, Nifty Consumer Durables and Nifty Pharma were underperforming the NSE platform by falling as much as 0.59 per cent, 0.67 per cent, 0.70 per cent, 0.34 per cent and 0.58 per cent, respectively. In contrast, Nifty Midsmall Healthcare rose 0.80 per cent.

On the stock-specific front, Sun Pharma was the top loser in the Nifty pack as the stock cracked 3.34 per cent to trade at Rs 1,550.55. JSW Steel, Titan, Asian Paints and ITC fell up to 1.86 per cent.

In contrast, Divi's Labs, Coal India, Tata Motors, Nestle India and NTPC were the top gainers on Nifty50.

The overall market breadth was weak as 1,892 shares were declining while 1,594 were last seen advancing on BSE.