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Synopsis: Kiran Jani, Head of Technical Research at Jainam Broking, has highlighted his outlook on three prominent stocks—HDFC Bank, Hindustan Unilever Ltd (HUL), and Multi Commodity Exchange (MCX). Jani's recommendations include strategic advice on buying opportunities, potential targets, and key support levels. His analysis is particularly focused on the current market conditions, emphasizing cautious approaches and specific price levels for investors.
Kiran Jani, the Head of Technical Research at Jainam Broking, shared his insights on three significant stocks—HDFC Bank, Hindustan Unilever Ltd (HUL), and Multi Commodity Exchange (MCX)—in light of the current market trends.
Hindustan Unilever Ltd (HUL)
Jani identifies HUL as one of his top picks for the day, suggesting a buying opportunity at the current market price. He projects an upside potential with a target price of Rs2,800, recommending a strict stop loss at Rs2,710 to mitigate risks. Despite HUL shares trading slightly lower, Jani remains optimistic about the stock's performance in the near term, reflecting confidence in its resilience amid market fluctuations.
Multi Commodity Exchange (MCX)
MCX, trading near its all-time high, is another stock on Jani's radar. He advises investors to consider buying MCX shares, with a target price of Rs4,400. A stop loss at Rs4,310 is recommended to manage downside risks. Despite a marginal decline in its share price, the stock’s proximity to historical highs suggests potential growth, according to Jani's analysis.
HDFC Bank
Regarding HDFC Bank, Jani offers a cautious stance. He notes that the stock's support level is at Rs1,600, and a dip below this level could lead to further corrections towards Rs1,550-1,560. For those holding HDFC Bank shares, Jani advises maintaining a strict stop loss at Rs1,600 and suggests accumulating more shares only if the stock price dips to the Rs1,550 range. Fresh buying at current levels is not recommended due to potential downside risks.
Broader Market Trends
The Indian equity market, according to Jani, is experiencing a volatile phase, with the broader markets showing mixed performance. While IT stocks have provided some support, sectors like metals and private banks have underperformed. In this environment, Jani emphasizes a "sell-on-rise" strategy, particularly within defensive sectors like FMCG and pharma.
Disclaimer: Investment in the stock market is subject to market risks. Please consult your financial advisor before making any investment decisions.
