Defence stocks: The brokerage recommended Solar Industries (Buy; target price: Rs 10,950), Astra Microwave (Buy; target price: Rs 800) and Azad Engineering (Buy; target price: Rs 1,600) as key stock picks in the defence space.
NHPC Ltd, Mishra Dhatu Nigam Ltd, IRCON International Ltd, Engineers India Ltd, MMTC Ltd and Indian Overseas Bank and RCF are some of the PSU shares that have fallen over 20 per cent from their 52-week highs.
BHEL has started consolidating and is showing signs of accumulation. A move beyond Rs 115 is likely to trigger further bullish momentum towards its swing highs of Rs 130.