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GRSE, NTPC, IREDA & IndusInd Bank: What Aditya Agarwal of Sanctum Wealth says on these 4 stocks

Mumbai, Sep 20, 2024

Defence PSU Garden Reach Shipbuilders & Engineers (GRSE) secured an additional order worth $54 million for vessels from a German company. GRSE shares were last seen trading 0.51 per cent lower at Rs 1,708.50.

Aditya Agarwal, Head of Derivatives & Technical at Sanctum Wealth, on Thursday said the market still looked positive and benchmark Nifty’s breakout above 25,500 hints at a sharp potential upmove towards 25,640-25,700 levels. Sector-wise, we are bullish on banking and IndusInd Bank Ltd is our top pick for the select space, the market expert told Business Today TV.

“The stock was trading in a range for the last couple of days. We are expecting that it may move towards Rs 1,535-1,540 levels. One can enter at current levels, keeping a stop loss placed at Rs 1,440,” Agarwal stated. IndusInd Bank shares were up 0.18 per cent at Rs 1,482.30.

When asked to share a view on Garden Reach Shipbuilders & Engineers (GRSE) Ltd, “The stock can still consolidate in the range of Rs 1,700 to Rs 1,900. Traders should not chase this stock. Let it cool off and investors can enter around Rs 1,760-1,770 levels with a stop loss at Rs 1,720. On the higher side, targets are not big. Rs 1,860-1,870 will be the upper side of this stock.”

The defence PSU secured an additional order worth $54 million for vessels from a German company. GRSE shares were last seen trading 0.51 per cent lower at Rs 1,708.50.

In response to a query on NTPC Ltd, Agarwal said, “Structure-wise, the stock looked positive. One should enter around Rs 420-424 levels for immediate upside targets of Rs 455-460.”

NTPC Green Energy, a subsidiary of state-run NTPC, has filed its draft red herring prospectus for an initial public offering (IPO) aimed at raising Rs 10,000 crore. Last checked, NTPC was up 3.54 per cent at Rs 428.50.

With reference to a question on Indian Renewable Energy Development Agency (IREDA) Ltd, the market specialist said, “On the higher side, Rs 240-245 will be a strong resistance zone. We can see positive traction because of this QIP issue. But, the stock is looking slightly sideways as other PSU stocks. One should not chase this stock, at least from the short-term perspective.”

IREDA said the Department of Investment and Public Asset Management (DIPAM) has approved the alternative mechanism on the proposal of the raising of funds by the public sector major. The government will sell a 7 per cent stake in the firm via the qualified institutional placement (QIP) route. IREDA shares were down 0.44 per cent at Rs 226.50.

Apart from these mentioned stocks, Agarwal said, “We are bullish on the IT sector. Stocks such as Coforge, LTIMindtree and Mphasis can see a 5-10 per cent upside move in the next couple of trading weeks. And, we are expecting that sub-index Nifty IT is moving towards 45,000-45,500 levels.”

Meanwhile, Indian equity benchmarks scaled their fresh record high levels today, led by gains in banks, financials, automobile and FMCG stocks. However, broader market stocks (mid- and small-cap shares) were trading lower.

For more information, please visit www.sanctumwealth.com

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