Power sector will rally after elections: Market Expert Ravi Singh

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During an interaction with India’s first personalised multilingual personal finance Super App, Money9, market expert Ravi Singh shared his insights onto the market. “He said power stocks will rally after elections.” He gave his view on two power sector stocks, Torrent Power and Tata Power.

On Torrent Power, Singh said the stock has continuously maintained an upward trajectory. Currently, it is undervalued. He gave Rs 1,450 price target on the scrip. He advised investors to keep Rs 1,150 stop loss. According to him, there is no risk in this stock as long as it trades above Rs 1,150 levels. On Monday, Torrent Power closed two per cent higher at Rs 1,189 apiece on news of the stock bagging Rs 3,650 crore order for 300 MW wind-solar hybrid project.

On another power stock, Tata Power, Singh gave long-term price target of Rs 550 per share. He advised investors to keep adding the stock in installments in the long term. On Monday, Tata Power closed three per cent higher at Rs 392 per share on the BSE.

On fintech Paytm, after the stock hit five per cent upper circuit on Monday after UPI nod from NPCI, Singh said as per momentum on charts, the stock still holds promise to hit Rs 420 levels. Albeit, he advised long term investors to stay away from Paytm. Its only for traders.

Anup Engineering jumped 15% on back of news that the board would meet on March 20 to consider a bonus issue. Singh said “Anup Engineering has a positive structure on the charts. Momentum looks good.” He has set a target of Rs 3,200 on the scrip. He advised investors that they can keep the stock for long term with a stop loss of Rs 2,900.

Ravi Singh gave buy recommendations on two other stocks. One is SAIL and the other RITES. On the former, he gave price target of Rs 145 and stop loss of Rs 116. On Monday, the stock closed at Rs 125 apiece on the BSE. Although Singh advised investors against aggressive buying in the stock.

On his second pick, RITERS, he has given Rs 750 price target with a stop loss of Rs 580. He said the stock scores well on both fundamental and technical front.

(Disclaimer: Stocks recommendations by experts or brokerages are their own and not those of the website or its management. Money9.com advises readers to check with certified experts before taking any investment decisions.)