Ashwani Gujral of ashwanigujral.com recommends buying Tata Elxsi with a stop loss of Rs 750, target of Rs 775 and Pidilite Industries with a stop loss of Rs 1350, target of Rs 1410.
Benchmark indices erased all gains and ended lower on October 24. Nifty slipped below 11,600 due to selling in the banking and telecom sectors.
Telecom stocks suffered massive selloff after the Supreme Court rejected the telecom companies' definition of Adjusted Gross Revenue (AGR). This means telecom companies will have to pay up as much as Rs 92,642 crore to the government. Bank stocks also fell on concerns about their exposure to the beleaguered telecom companies.
Also, no landslide victory for BJP in Maharashtra and Haryana dented sentiment.
Except for the Nifty Infra, all sectoral indices ended in the red led by the bank, metal, FMCG, pharma and auto. Market breadth was in favour of declines, with just 1,069 shares advancing against 1,367 that declined. 161 shares stayed unchanged.
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