Buy/Sell: Intraday Stock Picks By Chandan Taparia of Motilal Oswal On Monday, 29th April

Rally in the global markets, in line with expected US April Inflation data, falling US Bond Yield and Dollar Index, and impressive quarterly results announced by ICICI Bank, may open the domestic equity market on a positive note. Better-than-expected quarterly earnings reports from Alphabet Inc. and Microsoft Corp. and a key monthly US inflation reading that was in line with economists' expectations lifted US market up to 2%, said Chandan Taparia, CMT, CFTe Derivatives & Technical Analyst at Motilal Oswal.

"USFed interest rate decision, Lok Sobha election, April auto monthly sales data, and quarterly results both in India and US will be in focus this week. US Federal Reserve Interest rate decision will be announced on Wednesday (1st May)," the analyst further added.

Nifty Outlook Today

"Nifty immediate support at 22300 then 22222 zones while resistance at 22600 then 22750 zones. Now it has to hold above 22400 for an up move towards 22600 then 22750 zones whereas supports are placed at 22300 then 22222 zones," commented Chandan Taparia.

Bank Nifty Outlook

"Bank Nifty support at 48000 then 47777 zones while resistance at 48888 then 49050 zones. Now it has to continue to cross and hold 48250 zones for an up move towards 48888 then 49050 zones while on the downside support is seen at 48000 then 47777 levels," the analyst added.

Stocks To Buy Today

Chandan Taparia, CMT, CFTe Derivatives & Technical Analyst at Motilal Oswal has recommended the below stocks to buy today.

IRFC

Buy at CMP: Rs 158, stop-loss: Rs 153, target: Rs 170, duration: 2-3 days

IRFC has given a trend line breakout on the daily chart and managed to close above the same. It has formed a strong bullish candle on a daily scale and supports are gradually shifting higher. Buying is visible across Rail Psu space which may support the ongoing up move. Momentum indicator RSI is positively placed which may take the prices higher, said Chandan Taparia.

ICICI Bank

Buy at CMP: Rs 1108, target: Rs 1300, duration 1 Year

"ICICI Bank (ICICIBC) reported a healthy performance in 4QFY24, with 17% YoY growth in net earnings (inline) amid contained opex and provisions. The pace of NIM contraction decelerated, down 3bp QoQ at 4.4% (vs.10bp in 3Q). Credit growth was healthy at 16% YoY/3% QoQ, led by healthy traction in the Retail, SME and BB segments. Deposit growth surprised positively at 20% YoY/6% QoQ. On the asset quality side, slippages declined QoQ as 3Q had KCC slippages. GNPA/NNPA ratios decreased 14bp/2bp QoQ. The bank holds a prudent contingency buffer of INR131b (1.1% of loans). We estimate RoA/RoE of 2.26%/18.0% in FY26. We expect the bank to sustain a ~14% CAGR in PAT over FY2426E," said Chandan Taparia.

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.