Buy Call: 3 Stock Picks By Chandan Taparia of Motilal Oswal On Tuesday, 9th Jan

The Indian stock market is expected to open on Tuesday on a strong note on account of a smart rally in the US markets and a strong opening in Asian markets.

Gift Nifty surged over 0.5% after the US S&P 500 and Nasdaq Composite on Monday rallied more than 1% and 2%, respectively led by IT stocks. On the domestic front, cooling down oil price to $76/bbl after the price cut by Saudi, impressive quarterly corporate business updates by corporates and favorable macro data will be positive for the market sentiment, said Chandan Taparia, CMT, CFTe Derivatives & Technical Analyst at Motilal Oswal.

On the domestic front, FIIs were net buyers marginally by Rs16cr despite Nifty declining by 1% yesterday, indicating strong FII inflow in the domestic bourses. Expects positive for IT stocks after global IT major Nasdaq Composite in US surged by 2%. Infosys ADR gained yesterday by 2%. Expect a rally on mid-cap and realty stocks to continue, the analyst further added.

Nifty Outlook

Nifty immediate support at 21400 then 21300 zones while resistance at 21600 then 21750 zones. Now if it holds below 21600 zones, some profit booking could be seen towards 21400 then 21300 while on the upside hurdle exists at 21600 and 21750 zones.

Bank Nifty Outlook

Bank Nifty support is at 47250 then 47000 zones while resistance at 47777 then 48000 zones. Now till it holds below 47777 zones some weakness could be seen towards 47250 then 47000 level while on the upside hurdle is seen at 47777 then 48000 zones, said Chandan Taparia.

Stocks To Buy Today

Chandan Taparia, CMT, CFTe Derivatives & Technical Analyst at Motilal Oswal has recommended buying 3 stocks on an intraday basis on Tuesday, 9th January.

TVS Motors

Buy at CMP of Rs 2037, stop-loss: Rs 1990, target: Rs 2150, duration: 2 to 3 days.

TVS Motors is in an overall uptrend and gave a triangle breakout on daily chart. It is respecting 20 DEMA and inching higher. RSI (relative strength Index) has given a bullish crossover which suggests momentum to pick up in the coming sessions.

The stock is a strong outperformer within the AUTO space and is likely to scale new record highs in coming sessions.

Adani Ports

Buy at CMP of Rs 1169, target: Rs 1450, duration: 1 Year

Adani Ports & SEZ (APSEZ) reported 42% YoY growth in Oct-Dec'23 volumes, taking the total 9MFY24 volumes to 311 MMT, registering a 23% YoY growth on YTD basis.

With a monthly volume run-rate of ~35MMT, management has increased volume guidance to 400 MMT in FY24 from 370-390 MMT earlier. We expect volumes for FY24 to even surpass the revised volume guidance of 400 MMT.

APSEZ's management reiterated its focus to reach its FY25 port traffic target of 500MMT vs 339MMT in FY23. This would drive a revenue/EBITDA/PAT CAGR of 19%/18%/17% over FY23-26, the analyst said.

Tata Motors

CMP INR789, TP INR900, Upside 14%, Buy

JLR's wholesale volumes (ex-China JV) grew 27% YoY/4% QoQ to 101k units (est. 100k units). 9MFY24 wholesales grew 28% YoY to 291.1k units. 3Q retails grew 29% YoY (+2% QoQ) to 109.1k units, while 9MFY24 retails increased by 26% to 317.7k units.

Retails were higher in all the markets, with strong growth witnessed in the rest of world (+49% YoY), North America (+6% YoY), China (+28% YoY), UK (+55% YoY), and EU (+27% YoY). The growth in JLR is likely to be supported by gradual recovery in global PV demand, a strong order book, and a favourable product mix, Chandan Taparia said.

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.