Trading Guide: 2 Stocks To Buy As Recommended By Chandan Taparia of Motilal Oswal On Thursday - 28th March

Life high closing in both US and European markets, FIIs turned into net buyers yesterday, Domestic fund witnessed record net buyers over Rs50000cr this month and global research firm Morgan Stanley lifted India's GDP growth forecast for FY25 to 6.8% from 6.5%, may open domestic bourses on a positive note. US equities rose over 1% on Wednesday as traders adjusted their portfolios before the quarter ended and awaited inflation data that could create further swings in stocks.

Gift Nifty is up 30 points or 0.1%. Chandan Taparia, CMT, CFTe Derivatives & Technical Analyst at Motilal Oswal said he expects higher intra-day volatility in the market on account of the March series F&O expiry, the final trading day for the financial year 2023-24. Metal stocks may be positive due to rising base metal prices on the London Metal Exchange. Expect positive for banks and NBFCs, the RBI relaxed the norms it announced on investments in Alternative Investment Funds (AIFs).

Nifty Outlook

"Nifty immediate support at 21950 then 21880 zones while resistance at 22222 then 22350 zones. Now it has to continue to hold above 22050 zones for an up move towards 22222 then 22350 while on the flipside, support is placed at 21950 then 21880 zones," said Chandan Taparia.

Bank Nifty Outlook

"Bank Nifty support at 46250 then 46000 zones while resistance at 47000 then 47250 zones. Now it has to continue to hold above 46500 zones to extend the move towards 47000 then 47250 zones while on the downside support is seen at 46250 and 46000 zones," the analyst further added.

Stocks To Buy Today

Chandan Taparia, CMT, CFTe Derivatives & Technical Analyst at Motilal Oswal has recommended 2 stocks to buy or sell on Thursday - 28th March.

Dixon

Buy at CMP: Rs 7424, stop-loss: Rs 7250, target: Rs 7777, duration: 2-3 Days

Dixon is in an overall uptrend and gave a trend line breakout on the daily chart. It has also given range breakout on a weekly scale and managed to give the highest daily close ever. It has formed a strong bullish candle on the daily chart and supports are gradually shifting higher. The momentum indicator Relative Strength Index (RSI) is positively placed which may make the prices higher.

Bajaj Finance

Buy at CMP: Rs 7029, target: Rs 8500, upside 21%, Buy

RBIhasmodified AIF norms to ensure uniformity in its implementation among regulated entities (RE). Downstream investments to exclude investment in equity shares of debtor company of RE but can include all other investments including hybrid instruments. Earlier RBI had disallowed investment in any AIF scheme which has downstream investments in a debtor company of RE.

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.