Intraday Trade Call: Day Trading Stock Picks By Chandan Taparia Of Motilal Oswal On Thurday, 25 April

Weak opening in the Asian markets, surging US 10-Year bond Yield to 4.65% and sharp decline in US Index future, may open domestic equity market on a flat to negative note. Asian market and Nasdaq Future dropped 1% after US IT major Meta Platform announced disappointing earnings outlook and ahead of Q1 GDPdata to berelease today. Gift Nifty decline by 60 points, said Chandan Taparia, CMT, CFTe Derivatives & Technical Analyst at Motilal Oswal.
Expect stocks specific action in the market. Impressive quarterly results by corporates, strong domestic economy data and hope of normal monsoon will be positive for the market sentiment. Expect higher intra-day volatility today ahead on April series F&O expiry today. Defense stocks will be in focus on account of strong order book. Expect positive for banks after private bank major Axis Bank announced impressive Q4 results, said Chandan Taparia.

Nifty Outlook Today

"Nifty immediate support at 22222 then 22100 zones while resistance at 22550 then 22750 zones. Now it has to hold above 22350 zones for an up move towards 22550 then 22750 zones whereas supports are placed at 22222 then 22100 zones," Chandan Taparia predicted.

Bank Nifty Outlook Today

"Bank Nifty support at 47777 then 47500 zones while resistance at 48250 then 48500 zones. Now it has to continue to hold above 48000 zones for an up move towards 48250 then 48500 zones while on the downside support is seen at 47777 then 47500 levels," the analyst said.

Stocks To Buy Today

Chandan Taparia, CMT, CFTe Derivatives & Technical Analyst at Motilal Oswal has recommended the below stocks to buy today. Here's why.

NMDC

Buy at CMP: Rs 247, stop-loss: Rs 239, target: Rs 265, duration: 2-3 Days

NMDC has given consolidation breakout on daily chart with noticeable volumes. It has formed a strong bullish candle on daily chart and gave highest daily close ever. Buying is visible across Metal space which may support the ongoing up move. Momentum indicator RSI is positively placed which may take the prices higher.

Axis Bank

With a positive outlook on the bank, Chandan Taparia said Axis Bank reported a net profit of Rs 7,130 crore in Q4FY24 vs a loss of Rs 5,728 crore in the last year, supported by strong loan growth. NII grew by 11.5% YoY to Rs 13,089 crore, NIM at 4.06% up 5 bps QOQ. Bank's total business grew 13% of which advances grew 14% YoY. Q4FY24 Consolidated ROA | ROE on annualized basis was at 2.07%/20.87%, up 23 bps/226 bps QOQ. Board of the Bank has approved raising funds upto Rs 55,000cr. The bank has strengthened its retail business, with the share of retail loans improving to ~58.7% of total loans, led by home loans, PL, cards, and business banking.

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.