Nifty Midcap 50 Index up 1.3% on Thursday, Godrej Properties soar 18% - Analyst picks these 7 stocks to buy for gains

As even the Nifty50 traded with considerable strength on Thursday, gaining as much as 273 points or 1.5 per cent, the broader markets traded with an almost equal fervour. Nifty Midcap50 and Nifty Midcap100 indices were trading up over 1.3 per cent and 1.4 per cent respectively around 3 pm. 

Nifty Midcap50 is all set to test levels around 8500 by end of September series and could go on to scale peaks of 9,000 by the end of October series, Analyst Nilesh Jain, Assistant Vice President (AVP), Equity Research Technical and Derivatives at Centrum Broking, said. His estimates are based on technical analysis of the index.  

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The Nifty Midcap50 index ended at 8,271.65, up by 104 points of 1.3 per cent. 

He puts a stop loss at 8000. The 52-week high for Nifty Midcap50 is 8,245.00. Over 70 cr shares traded on the 50-share index during filing of this report. In terms of value, it was upwards of Rs 12,579 cr. 

He also recommends certain stocks that he expects to gain with the movement in the midcap index.  

His top 7 bets are:  

- Tata Power – This stock was trading at Rs 143.45 on the NSE, up 4 per cent from the Wednesday closing price. He recommends a buy for a price target of Rs150. Put stop loss at Rs 136. 

- LIC Housing Finance – This stock was trading at Rs 442.45 on the NSE, up 2.7 per cent from the Wednesday closing price. He recommends a buy for a price target of 450. Put stop loss at Rs 420.   

- Apollo Tyres – This stock was trading at Rs 236.15 on the NSE, up 1.5 per cent from the Wednesday closing price. He recommends a buy for a price target of Rs 250. Put stop loss at 228.   

- RBL Bank – This stock was trading at Rs 186.80 on the NSE, up 4.3 per cent from the Wednesday closing price. He recommends a buy for a price target of Rs 205. Put stop loss at Rs 178.   

- Indiabulls Housing – This stock was trading at Rs 229.65 on the NSE, up 4 per cent from the Wednesday closing price. He recommends a buy for a price target of Rs 260. Put stop loss at Rs 210.   

- Canara Bank – This stock was trading at Rs 161.25 on the NSE, up 2.8 per cent from the Wednesday closing price. He recommends a buy for a price target of 180. Put stop loss at Rs 155.   

- SunTV – This stock was trading at Rs 506 on the NSE, up 2.12 per cent from the Wednesday closing price. He recommends a buy for a price target of Rs 560. Put stop loss at Rs 500.    

He also advised against investment in Godrej Properties at existing levels. This stock has had a strong rally over the last two trading sessions. Stocks were up over 18 per cent on the NSE on Thursday and were trading at Rs 2302 at closing time.

(Disclaimer: The views/suggestions/advices expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)