Cochin Shipyard, Zomato, CDSL, HAL & VBL: What Mileen Vasudeo of Arihant Capital says on these 5 stocks

Mileen Vasudeo, Senior Technical Research Analyst at Arihant Capital Markets, on Wednesday shared his views on at least five stocks. In an interaction with BT TV, the market expert said Central Depository Services India Ltd's (CDSL's) share price is likely to head higher in the near term. "At present, one can trail the stop loss to Rs 1,515, expecting an upside target of Rs 1,650-1,700 levels," he stated. The stock was last seen trading 2.94 per cent higher at Rs 1,627.95.

When asked about Zomato Ltd, Vasudeo said, "One can hold the stock with a stop loss placed at Rs 108. On the higher side, immediate resistance is around Rs 126 level. Once this zone is conquered, then we may see Rs 135-140 levels to an outer extent of Rs 155." Zomato was up 2.02 per cent at Rs 123.75.

On Cochin Shipyard Ltd, the expert said, "The counter has potential to move higher. One can initiate long at current levels with a stop loss placed at Rs 1,030. On the higher side, it is likely to test Rs 1,100-1,120 levels in a couple of days." The scrip was trading 1.71 per cent higher at Rs 1,060.05.

Vasudeo also liked Hindustan Aeronautics Ltd (HAL) and Varun Beverages Ltd (VBL). For HAL, one can keep a stop loss at Rs 1,960 with a target price expectation of Rs 2,120-2,170, he said. Hindustan Aeronautics' shares were up 0.64 per cent at Rs 2,029.85.

On VBL, he said the stock may see higher levels of Rs 1,050-1,080. Keep a stop loss placed at Rs 960, Vasudeo underscored.

Meanwhile, Indian equity benchmarks traded almost flat as gains in pharma and energy stocks were countered losses in banks and financials. Although, mid- and small-cap shares were up as Nifty Midcap 100 rose 0.89 per cent and small-cap climbed 1.06 per cent.

Foreign institutional investors (FIIs) remained net sellers during the previous session, extending their selling streak to the 10th session, offloading Rs 497 crore of shares on a net basis. Domestic institutional investors (DIIs) bought shares worth Rs 700 crore.

11 out of the 15 sector gauges -- compiled by the National Stock Exchange -- were trading in the green. Sub-indexes Nifty Pharma and Nifty Oil & Gas were outperforming the NSE platform by rising as much as 1.37 per cent and 0.96 per cent, respectively. In contrast, Nifty Bank and Nifty Financial Services slipped 0.21 per cent and 0.34 per cent.

On the stock-specific front, BPCL was the top gainer in the Nifty pack as the stock jumped 3.11 per cent to trade at Rs 384.4. Cipla, Dr Reddy's, Divi's Labs and Adani Ports rose up to 1.41 per cent.

In contrast, ICICI Bank, Bajaj Finance, NTPC, Bajaj Finserv and PowerGrid were among the top losers.

The overall market breadth was positive as 2,181 shares were advancing while 1,123 were declining on BSE.

(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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