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Synopsis : Kiran Jani, Head of Technical Research at Jainam Broking, shares his top stock picks, highlighting Axis Bank and Hero MotoCorp. He predicts significant potential for Axis Bank to reach a target of Rs 1,200, while recommending a stop loss at Rs 1,149. For Hero MotoCorp, he suggests a near-term target price of Rs 5,189 despite its recent dip. Jani's insights come amidst a cautious trading environment influenced by upcoming general elections and anticipated GDP data.
On Friday, Kiran Jani, Head of Technical Research at Jainam Broking, identified Axis Bank Ltd. as one of his top stock picks. Jani predicts that Axis Bank's stock has the potential to reach an upside target of Rs 1,200, advising traders to place a stop loss at Rs 1,149. At the time of his recommendation, Axis Bank's stock was trading at Rs 1,166.95, slightly down by 0.38%.
In addition to Axis Bank, Jani also recommended Hero MotoCorp Ltd. He suggested that investors holding Hero MotoCorp can expect a near-term target price of Rs 5,189. This recommendation came even as the stock was trading lower by 1.60%, at Rs 5,060.40.
The broader market context saw Indian equity benchmarks trading slightly higher, with a mixed performance across mid- and small-cap shares. Investors exhibited caution ahead of the general elections' outcome and were also focused on the upcoming GDP data release. Market participants were closely watching the exit polls and their projections, as well as the GDP figures due later in the day.
Sector-wise, nine out of the 16 sector gauges on the NSE were trading in the green, with Nifty Metal, Nifty Realty, and Nifty Consumer Durables outperforming by rising up to 1.78%. Conversely, Nifty Pharma and Nifty Healthcare were among the top losers, falling by 1.11% and 1.27% respectively.
Stock-specific movements saw Adani Enterprises as the top gainer within the Nifty pack, increasing by 3.59% to trade at Rs 3,308.9. Other gainers included Infosys, M&M, Bajaj Finance, and Titan, with increases of up to 1.75%. On the flip side, Hero MotoCorp, Airtel, Cipla, Kotak Mahindra Bank, and Divi's Labs were the top laggards on the Nifty50 index.
Overall, the market breadth was weak, with 2,056 shares declining against 1,613 shares advancing on the BSE. This reflects a cautious and selective trading approach among investors, driven by the imminent political and economic developments.
Disclaimer: This article 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.
Related Questions
1. What stock did Kiran Jani identify as one of his top picks?
Kiran Jani identified Axis Bank Ltd. as one of his top stock picks.
2. What is Kiran Jani's upside target for Axis Bank's stock?
Jani predicts that Axis Bank's stock has the potential to reach an upside target of Rs 1,200.
3. What stop loss did Jani advise traders to place for Axis Bank's stock?
Jani advised traders to place a stop loss at Rs 1,149 for Axis Bank's stock.
4. Besides Axis Bank, what other stock did Jani recommend?
Jani also recommended Hero MotoCorp Ltd.
5. What was the near-term target price suggested by Jani for Hero MotoCorp?
Jani suggested that investors holding Hero MotoCorp can expect a near-term target price of Rs 5,189.
