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Economic Times
15-07-2025
- Business
- Economic Times
Rajesh Bhosale explains why Eternal and Bank of Baroda are on his radar
Synopsis The market is experiencing a weak start to the week. Profit booking is expected to continue. Rajesh Bhosale suggests strong market support around 25,000 to 24,900. He highlights strength in the midcap sector. Eternal, formerly Zomato, shows a range breakout with a positive outlook. Bank of Baroda is also displaying strength in the PSU banking space. Rajesh Bhosale, Equity Technical Analyst, Angel One, says Eternal (formerly Zomato) is exhibiting strength with a range breakout, supported by its 20-day EMA, suggesting continued positive momentum with a target of Rs 283 and stop loss at Rs 262. Bank of Baroda is also displaying strength, holding above its 50-day EMA and Friday's swing high, with expectations of reaching Rs 250 in the near term. ADVERTISEMENT It has been a weak start for the week. Nifty has been continuously below 25,100. Looking at the IT pack results, we are seeing pressure on stock specific counters as well. But there is a lot of action in the PSU banking space. Having said that, what is your take on the market at the start of the week, and your picks later on? Rajesh Bhosale: We are seeing a weak start to the week, with extended bouts of profit booking. We see a strong support for the market in the range of 25,000 to 24,900. This support coincides with a 50-day exponential moving average, golden retracement and a rising channel. As of now, we are expecting 25,000-24,900 to hold. But if that is breached, then there can be a further profit booking. But the positive side from here is that the midcap broader market is showing some kind of strength. Midcap selective index is trading half a percent up and is holding on to its golden retracement. So, a positive outlook can be kept on selective stock specific action. Like you said, it is a stock pickers' market and sectors also. At present, we see a few sectors – pharma and the banking space which is doing the rounds on the positive front. What are the stocks on your radar? Rajesh Bhosale: Selective midcaps are showing strength and from there, we like Eternal formally known as Zomato. In the last couple of weeks, the stock had been trading in a range but now we are seeing a range breakout and in this market, the stock is up around 3%. The stock is forming a base around the 20-day exponential moving average and we expect this positive momentum to continue in the near term. So, with a stop loss around Rs 262, Eternal can be bought. We are expecting targets of Rs 283. As you highlighted, banking space is showing some kind of strength, especially the PSU basket. The PSU basket is showing strength and from there, we like Bank of Baroda which is holding on to its 50-day exponential moving average and it is trading above its Friday swing high. We are expecting positive momentum to continue in Bank of Baroda with a target of Rs 235. We are expecting Bank of Baroda to move towards the levels of Rs 250 in the near term. (You can now subscribe to our ETMarkets WhatsApp channel) Nikita Papers IPO opens on May 27, price band set at Rs 95-104 per share Nikita Papers IPO opens on May 27, price band set at Rs 95-104 per share Why gold prices could surpass $4,000: JP Morgan's bullish outlook explained Why gold prices could surpass $4,000: JP Morgan's bullish outlook explained Cyient shares fall over 9% after Q4 profit declines, core business underperforms Cyient shares fall over 9% after Q4 profit declines, core business underperforms L&T Technology Services shares slide 7% after Q4 profit dips L&T Technology Services shares slide 7% after Q4 profit dips Trump-Powell standoff puts U.S. Rate policy in crosshairs: Who will blink first? Trump-Powell standoff puts U.S. Rate policy in crosshairs: Who will blink first? SEBI warns of securities market frauds via YouTube, Facebook, X and more SEBI warns of securities market frauds via YouTube, Facebook, X and more API Trading for All: Pi42 CTO Satish Mishra on How Pi42 is Empowering Retail Traders API Trading for All: Pi42 CTO Satish Mishra on How Pi42 is Empowering Retail Traders Security, transparency, and innovation: What sets Pi42 apart in crypto trading Security, transparency, and innovation: What sets Pi42 apart in crypto trading Bitcoin, Ethereum, or Altcoins? How investors are structuring their crypto portfolios, Avinash Shekhar explains Bitcoin, Ethereum, or Altcoins? How investors are structuring their crypto portfolios, Avinash Shekhar explains The rise of Crypto Futures in India: Leverage, tax efficiency, and market maturity, Avinash Shekhar of Pi42 explains NEXT STORY
Economic Times
18-06-2025
- Business
- Economic Times
Polycab shares in focus after securing Rs 6,448-crore BharatNet contract from BSNL
The agreement, part of Package 4 of the amended BharatNet programme, includes the design, supply, construction, installation, upgradation, operation, and maintenance of middle-mile network infrastructure. Synopsis Polycab India has bagged a significant deal. It is a Rs 6,447.54 crore contract from Bharat Sanchar Nigam Limited. This is under the BharatNet project. Polycab will be the Project Implementation Agency. They will handle network development in Karnataka, Goa, and Puducherry. The project includes construction and maintenance. Analysts predict a potential upside for Polycab shares. Polycab shares will be in focus on Wednesday after the company announced it has secured a contract worth Rs 6,447.54 crore from Bharat Sanchar Nigam Limited (BSNL) under the BharatNet project. The contract appoints Polycab India as the Project Implementation Agency (PIA) for network development in Karnataka, Goa, and Puducherry. ADVERTISEMENT The agreement, part of Package 4 of the amended BharatNet programme, includes the design, supply, construction, installation, upgradation, operation, and maintenance of middle-mile network infrastructure. According to the company's stock exchange filing, the total contract value includes a capital expenditure (capex) of Rs 3,741.92 crore, operational expenditure (opex) of Rs 2,245.15 crore for the newly constructed network, and Rs 460.47 crore for the existing network—all inclusive of GST. The project involves a three-year construction phase followed by a 10-year maintenance period. Maintenance charges will be billed at 5.5% of the capex annually for the first five years and 6.5% per annum for the remaining five years. Also Read:Street favourites! Analysts see these 10 smallcap stocks rallying 20-80% ADVERTISEMENT As per Trendlyne data, the average target price of the stock is Rs 6,751, which shows an upside of 12% from the current market prices. The consensus recommendation from 28 analysts for the stock is a 'Buy'.Also Read: 10 midcap stocks with more than 20 buy Calls: Analysts see up to 25% upside ADVERTISEMENT Polycab's Relative Strength Index (RSI) stands at 54.8, suggesting neutral momentum. An RSI below 30 indicates an oversold stock, while a reading above 70 signals overbought conditions. The MACD is at 94.6—above the centre line, but below the signal stock is currently trading below its 5-day, 10-day, 150-day, and 200-day simple moving averages (SMAs), but remains above the 20-day, 30-day, 50-day, and 100-day SMAs. ADVERTISEMENT Also Read: How can anyone consider Bitcoin to be a digital version of gold, questions Peter Schiff Polycab shares have gained 20% over the past three months but are down 15% over the last 12 months. The company's market capitalisation stands at Rs 90,894 crore. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel) Nikita Papers IPO opens on May 27, price band set at Rs 95-104 per share Nikita Papers IPO opens on May 27, price band set at Rs 95-104 per share Why gold prices could surpass $4,000: JP Morgan's bullish outlook explained Why gold prices could surpass $4,000: JP Morgan's bullish outlook explained Cyient shares fall over 9% after Q4 profit declines, core business underperforms Cyient shares fall over 9% after Q4 profit declines, core business underperforms L&T Technology Services shares slide 7% after Q4 profit dips L&T Technology Services shares slide 7% after Q4 profit dips Trump-Powell standoff puts U.S. Rate policy in crosshairs: Who will blink first? Trump-Powell standoff puts U.S. Rate policy in crosshairs: Who will blink first? SEBI warns of securities market frauds via YouTube, Facebook, X and more SEBI warns of securities market frauds via YouTube, Facebook, X and more API Trading for All: Pi42 CTO Satish Mishra on How Pi42 is Empowering Retail Traders API Trading for All: Pi42 CTO Satish Mishra on How Pi42 is Empowering Retail Traders Security, transparency, and innovation: What sets Pi42 apart in crypto trading Security, transparency, and innovation: What sets Pi42 apart in crypto trading Bitcoin, Ethereum, or Altcoins? How investors are structuring their crypto portfolios, Avinash Shekhar explains Bitcoin, Ethereum, or Altcoins? How investors are structuring their crypto portfolios, Avinash Shekhar explains The rise of Crypto Futures in India: Leverage, tax efficiency, and market maturity, Avinash Shekhar of Pi42 explains NEXT STORY
