Siddhartha Khemka of Motilal Oswal Recommends 2 Stocks To Buy Today, 31st Oct

Nifty November futures wrapped up at 19220.90 on Monday, with an 80-point premium compared to the previous session's 84.10-point premium. Meanwhile, bank Nifty futures OI grew by 6.14% to 26.40 lakhs and Nifty futures OI increased by 2.17% to 1.17 Cr. The Nifty Put/Call Ratio (OI) grew from 0.96 to 1.10 at that point.

India VIX jumped from 10.90 to 11.49 points, a gain of 5.41%. Investor attention will be focused on the US GDP data, the China PMI data, and today's policy announcement from Japan. October 31 saw a good start to the Indian market on Tuesday, with Nifty opening over 19,200. At 64,336.42, the Sensex saw a gain of 223.77 points, or 0.35 per cent, while the Nifty saw a gain of 62.30 points, or 0.33 per cent, at 19,203.20.

Market Outlook Today

"The US Fed 2-day policy meeting will commence today and release the policy outcome on interest rate decision tomorrow (IST 11.30 PM). Fed Chair Jerome Powell and the rest of the governing body are widely expected to keep rates unchanged. Back home, Gift Nifty is trading flat to negative. DIIs were net buyers this month at a nearly 2-month high worth Rs25000cr. US GDP data, China PMI data and Japan policy outcome will be announced today. Metal stocks will be focused on account of surging base metal prices on LME (London Metal exchange)," said Siddhartha Khemka Head - Retail Research and Chandan Taparia-Derivatives & Technical Analyst of Motilal Oswal.

Nifty Outlook Today

"Nifty immediate support at 19000 then 18888 zones while resistance at 19250 then 19350 zones. Now it has held above 19100 zones, for an up move towards 19250 then 19350 zones whereas supports are placed at 19000 then 18888 zones," said the analysts.

Bank Nifty Outlook Today

"Bank Nifty support at 42750 then 42500 zones while resistance at 43300 then 43500 zones. Now it has to hold above 43000 zones for an up move towards 43300 then 43500 zones while on the downside supports are placed at 42750 then 42500 levels," stated the analysts of Motilal Oswal.

Stocks To Buy Today

Siddhartha Khemka Head - Retail Research and Chandan Taparia-Derivatives & Technical Analyst of Motilal Oswal has recommended 2 stocks to buy today on 31st October 2023.

Technical Pick:

L&T

Buy at CMP of Rs 2926, stop-loss: Rs 2850, target: Rs 3070, duration: 2 to 3 days.

Larsen has retested the major breakout zone on the daily chart and inched higher. It has negated lower highs after eight trading sessions and formed a bullish candle on daily chart. The momentum indicator RSI is bouncing from oversold territory and supports are gradually shifting higher.

Fundamental Pick:

Spandana Spoorty

Buy at CMP of Rs 913, target: Rs 1100, duration: 1 year

Spandana's PAT surged ~127% YoY to ~INR1.25b (6% beat) in 2QFY24. The company continued to pursue customer acquisition-led growth, with the addition of ~350k borrowers (up ~180% YoY) in 2QFY24. Given the strong opportunity in the microfinance sector, we think that the company is poised for further rerating if it executes well on its stated goal of quality growth," said the analysts.

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.