Day Trading Guide: 2 Stock Picks By Siddhartha Khemka For Today, 30th Oct

In light of this week's major interest rate decisions in the US, UK, and Japan as well as the weak start to the Asian markets and the steep fall in the US market on Friday may trigger the domestic market to open cautiously today. With a premium of 84.10 points compared to a premium of 115.35 points in the previous session, Nifty November future wrapped up at 19131.35 on Friday. India VIX was down by 7.03% from 11.31 to 10.90 levels on Friday, while Nifty futures OI fell by 0.65% to 1.15 Cr and Bank Nifty futures OI grew by 0.51% to 24.87 lakhs.

Nifty Outlook Today

Siddhartha Khemka Head - Retail Research and Chandan Taparia-Derivatives & Technical Analyst of Motilal Oswal said, Nifty immediate support at 18888 then 18800 zones while resistance at 19250 then 19350 zones. Now it has to cross and hold above 19050 zones, for a bounce towards 19250 then 19350 zones whereas supports are placed at 18888 then 18800 zones.

Bank Nifty Outlook Today

"Bank Nifty support at 42500 then 42250 zones while resistance at 43200 then 43500 zones. Now till it holds above 42250 zones, bounce can be seen towards 43200 then 43500 zones while on the down side supports are placed at 42500 then 42250 levels," said the equity research analysts of Motilal Oswal.

Market Outlook Today

"Weak opening in the Asian markets, sharp decline in US market on Friday ahead of key interest rate decision in US, UK and Japan to be released this week, it may open domestic bourses on a cautious note. US, Asia and European market declined by 1% and US S&P 500 index declined by 10% below its July peak and ended below 4200 zones," said the analysts.

"Sentiment dampened after the US September Inflation spiked to 5-month high above 4%, mixed bag of corporate results in US and surging geo-political tension in the gulf region. Gold price surged to 6-month high and oil price spiked to $90/bbl after the news that the Israel stepped up ground operations into the northern Gaza Strip. It has been further escalating geo-political tension in the gulf-region," they added.

Stocks To Buy Today

Siddhartha Khemka Head - Retail Research and Chandan Taparia-Derivatives & Technical Analyst of Motilal Oswal has recommended 1 technical and 1 fundamental stock to buy today on 30th October 2023.

Technical Pick:

Axis Bank

Buy at CMP of Rs 1003, stop-loss: Rs 980, target: Rs 1040, duration: 2 to 3 days

Axis Bank is in an overall uptrend and holding well in spite of broader market weakness. On a weekly scale, it has formed a strong bullish candle which implies that decline is being bought into the stock. On a daily scale, it has formed a base near the 950-960 band and negated lower top-lower bottom formation. Recent up move is supported by noticeable volumes which has bullish implications. Momentum indicator (RSI) is bouncing from deep oversold territory and supports are gradually shifting higher.

Fundamental Pick:

Cipla

Buy at Rs 1174, target: Rs 1450, duration: 1 year

CIPLA beat our earnings estimates in 2QFY24, led by a superior performance in the branded generics segment of domestic formulation (DF). We remain positive on CIPLA given its market-beating growth in prescription market, efforts to enhance NA product pipeline with differentiated products, and improving profitability in the consumer health business. We raise our earnings estimates by 7%/4.4% for FY24/FY25, they 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.