Day Trading Picks: Chandan Taparia of Motilal Oswal Recommends 3 Stocks To Buy Today - Tuesday

Indian stock market is expected to open on a positive note on account of the global market rally amid easing geopolitical tension between Iran-Israel, falling oil prices and cooling down global Vix (Volatility Index). Both US and India Vix fell sharply by 10% and 5% respectively, indicating a stable market, according to Chandan Taparia, CMT, CFTe Derivatives & Technical Analyst at Motilal Oswal.

Gift Nifty is up by 60 points. Expect positive for tractor stock after the news of Eicher to hike price. PSU Banks may be positive after the news that the Centre may disinvest minority stakes in five public sector banks. Expect positive for oil marketing companies for HPCL BPCL, IOC on account of benefit of fall in price, the analyst further added.

Nifty Outlook

"Nifty immediate support at 22222 then 22100 zones while resistance at 22500 then 22600 zones. Now it has to hold above 22222 for an up move towards 22500 then 22600 zones whereas supports are placed at 22222 then 22100 zones," Chandan Taparia stated.

Bank Nifty Outlook

"Bank Nifty support at 47777 then 47500 zones while resistance at 48250 then 48500 zones. Now it has to continue to hold above 47777 zones for an up move towards 48250 then 48500 zones while on the downside support is seen at 47777 then 47500 levels," he predicted.

Stocks To Buy Today

Chandan Taparia, CMT, CFTe Derivatives & Technical Analyst at Motilal Oswal has recommended the below stocks to buy on Tuesday, 23rd April.

Canara Bank

Buy at CMP: Rs 600, stop-loss: Rs 584, target: Rs 635, duration: 2-3 Days

Canara Bank is in overall uptrend and all the small declines are being bought into. It is perfectly respecting 50 DEMA and formed a strong bullish candle on daily scale. Buying is visible across PSU Banks which may support the ongoing up move. Momentum indicator RSI has given a bullish cross over which may take the prices higher.

Reliance Industries

CMP: Rs 2960, target: Rs 3245, Upside 10%, Buy

Reliance's 4QFY24 consolidated revenue & EBITDA grew 11%, each primarily due to the growth in the O2C segment. Standalone revenue grew by 13% led by better feedstock sourcing, ethane cracking, and higher domestic product placement. Net debt improved sequentially to INR1,163b from INR1,194b. Segment-wise, the Consumer business continues to post double-digit EBITDA growth, with both RJio and Reliance Retail likely to record 14% and 25% EBITDA CAGR over FY24-26, respectively. Overall, we remain positive on both the Refining and Petrochemical segments, Chandan Taparia said.

MCX

CMP: Rs 3902, target: Rs 4300, Upside 10%, Buy

MCX has allowed FPIs under the categories of individuals, family offices, and corporates into oil and natural gas derivatives, which made up 77% of MCX's March turnover. The move, which takes immediate effect, comes during increased activity in energy derivatives worldwide. The company will also launch a Natural gas and Crude oil mini-option contract today. We expect MCX to deliver a revenue/EBITDA/PAT CAGR of 28%/205%/157% over FY24-26, led by a 47% CAGR in options volumes, the analyst stated.

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.