Chandan Taparia of Motilal Oswal Recommends 2 Stocks To Buy Or Sell On Monday, 10th July

The Sensex and Nifty 50 have both started the week off with modest gains. The Nifty 50 started at 19,400, while the Sensex opened 200 points higher on Monday. Commenting on the outlook of Nifty today, Chandan Taparia, Derivatives & Technical Analyst of Motilal Oswal said, Nifty immediate support is at 19250 then 19100 zones while resistance is at 19420 then 19525 zones. Now it has to hold above 19300 zones to extend the move towards 19420 and fresh all-time high levels of 19525 zones while on the downside support is intact at 19250 and 19100.

On the outlook of Bank Nifty, he said "Bank Nifty support at 44750 then 44500 zones while resistance at 45250 then 45500 zones. Now it has to hold above 45000 zones for a bounce towards 45250 then 45500 zones while a hold below the same could see some weakness towards 44750 then 44500 levels."

Market Outlook

"Most of the corporates announced impressive quarterly business updates which indicating Nifty to report robust year on year and double-digit earnings growth for the June quarter (Q1). Dow Jones slipped 0.5% while Nasdaq Composite ended marginally lower. European shares were little changed on Friday as investors assessed how the latest US jobs data will affect Federal Reserve monetary policy. Both France and Germany Index gained 0.5% each while UK Index slipped 0.3%. South Korea, Taiwan Index marginally gain while Japan and Australia Index open on a flat note. On domestic front, TCS, Wipro and HCL Tech will be in focus ahead of Q1 results to be announce this week. Expects momentum to continue on Real Estate, Auto and PSU Banks," said Chandan Taparia.

Stocks To Buy Today

Chandan Taparia, Derivatives & Technical Analyst of Motilal Oswal have recommended 2 stocks to buy today i.e. on Monday, 10th July.

Technical Pick:

Tata Motors

Buy at CMP of Rs 618, stop loss Rs 603, target price: Rs 650, timeframe: 2-3 days.

Tata motors is in overall uptrend and given a range breakout on a daily scale which has bullish implications. Buying is visible across Auto space which will support the up move. It has managed to give highest daily & weekly close 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:

Apollo Tyres

Buy at CMP of Rs 418, target price: Rs 500, timeframe: 1 year

Apollo Tyres continues to focus on profitability and capital efficiency. In FY24, it expects growth in high single digits to low double digits, largely driven by volume growth amid visible signs of a pick-up in replacement demand. Among its tyre peers, it offers the best blend of earnings growth, balance sheet deleveraging, improving capital efficiencies and cheap valuations, 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.