Vishnu Kant Upadhyay, AVP (Research) at Master Capital Services, said the overall texture of benchmark Nifty50 remains positive as long as the index holds above its key support level of 23,900. The market expert also shared technical views on Vodafone Idea Ltd, Paradeep Phosphates Ltd and Hindustan Copper Ltd.
Upadhyay said Vodafone Idea's structure looks positive and the stock could see further appreciation. He identified Rs 18-18.50 as the potential upside zone.
"One can hold the position, but do not forget to maintain a trailing stop loss below Rs 13.50," he stated.
Paradeep Phosphates is also on Upadhyay's radar. He said the stock is trading above all its key moving averages and can be considered for buying.
On the higher side, the stock could move towards Rs 180-190 in the short to medium term, according to the expert. He advised maintaining a stop loss below Rs 150.
On Hindustan Copper, Upadhyay recommended participating in the government's offer-for-sale (OFS), while also saying investors can directly consider the stock.
The expert suggested building positions in a staggered manner for a positional investment horizon of more than six to eight months, with a stop loss below Rs 470. He said the stop loss has been kept slightly wider from current levels as a mean-reversion trade can be played.
Upadhyay sees the stock potentially moving towards Rs 720-740.
Meanwhile, the two-day OFS of Hindustan Copper by the government began on Tuesday, August 25, for non-retail investors, with the Centre looking to sell up to a 6 per cent stake in the company. The floor price for the offer has been fixed at Rs 514 per share.
The OFS will open for retail investors on Wednesday, August 26, at 9:15 am and close at 3:30 pm.