Arihant Capital Recommends Buy on IREDA and IndusInd Bank, Hold on Cochin Shipyard

Arihant Capital Recommends Buy on IREDA and IndusInd Bank, Hold on Cochin Shipyard

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Arihant Capital Recommends Buying IREDA & IndusInd Bank, Holding Cochin Shipyard

Mumbai, India – Following a significant 50 basis point interest rate cut by the RBI, which propelled Indian benchmark indices higher on Friday, Arihant Capital Markets has shared its latest stock recommendations. Mileen Vasudeo, Senior Technical Analyst at Arihant Capital, suggests investors buy shares of Indian Renewable Energy Development Agency (IREDA) and IndusInd Bank, while holding onto Cochin Shipyard stock.

Key Recommendations from Arihant Capital:

Indian Renewable Energy Development Agency (IREDA)

  • Action: Buy
  • Current Price (approx.): ₹175
  • Target Price: ₹195-205 (within two weeks)
  • Stop Loss: ₹165
  • Analysis: IREDA has shown low volatility, consolidating over the past 20 days. Despite currently underperforming, its positive momentum indicator signals a potential upside breakout.

IndusInd Bank

  • Action: Buy
  • Current Price (approx.): ₹824
  • Target Price: ₹930-980 (within two weeks)
  • Stop Loss: ₹770
  • Analysis: The bank has been consolidating in a tight range for about 20 sessions, indicating low volatility. A positive momentum indicator suggests an impending upside breakout, despite its recent underperformance against benchmark indices.

Cochin Shipyard

  • Action: Hold
  • Current Price (approx.): ₹2,376
  • Target Price: ₹2,576-2,670 (within two weeks)
  • Stop Loss: ₹2,276
  • Analysis: Cochin Shipyard is experiencing strong upward momentum and continues to outperform benchmark indices. While it appears somewhat extended in the short term, its positive Relative Strength Index (RSI) supports a continuation of the bullish trend.

Market Context: On Friday, the BSE Sensex surged 746.95 points (0.92%) to close at 82,188.99, and NSE’s Nifty50 gained 252.15 points (1.02%) to finish at 25,003.05. This bullish sentiment was largely driven by the unexpected rate cut and increased market liquidity.

Please note: These are recommendations from a specific analyst and should be considered as part of your broader investment research. Investing in the stock market involves risks.

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