Stocks To Buy Today: Siddhartha Khemka Recommends 2 Stocks To Trade On 9th Oct

The NSE Nifty50 struck a low of 19,481 and is currently trading at approximately 19,570 levels, down 80 points, while the S&P BSE Sensex commenced more than 400 points down. On Monday, the domestic market began with a negative gap due to geopolitical unrest, rising oil prices, the US 10-year Bond at a 16-year high, and hawkish statements made by the Reserve Bank of India.

Nifty Outlook Today

Nifty immediate support at 19550 then 19442 zones while resistance at 19750 then 19850 zones. Now it has to hold above 19600 zones, for an up move towards 19750 then 19850 zones whereas supports are placed at 19550 then 19442 zones, Siddhartha Khemka Head - Retail Research and Chandan Taparia-Derivatives & Technical Analyst of Motilal Oswal said.

Bank Nifty Outlook Today

Bank Nifty support is at 44000 then 43850 zones while resistance is at 44750 then 45000 zones. Now it has to cross and hold above 44444 zones for a bounce towards 44750 then 45000 level while a hold below the same could see some weakness towards 44000 then 43850 zones, said the analysts.

Market Outlook

"Global financial markets already rattled by elevated interest rates now face a fresh dose of geopolitical uncertainty following Hamas's surprise attack on Israel. Saturday's strike and Israel's subsequent declaration of war threaten to unnerve markets, while a jump in crude oil price adds to concern about elevated inflation. U.S. stockindex futures fell over 0.5% while Brent soared by 5%. Major equity gauges in the Middle East slid on Sunday, led by a 6.4% drop on Israel's benchmark TA-35 stock index, its biggest loss in more than three years. US market will be close today along with major Asian markets like South Korea, Japan and Taiwan markets are shut today. Gift Nifty decline by 20 points," said the analysts of Motilal Oswal.

Stocks To Buy On Monday

Siddhartha Khemka Head - Retail Research and Chandan Taparia-Derivatives & Technical Analyst of Motilal Oswal has recommended to trade the below stocks today, 9th October.

Technical Pick:

DLF

Buy at CMP of Rs 548, stop-loss: Rs 535, target: Rs 575, duration: 2 to 3 days

DLF has given range breakout on daily chart and holding well above the same. Up move was supported by surge in delivery and trading volumes. It has formed bullish marubozu candle on daily chart which implies complete dominance by bulls. The momentum indicators are placed in the positive territory which may take the price to higher zones.

Fundamental Pick:

Titan

Buy at CMP of Rs 3310, target: Rs 3795, duration: 1 year

TITAN is expected to record double-digit growth across its key businesses. Its standalone revenue is expected to grow by 20% YoY, driven by double digit growth in the number of buyers and ticket sizes. The company added 81 stores during the quarter. It is making healthy progress in retail store expansion, with the total retail footprint increasing to 2,859 stores at the end of 2QFY24.

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.