Day Trading Guide: Chandan Taparia Suggests 2 Stocks To Buy Today, Thursday

The Nifty opened 28.40 points or 0.14 percent higher at 19,744.90 while the Sensex commenced 125.35 points or 0.19 percent higher at 66,244.04 at the start of the trading session on Thursday. Ahead of today's September series F&O expiry, Gift Nifty is trading flat to down which indicates a volatility in the market today but support from lower will be from FIIs selling and strong buying interest by domestic institutions.

Nifty Outlook Today

Siddhartha Khemka Head - Retail Research and Chandan Taparia - Derivatives & Technical Analyst of Motilal Oswal said, "Nifty immediate support at 19600 then 19550 zones while resistance at 19850 then 19950 zones. Now it has to hold above 19700 zones, for an up move towards 19850 then fresh move towards 19950 zones whereas supports are placed at 19600 then 19550 zones."

Bank Nifty Outlook Today

"Bank Nifty support at 44444 then 44250 zones while resistance at 45000 then 45250 zones Now it has to cross and hold above 44750 zones for a bounce towards 45000 then 45250 levels while a hold below the same could see some weakness towards 44444 then 44250 zones," the analysts said.

Market Outlook Today

"Expectation that the US Federal Reserve will keep policy restrictive into next year, or longer time.In the domestic front, gradually reducing FIIs selling and strong buying interest by domestic institution will be support market from lower level. Expects positive for real estate stocks on account of residential sales in India poised to breach decadal high this year. Hotel stocks will be focus as tourism sector witnesses impressive comeback, 44% annual jump in hiring in August this year," said the analysts of Motilal Oswal.

Stocks To Buy Today

Siddhartha Khemka Head - Retail Research and Chandan Taparia - Derivatives & Technical Analyst of Motilal Oswal has recommended 2 stocks to buy today on Thursday.

Technical Pick:

Polycab

Buy at CMP of Rs 5360, stop-loss: Rs 5200, target: Rs 5700, duration: 2 to 3 days.

Polycab has given consolidation breakout on daily chart and managed to close above the same. It is in continuous uptrend and gave highest daily close ever with noticeable volumes. The momentum indicators are placed in the positive territory which may take the price to higher zones.

Fundamental Pick:

Medanta

Buy at CMP of Rs 695, target: Rs 840, duration: 1 year

MEDANTA is a leading tertiary care service provider with established presence in North and East India. It has nearly 2,700 beds and intends to add more than 1,300 beds over the next three years. It delivered 47% PAT CAGR to reach INR3.3b over FY19-23. We expect the momentum to sustain with 14%/17%/26% revenue/EBITDA/PAT CAGR over FY23-25. This will be led by: a) higher volume of patients being treated at new hospitals, b) scale-up in international patient flow, and c) improvement in ARPOB backed by superior payor mix/case mix.

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.