Stocks To Watch Today: IREDA, Bajaj Finserv, JSW Energy, Ashok Leyland In Focus
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Stocks in focus today: Bajaj Finserv, IREDA, JSW Energy, Coal India, NTPC Green Energy, Lloyds Engineering Works, Ashok Leyland, Life Insurance Corp, and Praj Industries.
Stocks To Watch Today: Indian benchmark equity indices witnessed a positive momentum in the last session to end in the green zone after seeing a negative closing.
The Nifty ended 131 points higher, while the Sensex was up by 444 points. Among sectors, the Capital Market and Defense indices outperformed, rallying over 2 percent, whereas intraday profit booking was seen in selective PSU banks and media stocks.
Is the momentum to be continued on Friday as well?
Gift Nifty hints at a positive start on Friday, keeping yesterday's positive momentum. At 8:00 am, it was trading at Rs 24,849, with a gain of 15 points or 0.06 per cent.
Shrikant Chouhan, Head – Equity Research, Kotak Securities, believe that the level of 24,600/81000 will serve as a key support zone for traders. As long as the market remains above this level, bullish sentiment is likely to persist.
'On the upside, the market could potentially rise to the range of 24,900 to 25,000/82000-82200. Conversely, a drop below 24,500-24450/81000-80900 could alter this sentiment, with potential retest levels between 24,350 and 24,150/80600-80100," he added.
Which Stocks Are Going To Be In Focus Today?
Bajaj Finserv
Promoter entities Bajaj Holdings and Jamnalal Sons are expected to sell up to a 1.94% stake in Bajaj Finserv through block deals, reports CNBC-TV18 citing sources. The total block size is estimated to be around Rs 5,828 crore, with a floor price of Rs 1,880 per share.
Indian Renewable Energy Development Agency (IREDA)
IREDA initiated its Qualified Institutional Placement (QIP) on June 5, setting the floor price at Rs 173.83 per share. The company might also offer a discount of up to 5% on the floor price.
The company has commissioned 281 MW of renewable energy capacity, including 215 MW of solar and 66 MW of wind capacity, bringing its total installed capacity to 12,499 MW. Additionally, JSW Renew Energy Three, a subsidiary, has signed a Power Purchase Agreement (PPA) with Adani Electricity Mumbai for 250 MW of wind capacity. The 25-year PPA is priced at Rs 3.65/kWh, and the project in Maharashtra is expected to be completed within the next 24 months.
Coal India
Coal India (CIL) has signed a non-binding Memorandum of Understanding (MoU) with Indian Port Rail & Ropeway Corporation in Kolkata to develop rail infrastructure for CIL and its subsidiaries.
NTPC Green Energy
The company has started operations for the first 110.25 MW capacity of the 1,255 MW Khavda-I Solar PV project, undertaken by its subsidiary NTPC Renewable Energy.
Lloyds Engineering Works
The Board has approved the issuance of 30.85 crore partly paid-up equity shares at Rs 32 per share to eligible shareholders on a rights basis. Rs 16 per share has been paid upon allotment, with the remaining amount payable in no more than two calls.
Ashok Leyland
The company has received letters of intent worth Rs 1,387 crore from the Motors Vehicles Department.
Life Insurance Corp
Executive Director Ramakrishnan Chander has been appointed as the chief investment officer.
Praj Industries
The company has signed an agreement with Paraguay-based Enersur SA for a large-scale biorefinery project in Paraguay, which will produce ethanol and co-products like distillers dried grains with solubles, corn oil, SAF, biogas, and bio bitumen.
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Tired of too many ads? Remove Ads ET Now: A big day for the market coming in. We have finally managed to break above that range that Nifty was stuck in. We have managed to touch the 25,000 levels. From here on, do you see now the bulls really take charge because we have managed to surpass these levels, it is a wait and watch whether we sustain it but what do you see on the technicals for the Nifty and Nifty Bank going ahead? ET Now: The largecaps have been stuck in a range. Of course, there were individual movers, but largely the largecaps were in a range. It was the SMIDs that were really giving an outperformance for now. Tell us on the charts how do you see the broader end of the market, the small and the midcaps moving ahead because they have been clearly outperforming. Do you see further up move in that area? Tired of too many ads? Remove Ads ET Now: Given the kind of market setup we have right now, help us understand which are your top picks at this point. Rajesh Palviya, Axis Securities, says midcap stocks are outperforming and this is likely to be there because when your benchmark indexes are holding at certain levels, so midcap and smallcap generally tend to move higher and this is what is exactly happening. Since last two-three-week, Nifty is consolidating in range after a have witnessed a consolidation of almost for a two-week in a range of 25,000 to 24,600. So, it was the consolidation range for last two weeks and today, we have almost reached the highest point of this consolidation range. Looking at the data, still call writers are there at 25,000 and 25,100 strikes. So, that may act as an immediate resistance for the Nifty. But looking at the broader market, the way the banking and financial have moved up and other sector like real estate and other capital goods stocks have also participated in this the way broader market has recovered in last couple of weeks, it clearly indicates that yes, there is a possibility that we may break above 25,100 and once this breakout happens, we could see a short covering action in Nifty and then rally can extend further towards 25,400 to 25,500 in the coming week. So, view is bullish. Buy on dips would be the strategy. 24,850 should be your stop loss to buy and accumulate in this range. For Bank Nifty, it is a clear breakout. Bank Nifty is now at a new all-time high trajectory. The way short covering has triggered post RBI policy, we could see another rally to extend in the coming week. 57,000 we are projecting a target for Bank Nifty in the continuation of this up move. Buy on dips again here also one can apply this strategy and keep your stop loss around 56,200 to hold and accumulate Bank Nifty midcap stocks are outperforming and this is likely to be there because when your benchmark indexes are holding at certain levels, so midcap and smallcap generally tend to move higher and this is what is exactly happening. Since last two-three-week, Nifty is consolidating in range after a rally. So, the major buying interest has been shifted to the midcap and smallcap and we have witnessed most of the midcap and smallcap space have done well and the kind of rally which we have unfolded in last two-three week, there could be another rally of 3% to 4% in this space in the coming yes, one should remain invested in this midcap and smallcap space and quality midcap and smallcap can do well and the way a breakout has happened on the near-term, short-term chart, that clearly shows that yes, buying interest is very much there in the midcap and smallcap space and we could see good traction going forward also. So, on index level 24,800 one needs to keep as a stop loss and if these levels are intact for some more time, so we could see another 2% to 3% kind of up move in midcap and smallcap stock ideas, both are on the buy side. First one is from the real estate space that is Oberoi Realty. The way stock has now managed to give breakout of the almost 8- to 10-week consolidation range and now stock is forming a rounding bottom sort of formation on a daily chart. Long built-up was there in the derivative looking at the overall setup for Oberoi Realty, we believe that this stock may extend its gain, possible target towards 1950 to 1960 in the coming week, one can keep a stop loss towards 1888 to buy Oberoi second stock that is from the healthcare space, Fortis Healthcare is looking very attractive. Stock is almost trading near to its all-time high trajectory. The way stock is moving in ups sloping channel on a weekly chart, that clearly indicates that there is a sustained buying action is happening in this counter. Looking at the breakout on daily chart, we believe that Fortis can extend its gain in the coming week, possible target towards 795, so one can buy this stock with stop loss of 748.
