Trade Setup: Chandan Taparia of Motilal Oswal Stock Picks For Monday

The BSE Sensex lost 223 points to close at 62,625 points on Friday, while the Nifty 50 closed 71 points lower at 18,563 points. On outlook of Nifty Chandan Taparia Derivatives & Technical Analyst of the broking firm Motilal Oswal said Nifty immediate support at 18442 then 18350 zones while resistance at 18676 then 18777 zones. Now till it holds below 18676, some weakness could be seen towards 18442 and 18350 zones while hurdles are placed at 18676 and 18777 zones.

Commenting on the outlook of Bank Nifty, Chandan Taparia said Bank Nifty support at 43750 then 43500 zones while resistance at 44250 then 44500 zones. Now it has to cross and hold above 44044 zones for an up move towards 44250 then 44500 zones while on the downside support is seen at 43750 then 43500 levels.

Stock Market Outlook On Monday

Chandan Taparia said the market is expected to open on a positive note on account of strong opening in the Asian markets, US market hit fresh 2023 high and hope of US Fed to pause hike in interest rate will boost the market sentiment.

"European markets close in the red Friday ahead of potential European Central Bank and US Federal Reserve rate hikes next week.. UK Index slipped 0.5% while Germany and France Index declined gained 0.2% each. Asian stocks and US equity futures made small gains while major currencies traded in narrow ranges in cautious trading early Monday as investors await interest rate decisions this week from the US, Europe, China and Japan. Expects range-bound market in the next few sessions on ahead of key US Federal Reserve interest rate decision to be announce on Wednesday and Inflation data to be announce tomorrow (Tuesday). Moreover, domestic CPI (Inflation) and IIP data to be release in the post market today. SGX Nifty is up nearly half percent," he said.

Stocks To Buy On Monday

Chandan Taparia Derivatives & Technical Analyst of the broking firm Motilal Oswal has recommended to buy Apollo Tyres as technical pick up and is positive on NTPC as a fundamental pick up.

1. Buy Apollo Tyres: Current market price Rs 405, stoploss: Rs 395, target price: Rs 424, timeframe: 2-3 Days.

Apollo Tyres has come out of its consolidation on daily frame and holding well at higher zones. The breakout is suggesting to soar the stock higher to a new price trajectory. • It has been trading in an upward sloping channel and any small dips are being converted into buying opportunity.

2. Buy NTPC: Recommendation: Positive, current market price: Rs 183, timeframe: 1 Year.

Disclaimer

The stock has been picked up by market analysts and is not a recommendation of either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.