Aditya Agarwal, Head of Derivatives & Technical at Sanctum Wealth, provided insights on several stocks amidst a stable market environment. As the Nifty index hovers near its resistance zone of 24,850-24,900, Agarwal noted potential minor profit booking but maintained a positive overall market outlook.
Among his top stock picks, Larsen & Toubro (L&T) stands out. Agarwal expressed bullish sentiments, predicting L&T could reach levels between ₹3,730 and ₹3,740, advising a stop loss at ₹3,560. Currently, L&T shares are trading at ₹3,615.05, reflecting a slight increase of 0.25%.
Balkrishna Industries is another stock Agarwal favors, citing positive short- to medium-term trends. After a significant drop from ₹3,400 to around ₹2,750, he sees signs of recovery, suggesting a buy at current levels with targets of ₹2,940-₹2,970 and a stop loss at ₹2,820.
Regarding Hindalco, Agarwal cautioned against new long positions as the stock approaches a resistance level at ₹700. He recommended entering on dips near ₹675-₹670 for a target of ₹700, with a stop loss at ₹660.
Lastly, for Indian Renewable Energy Development Agency (IREDA), Agarwal anticipates a short-term positive movement towards ₹275-₹280, while advising caution for broader consolidation within a range of ₹230 to ₹290.
