Trade Call: 2 Stock Picks By Chandan Taparia of Motilal Oswal On Tuesday, 26th March

Due to the mixed-bag start in the Asian markets, and a slight drop in the US market during the past two trading sessions, the domestic market may open flat. This week is going to be exciting because of the publication of the US personal consumption data, the US GDP data, the US Fed Chairman speech, and the March series F&O expiry. Investors will be keeping an eye on political events around the elections, which are expected to begin in mid-April, as well as macroeconomic data that is set to be observed the following week.

Nifty Outlook

Chandan Taparia, CMT, CFTe Derivatives & Technical Analyst at Motilal Oswal said Nifty immediate support at 21880 then 21750 zones while resistance at 22222 then 22350 zones. Now it has to continue to hold above 22000 zones for an up move towards 22222 then 22350 while on the flipside, support is placed at 21880 then 21750 zones.

Bank Nifty Outlook

Bank Nifty support at 46250 then 46000 zones while resistance at 47250 then 47500 zones. Now it has to continue to hold above 46500 zones to extend the move towards 47250 then 47500 zones while on the downside support is seen at 46250 and 46000 zones, he added.

Stocks To Buy Today

Chandan Taparia, CMT, CFTe Derivatives & Technical Analyst at Motilal Oswal has recommended the below stocks on Tuesday, 26th March.

Tata Motors

Buy at CMP 980, stop-loss 955, target: 1030, duration: 2-3 Days

Tata Motors is in overall uptrend and gave a consolidation breakout on daily chart. It has also retested breakout on daily chart and inched higher. Buying is visible across Auto space which may support the ongoing up move. Momentum indicator Relative Strength Index (RSI) is about to give bullish cross over which my take the prices higher.

Sun Pharma

Japanese drugmaker Eisai has entered into a settlement agreement with the US units of Sun Pharma regarding the lawsuit filed in the US District Court since November 2019 against for infringement of the patents relating to Lenvima, an orally available multiple receptor.

The analyst has recommended the stock to buy at CMP of Rs 1608.

Interglobe Aviation

Chandan Taparia has positive outlook on the stock as IndiGo will induct more than one aircraft every week and add around ten destinations in FY25. Currently, it has 366 aircraft and flies to 121 destinations. Theairline also aims to grow its capacity and passenger volume in "early double digits in FY25. INDIGO is also working to increase its international presence through strategic partnerships and loyalty programs, he further said.

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.