Day Trading Guide For Today: Chandan Taparia of Motilal Oswal Recommends 2 Stocks To Buy On Tuesday—12th Septe

On Monday, Nifty reached a new lifetime high of 20k and wrapped up 176 points higher at 19996 levels. In the meanwhile, shares worth Rs. 366 crore and Rs. 1473 crore were purchased by DIIs and FIIs, respectively, providing a bullish domestic cue for Tuesday. However, on Monday, US indices wrapped up 0.3% to 1.1%, European indices closed up 0.3% to 0.5%, and today's mixed trading in Asian markets (-0.4% to 0.8%) indicates mixed global cues.

Nifty Outlook Today

Nifty immediate support at 19900 then 19850 zones while resistance at 20100 then 20250 zones. Now it has to hold above 19950 zones for an up move towards 20100 then 20250 zones whereas support exists at 19900 then 19850 zones, said Chandan Taparia, Derivatives & Technical Analyst of Motilal Oswal.

Bank Nifty Outlook Today

Bank Nifty support is at 45250 then 45000 zones while resistance is at 45750 then 46000 zones. Now it has to continue to hold above 45250 zones for an up move towards 45750 then 46000 zones while on the downside support shifts higher at 45250 then 45000 levels, said Chandan Taparia.

Market Outlook Today

"Rally in the US market and modest opening in the Asian market may open equity benchmark index on a positive note. Sentiment boosted after Nifty crossing record high of above 20000 milestone psychological barrier yesterday. US equities climbed on Monday as investors grew more hopeful about a soft landing for the economy, even as Wall Street strategists urged investors to temper optimism ahead of inflation data this week. European stocks rose on Monday as comments from Treasury Secretary Janet Yellen raised hopes that the US economy is headed toward a soft landing. Currently, Gift Nifty is up 70 points . Domestic CPI and IIP data will be announce post market today. Traders focus on steel stock after Reuters report that the government may imposed an anti-dumping duty on some Chinese steel for five years, said Chandan Taparia.

Stocks To Buy Today

Chandan Taparia, Derivatives & Technical Analyst of Motilal Oswal has recommended a mix of technical and fundamental stocks to buy today on Tuesday.

Technical Pick:

Tata Motors

Buy at CMP of Rs 635, stop-loss: Rs 620, target: Rs 665, duration: 2 to 3 days

Tata Motors has given trend line breakout on daily scale and holding well above the same. It is continuously respecting 50 DEMA and supports are gradually shifter higher. Buying is visible across Auto space which may support the ongoing up move. The momentum indicators are placed in the positive territory which may take the price to higher zones.

Fundamental Pick

Dalmia Bharat

Buy at CMP-2362, target: Rs 2400, duration: 1 year

Cement stocks will be in focus as few companies have hiked prices by Rs.35/bag effective Sep11 in east india. Dalmia Bharat will be the beneficiary of this as it has significant presence in that region.

Disclaimer

The recommendations made above are by market analysts and are not advised by 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.