Chandan Taparia of Motilal Oswal Recommends 2 Stocks To Buy Or Sell on Monday, September 4

In Friday's trading session, the Indian stock market ended with modest gains as the Sensex closed around 65,400 and Nifty above 19,400 led by healthy GDP data. Jio Finance, ONGC, NTPC, and Tata Steel led the stock charts, while Cipla stocks fell. Pharma index closed lower.

Commenting on the US market, Chandan Taparia, Derivatives & Technical Analyst of Motilal Oswal said, Strong domestic economy data along with favorable US economy data, may open Indian bourses on a positive note. US market on Friday ended on a mixed bag but biggest weekly gained since last 3-month. Lower than expected US August jobs report that raised the chances of an end to Federal Reserve interest rate hikes in the coming months.

Market Outlook "US market is shut today for the Labour day holiday. Expects positive for rail stocks due to strong order book. Travel & tourism stocks will be positive ahead of festival demand," said Chandan Taparia.

Stocks To Buy Today

Chandan Taparia, Derivatives & Technical Analyst of Motilal Oswal has recommended 2 stocks to buy today, September 4.

Technical Pick:

Axis Bank

Buy at CMP Rs 991, stop loss: Rs 970, target price Rs 1,030 timeframe 2 to3 days.

Axis bank is in overall uptrend and gave a consolidation breakout on weekly chart. It formed a strong bullish candle on daily scale and gave highest daily close ever. The momentum indicators are placed in the positive territory which may take the price to higher zones

Fundamental Pick:

NMDC

Buy at CMP Rs 131, target price Rs 135

The Company reported sales for August of 3.54 million tons (up 25% YoY) and Production at 3.41 million tons (up 38% YoY). The volume outlook remains robust and NMDC is on track to deliver 50mt of volumes in FY25. Considering the improved outlook on pricing and margins, we have slightly increased our revenue/EBITDA estimates by 3%/3% for FY24 and by 3%/4% for FY25