Trade Call: 2 Stock Picks By Chandan Taparia of Motilal Oswal On 6th Feb

Hawkish comments from the US Federal Reserve, strong US economy data, expectation of Fed to delay cut interest rate, rising US Bond yield and Dollar Index over 1-month high and mixed bag opening in the Asian market, may open domestic bourses on a flat note on Tuesday, 6th Feb, according to Chandan Taparia, CMT, CFTe Derivatives & Technical Analyst at Motilal Oswal.

Nifty Outlook

Nifty immediate support at 21650 then 21500 zones while resistance at 21850 then 22000 zones. Now it has to hold above 21750 zones for an up move towards 21850 and 22000 zones while on the downside supports are placed at 21650 and 21500 zones, said the analyst.

Bank Nifty Outlook

Bank Nifty support at 45600 then 45250 zones while resistance at 46250 then 46500 zones. Now it has to cross and hold above 46000 zones for an up move towards 46250 then 46500 levels while on the downside support is seen at 45600 then 45250 zones, stated Chandan Taparia.

Stocks To Buy Today

Chandan Taparia, CMT, CFTe Derivatives & Technical Analyst at Motilal Oswal has recommended the below stocks to buy or sell today, 6th February.

Apollo Tyres

Buy at CMP of Rs 545, stop-loss: Rs 530, target: Rs 575, duration: 2-3 Days

Apollo Tyres is in overall uptrend and continuously forming higher top-higher bottom on weekly time frame. It has given narrow range breakout on daily chart and managed to close above the same.

It has formed a bullish candle on daily scale. Momentum indicator Relative Strength Index (RSI) is also on the verge of positive crossover which indicates momentum to pick up in coming sessions.

Varun Beverages

Buy at CMP: Rs 1302, target: Rs 1500, Duration 1 Year

Varun Beverages reported a revenue growth of 21% YoY in 4QCY23, led by strong volume growth (up 18% YoY).Adj. PAT increased 77% YoY to INR1.3b (est. in line), driven by higher sales growth and improvement in margins.

We increase our CY25 earnings estimate by 7%, integrating the recently acquired South African beverage company BevCo's financials, 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.