PVR Inox, Motherson & Jio Financial: What Soni Patnaik of JM Financial says on these 3 stocks

pvr inox, motherson & jio financial: what soni patnaik of jm financial says on these 3 stocks

PVR Inox, Motherson & Jio Financial: What Soni Patnaik of JM Financial says on these 3 stocks

Soni Patnaik, Assistant Vice-President – Derivatives Research at JM Financial, on Thursday selected PVR Inox Ltd as one of his top picks for the day. “The stock has likely bottomed out. Risk-reward ratio is looking favourable. Keep stop loss at Rs 1,340 for a target Rs 1,420. If the scrip decisively holds Rs 1,420, then it may see a further rise up to Rs 1,440-1,460 levels,” Patnaik told Business Today TV. PVR Inox shares were last seen trading 0.41 per cent higher at Rs 1,371.

The other stock which the analyst picked was Samvardhana Motherson International Ltd. “For Motherson, the expected target would be Rs 122-124. Keep stop loss placed at Rs 116.8,” she mentioned. The stock was up 0.21 per cent at Rs 118.90.

When asked about Jio Financial Services Ltd, Patnaik said that the counter has given a strong breakout above Rs 290. “One can consider buying on dips around the said zone. And, it can bounce back to towards Rs 330-340-odd levels,” the market expert stated. Jio Financial’s stock rose 2.93 per cent to trade at Rs 317.40.

Meanwhile, Indian equity benchmarks were trading lower in a volatile early session, dragged by healthcare, media, realty, IT and banks. Broader markets (mid- and small-cap shares) also slipped.

Foreign institutional investors (FIIs) sold Rs 1,879.23 crore worth of shares on a net basis during the previous session, while domestic institutional investors (DIIs) bought Rs 1,827.45 crore worth of shares, exchange data showed.

13 out of the 15 sector gauges — compiled by the NSE — were trading in the red. Sub-indexes Nifty Healthcare, Nifty Media, Nifty Realty, Nifty IT and Nifty Bank were underperforming the NSE platform by falling as much as 1.43 per cent, 1.80 per cent, 1.04 per cent, 0.57 per cent and 0.36 per cent. In contrast, Nifty Metal was up 0.13 per cent.

On the stock-specific front, Bajaj Auto was the top loser in the Nifty pack as the stock cracked 2.46 per cent to trade at Rs 7,986.9. Apollo Hospitals, PowerGrid, Cipla and Axis Bank fell up to 2.23 per cent.

In contrast, Reliance Industries, M&M, Maruti, Tata Consumer Products and Titan were the top gainers on Nifty50.

The overall market breadth was weak as 2,198 shares were declining while 1,311 were advancing on BSE.

(Disclaimer: Business Today provides stock market news for informational purposes only and that should not be construed as investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.)

 

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