NHPC & Coal India: Here's what Ratnesh Goyal of Arihant Capital says on these 2 stocks
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Ratnesh Goyal, Head of Technical Analysis at Arihant Capital, on Monday selected NHPC Ltd as one of his top stock picks for the day. "The stock witnessed a consolidation breakout. Keep stop loss placed at Rs 96 for upside targets of Rs 107-115 levels," Goyal told Business Today TV. NHPC shares were last seen trading 1 per cent lower at Rs 98.24. The second stock which the market expert suggested was Coal India Ltd. "The positive trend is likely to continue. Traders can keep stop loss at Rs 460 for upside targets of Rs 485-500," he stated. Coal India's stock was down 3.68 per cent at Rs 457.35. Meanwhile, Indian equity benchmarks were trading higher today in early deals, led by gains in technology and private banks. Broader markets (mid- and small-cap shares)however, saw sharp cuts. India VIX, fear index, spiked 13.99 per cent to 16.66-level. Seven out of the 16 sector gauges -- compiled by the NSE -- were trading in the green. Sub-indexes Nifty IT and Nifty Private Bank were outperforming the NSE platform by rising as much as 1.13 per cent and 0.90 per cent, respectively. In contrast, Nifty PSU Bank dived 4.19 per cent. On the stock-specific front, Kotak Mahindra Bank was the top gainer in the Nifty pack as the stock jumped 5.34 per cent to trade at Rs 1,625.9 in morning deals. Britannia Industries, TCS, IndusInd Bank and Infosys climbed up to 3.94 per cent. On the other hand, Titan, Adani Ports, Adani Enterprises, SBI and Coal India were among the top laggards on Nifty50. The overall market breadth was weak as 2,384 shares were declining while 1,185 were advancing 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.