In a recent appearance on CNBC-TV18, Jay Thakkar from Sharekhan shared his insights on three promising stocks to watch in the current market conditions.

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Thakkar's first buy recommendation is Apollo Tyres. He emphasized that despite the broader market's negative sentiment, Apollo Tyres has shown resilience and positive divergence. Thakkar pointed out that the daily charts indicate a favorable setup. The stock's ability to trade positively during market downturns is a strong indicator of its potential.

Thakkar believes that Apollo Tyres could experience a bounce back, potentially reaching levels around Rs 390. He suggested setting a stop loss at Rs 367 to manage risk effectively.

The risk-reward ratio for this trade appears attractive, especially considering that the stock had experienced a decline of more than 3 percent in the previous month.

The second stock on Jay Thakkar's radar is Bajaj Finance. Thakkar highlighted the stock's impressive bullish momentum. Despite recent market fluctuations, Bajaj Finance has not experienced a significant correction in the last four to five trading sessions. This resilience suggests underlying strength in the stock.

Thakkar recommended buying Bajaj Finance with a breakout above Rs 7,700 as the entry point. Setting a stop loss at this level, investors can target a near-term price range of Rs 8,000-8,200.

Over the past month, Bajaj Finance has already gained more than 7 percent, making it an appealing choice for those looking to capitalize on its upward momentum.

Jay Thakkar also expressed optimism about the sugar industry, highlighting Balrampur Chini Mills as a noteworthy stock in the sector. What caught his attention was the stock's consistent upward movement within an upward sloping channel. This gradual ascent suggests a strong underlying trend.

Thakkar identified the upper end of the range at around Rs 460, and he anticipates that once this level is breached, Balrampur Chini Mills could see a unidirectional move toward Rs 500-525. The overall momentum in the sugar space is positive, and strong volumes at the lower end of the range indicate a potential breakout on the upside.

In the past month, Balrampur Chini has already recorded a substantial gain of more than 15 percent, adding to its appeal as an investment opportunity.

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