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Stock to Buy on Monday – Federal Bank, JK Tyre, Endurance Tech; See targets here
The week gone by was quite eventful for the stock markets as Nifty50 ended at record highs amid rising crude oil prices and favourable US market cues. The Reserve Bank of India (RBI) Monetary Policy announcements also soothed the domestic markets. While maintaining the status quo on key policy rates and continuing its accommodative stance, the Central Bank assured the markets that the liquidity will not be scaled back.
The Nifty50 gained 2 per cent over the week to end around 17,895 on Friday while Nifty Bank also gained 1.5 per cent.
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Mid cap index also conquered new feats and settled 3.5 per cent during this period. On Friday, the Foreign Institutional Investors (FIIs) and Domestic Institutional Investors (DIIs) sold Indian equities worth Rs 64 cr and Rs 168 cr respectively.
Analyst Sandeep Jain lauded the MPC announcements which triggered market sentiments positively on Friday. The markets saw broad based rally seeing sound activity in the midcap and small cap segment.
The results of Tata Consultancy Services were also declared, which were lower than the street’s expectations, he added.
He picked three stocks – one each from the Futures & Options (F&O), cash markets and positional term view.
His first buy call for Monday was for Federal Bank in the F&O segment. The stock was recommended at Rs 85.5 with a target price of Rs 89 and stop loss of Rs 84.
The next stock is from tyre sector and it was recommended as a cash market pick. He picked JK Tyre as an intraday pick on Monday. This stock was recommended at levels of Rs 152 with a target price of Rs 157 and Rs 159 and a stop loss of Rs 149.
Another stock picked by him was from a positional term view. This stock is Endurance Technologies Limited. The stock was recommended for buying around levels of Rs 1629. He puts the target price at Rs 1690 and Rs 1730 with a stop loss of Rs 1590.
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