Trade Call: 2 Stock Picks By Chandan Taparia of Motilal Oswal On Friday, 22nd March

The US Federal Reserve's announcement yesterday that it will cut interest rates three times this year, the Bank of England's dovish speech, and the first European interest rate cut by the Swiss National Bank all contributed to the opening lows for Indian benchmark indices on Friday. Sensex was down 261.20 points, or 0.36%, at 72,379.99 at the opening session on Friday, while Nifty was down 73.55 points, or 0.33%, at 21,938.40.

Nifty Outlook

Nifty immediate support at 21850 then 21700 zones while resistance at 22122 then 22222 zones. Now it has to continue to hold above 22000 zones for an up move towards 22122 then 22222 while on the flipside, support is placed at 21850 then 21700 zones, said Chandan Taparia, CMT, CFTe Derivatives & Technical Analyst at Motilal Oswal.

Bank Nifty Outlook

Bank Nifty support at 46250 then 46000 zones while resistance at 47000 then 47250 zones. Now it has to hold above 46500 zones to extend the move towards 47000 then 47250 zones while on the downside support is seen at 46250 and 46000 zones, said the analyst.

Stocks To Buy Today

Chandan Taparia, CMT, CFTe Derivatives & Technical Analyst at Motilal Oswal has recommended 2 stocks to buy or sell on Friday, 22nd March.

L&T

Buy at CMP: Rs 3560, stop-loss: Rs 3490, target: Rs 3700, duration: 2-3 days

Larsen has negated lower highs after eight trading sessions and formed a bullish candle on the daily chart. It is perfectly respecting 20 DEMA and supports are gradually shifting higher. Momentum indicator Relative Strength Index (RSI) is on the verge of giving bullish crossover which may support the ongoing up move.

Prestige

Buy at CMP Rs 1049, TP Rs 1465, Buy Upside 40%

The company's unit has acquired 62.5 acres of land for Rs 468 crore in the NCR for an integrated township. PEPL has grown at a rapid pace so far and INR420b worth of inventory across ongoing and upcoming projects, which is sufficient to sustain growth for the next two years. As the company enhances its growth visibility in its residential segment by expanding its project pipeline and advances on its key commercial projects, a further re-rating is imminent, 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.