Stocks To Buy: 2 Trade Calls By Chandan Taparia of Motilal Oswal On Friday, 19 April

Geo-political tension between Iran and Israel, US Fed official hawkish commentary about uncertainty rate cut and surging US bond Yield, may open the domestic market on a weak note. Asian market slipped up to 2% and US Index Future declined over 1% after the media report of exploration in Iran, said Chandan Taparia, CMT, CFTe Derivatives & Technical Analyst at Motilal Oswal.

Gift Nifty declined by 285 points. Rising geo-political tension, lower-than-expected Infosys Q4 results and sharp decline across the global market are major concerns in the domestic market. Traders avoid aggressive buying interest till a clear trend emerges, the analyst said with a positive outlook for metal stocks after the news that the US President to triple taxes on Chinese steel.

Nifty Outlook

Nifty immediate support at 21850 then 21700 zones while resistance at 22100 then 22222 zones. Now till it holds below 22050 zones, weakness could be seen towards 21850 then 21700 zones whereas hurdles are placed at 22100 then 22222 zones, said Chandan Taparia.

Bank Nifty Outlook

Nifty immediate support at 21850 then 21700 zones while resistance at 22100 then 22222 zones. Now till it holds below 22050 zones, weakness could be seen towards 21850 then 21700 zones whereas hurdles are placed at 22100 then 22222 zones, the analyst predicted.

Stocks To Buy Today

Chandan Taparia, CMT, CFTe Derivatives & Technical Analyst at Motilal Oswal has recommended 2 stocks to buy today amid Iran and Israel tension.

Trent

Buy at CMP: Rs 4118, stop-loss: Rs 4030, target: Rs 4300, duration: 2-3 Days

Trent has given a long consolidation breakout of the last nine weeks and gave the highest daily close above 4100 zones. Breakout is supported by surge in volumes which may support the ongoing up move.

It has formed a strong bullish candle on daily chart and supports are gradually shifting higher. Momentum indicator RSI is positively placed which may take the prices higher.

ONGC

CMP: Rs 274, target: Rs 315, upside: 15%, Buy

Crude Oil prices jumped by ~3% to $90 per barrel escalating tension in the Middle East. This is positive for upstream companies like ONGC. In addition, Management has guided for a 5% CAGR in overall production over the next three years, mainly driven by KG 98/2 and Daman upside development, 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.