From GAIL To MOIL; 4 Stocks Recommended To Buy Today By Prabhudas Lilladher, IIFL Securities

Indian market is likely to see a positive start on Wednesday with Nifty 50 support levels to come around 19,700 to 19,900. Nifty has finally broken out the 19,850 level, and a fresh upside is expected to take place ahead. On this day, brokerage Prabhudas Lilladher's technical analyst recommended buying three stocks such as Apollo Tyres, IOL Chemicals and Pharmaceuticals, and MOIL.

For today, Shiju Koothupalakkal - Technical Research Analyst, Prabhudas Lilladher expects the Nifty spot index to find support between 19,800/19,750, while resistance to be around 20,000/20,050.

Meanwhile, Koothupalakkal expects the Bank Nifty index to find support in the range of 43,600/43,550, and resistance around 44,200/44,250.

The technical analyst recommended buying these three stocks:

- BUY APOLLO TYRES at 422.60 stop loss 415 Target 440

- BUY IOL CHEM at 458 stoploss 450 Target 482

- BUY MOIL at 298.70 stoploss 292 Target 315

Traders will focus on IPO listings such as IREDA today while awaiting the release of US Consumer Confidence data, US GDP numbers, and China's manufacturing PMI data.

Furthermore, Sanjiv Bhasin, director at IIFL Securities recommended the following:

Technical View: Nifty finds support around 19800 while 20100 will act as resistance. Bank Nifty finds support around 43700 while 44400 will act as resistance on the upside.

Trading call:(1-14 days) BUY Gail December future @ 126-126.5, stop loss 123.55 & target 129

Derivative call-time period: (1 month) BUY Bandhan Bank December future @ 218-219, stop loss 214.15 & target 223

Bhasin also said Asian markets opened mixed with profit booking seen in the Japanese Nikkei' which was down 120 points in early trade as 'the yen's strength saw weakness in export stocks.ASX index led the gainers while Chinese markets expected to see gains as ADRs listed in the US saw buying interest.

Adding he said, US markets see another day of gains as bond yields fall to another new recent low hitting 4.32% with US$ seeing 4-month lows near 102.5. Metals, industrials & banks lead the indices with emerging markets seeing buying interest.

On Tuesday, Sensex ended higher by 204.16 points or 0.31% to end at 66,174.20, while Nifty 50 settled at 19,889.70, up 95 points or 0.48%.

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.