Chandan Taparia of Motilal Oswal Recommends 2 Stocks To Buy Today, 4th Aug

Nifty climbs above 19,450 on Friday while Sensex starts over 250 points higher at 65,518.12 on Friday. The top index gainers include Cipla, Hindalco, SBI Life, and Eicher Motors. Commenting on the Nifty prediction today, Chandan Taparia, Derivatives & Technical Analyst of Motilal Oswal said, Nifty immediate support is at 19200 then 19100 zones while resistance is at 19560 then 19650 zones. Now till it holds below 19420 zones weakness could be seen towards 19200 and 19100 zones while hurdles are placed at 19560 and 19650 zones.

Commenting on the Bank Nifty prediction today, Chandan Taparia said, "Bank Nifty support at 44444 then 44250 zones while resistance at 45050 then 45250 zones. Now till it holds below 44850 zones weakness could be seen towards 44444 then 44250 marks while on the upside hurdle is seen at 45050 then 45250 zones."

Stocks To Buy Today

Chandan Taparia, Derivatives & Technical Analyst of Motilal Oswal has recommended 2 stocks to buy today, 4th August.

Technical Pick:

ACC

Buy at CMP of Rs 2028, stop-loss: Rs 1970, target price: Rs 2150, duration: 2 to 3 days

ACC has given a range breakout on the daily chart and is holding well above the same. Buying is visible across Cements space which will support the up move. It formed a strong bullish candle on a daily scale with a surge in volumes which has bullish implications. The momentum indicators are placed in the positive territory which may take the price to higher zones, said Chandan Taparia.

Fundamental Pick:

Zomato

Buy at CMP of Rs 86, target price: Rs 110, duration: 1 year

Zomato delivered an excellent 1QFY24 performance, as it turned profitable and reported strong revenues of INR 24.1b (up 17.5% QoQ), much ahead of our estimates of 9.9% QoQ growth and a PAT loss. Zomato's 1QFY24 Adj. EBITDA margin at 2.2% was significantly ahead of our estimate (-3.1%) on account of lower operating costs. The food delivery business is still in a nascent stage in India with a long runway for growth. With a dominant market share and strong growth in the food delivery business, we expect Zomato to report a strong 43% adj. revenue CAGR over FY23-25, 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.