Chandan Taparia of Motilal Oswal Recommends 2 Stocks To Buy Or Sell On Friday, 14th July

During the pre-opening market session, Sensex gained over 300 points, Nifty above 19,500 amid a rally in the global market. Commenting on the outlook of Nifty today, Chandan Taparia, Derivatives & Technical Analyst of Motilal Oswal said, Nifty immediate support is at 19333 then 19250 zones while resistance is at 19515 then 19567 zones. Now it has to hold above 19333 zones to extend the move towards 19515 and then 19567 zones while on the downside support is intact at 19333 and 19250 zones.

On the outlook of Bank Nifty he said "Bank Nifty support at 44444 then 44250 zones while resistance at 45000 then 45250 zones. Now till it holds below 45000 zones some weakness could be seen towards 44444 then 44250 zones while on the upside hurdle is seen at 45000 then 45250 levels."

Stocks To Buy Today

Chandan Taparia, Derivatives & Technical Analyst of Motilal Oswal has suggested two stocks to buy today on Friday, 14th July.

Technical Pick:

Infosys

But at CMP of Rs 1365, stop loss Rs 1340, target price: Rs 1410, duration: 2 to 3 days.

Infosys has given a breakout of the rounding formation on daily chart with strong bullish candle. It is holding well above 50DEMA and supports are gradually shifting higher. The momentum indicators are placed in the positive territory which will take the prices to higher zones, said Chandan Taparia.

Fundamental Pick:

Hindalco

Buy at CMP of Rs 436, target price Rs 510, duration 1 year

Metal prices have moved up in the last couple of days. Also, Alcoa was up 4% yesterday in USA. This augurs well for aluminum company like Hindalco. Robust demand in India, an increase in capacity utilization, higher spends on infrastructure, better business sentiment and moderating commodity prices should support the company's performance ahead, 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.