Prashanth Tapse, Senior VP (Research) at Mehta Equities, said immediate resistance for benchmark Nifty50 will be at 24,500. “The index could scale up to Rs 24,800 level in the month of May as fourth quarter (Q4) numbers are appearing better-than-expected,” he told Business Today.
From the housing finance segment, the market expert liked PNB Housing Finance Ltd and Bajaj Housing Finance Ltd. “We remain positive on PNB Housing and Bajaj Housing at current levels. The housing sector will witness a lot of growth over the next two years. In terms of valuations, PNB Housing and Bajaj Housing have potential to see another 10 per cent upward movement,” Tapse stated.
In response to a query on Suzlon Energy Ltd, he said, “Suzlon will be my favourite pick from the renewable energy space. The stock has been consolidating in the Rs 55-58 range. Rs 62 will be a breakout level for Suzlon. If it closes above Rs 62, it can hit further upside targets of Rs 75-78.”
He also advised sticking to Indian Renewable Energy Development Agency Ltd (IREDA) shares. “One should also hold IREDA shares in their portfolio. The stock can do well in the next 2-3 quarters. Target-wise, it can hit Rs 200-200 levels in the next six months,” Tapse said.
Meanwhile, Indian equity benchmarks were trading slightly higher today, led by gains in IT, consumer durables, state-owned lenders and energy stocks. Broader indices (mid- and small-cap shares) were also positive.
The overall market breadth was strong as 2,076 shares were advancing while 1,432 were declining on BSE. 193 stock stayed unchanged.
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.