Stocks to buy: Rakesh Bansal picks HUL, Indiabulls Housing Finance shares to buy
Stocks to buy: After trading choppy throughout the day, Indian stock market ended lower on Friday. Nifty 50 index lost 33 points and ended at 19,730 levels, BSE Sensex went down 187 points and closed at 65,794 mark while Nifty Bank index corrected 577 points and finished at 43,583 levels. Broad market indices ended minorly in the positive even as the advance decline ratio, though positive at 1.16:1, dipped over the previous day. So, it become quite tricky to find out value picks for stock investors, especially if they are hunting for short term stock picks.
To solve this problem of stock market investors, Rakesh Bansal, Co-founder & Co-partner at Rakesh Bansal Ventures has listed out two stocks for short term and those two stock picks are Indiabulls Housing Finance and Hindustan Unilever Ltd (HUL).
Shares to buy on Monday
1] Indiabulls Housing Finance: Buy at CMP, target ₹190, target ₹300, stop loss ₹160.
Indiabulls Housing Finance share is currently available at ₹190 apiece levels on NSE. Mortgage player reported marginal 3 per cent jump in net profit to ₹298 crore in July to September 2023 quarter YoY. However, the management of the company said in conference call that they are in talks with corporate for investment. And this is the fundamental trigger for the NBFC stock. Generally it has been found that a stock gives sharp upside ahead of getting into the F&O ban list.
The stock gives sharp upside movement after coming out of the F&O ban list as well. As Indiabulls Housing Finance shares have recently come out of the F&O ban list, Indiabulls Housing Finance shares may give sharp upside in near term.
Also read: Buy or sell: Sumeet Bagadia recommends three stocks to buy next week
Those who have Indiabulls Housing Finance shares in portfolio are advised to maintain trailing stop loss at ₹160 for near term target of ₹300 apiece on NSE. For fresh investors, one can buy Indiabulls Housing Finance shares at ₹190 apiece levels for ₹300 target in short term. However, one must maintain stop loss at ₹160 levels while taking fresh position in this scrip.
2] Hindustan Unilever Ltd or HUL: Buy at ₹2525 to ₹2530, target ₹2850, stop loss ₹2400.
HUL share price was the first Indian stock that breached its pre-Covid levels in stock market rebound after bloodbath on Dalal Street in 2020. HUL shares were followed by Reliance shares. The FMCG stock has been trading sideways for near one year as FMCG segment was led by ITC shares.
However, FMCG theme is expected to work in upcoming sessions as high interest rate has peaked out and banking stocks are expected to deliver limited returns in short term (read private bank shares).
Also read: Tata Tech IPO: GMP jumps as issue opens next week. Date, price, other details
On chart pattern, HUL share price is looking positive and may give sharp upside in short term. On chart pattern, the stock is facing hurdle at ₹2750 levels. on breaching this levels, HUL share price is expected to touch ₹2850 apiece levels in very short time span.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decision.
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Updated: 18 Nov 2023, 03:50 PM IST
