Trade Call: 2 Stock Picks By Siddhartha Khemka of Motilal Oswal On Tuesday, 19th March

Yesterday, the Nifty rebounded and finished with gains of 32 points at 22056 levels during the second half of the session. Tech giants like Nivida and Alphabet helped the US markets close higher yesterday. Nasdaq was up 0.8% and the S&P 500 was up +0.6%. The BOJ's policy announcement today triggered Asian markets to heavily trade lower, exhibiting mixed global cues. On the global market front, Ahead of the US Federal Reserve's interest rate announcement tomorrow, US10-Year Bond Yield and Dollar Index surged to one-month highs at 4.32% and 103.6, respectively. In contrast, the GIFT Nifty is trading 75 points lower after FIIs sold Rs. 2051 crore yesterday, indicating flat to negative domestic cues.

The domestic market is expected to open on a flat note ahead of key global major events to be released this week- Bank of Japan to announce interest rate decision today, FOMC two-day meeting commence from today and Fed meeting interest rate decision to be released tomorrow while Bank of England interest rate decision to be announced on Thursday, said Siddhartha Khemka Head - Retail Research at Motilal Oswal.

Geo-political tension between Russia and Ukraine lifted oil prices to a 5-month high at $87/bbl which is a major concern in the market, he further added.

Nifty Outlook Today

Nifty immediate support at 21850 then 21750 zones while resistance at 22222 then 22350 zones. Now it has to hold above 22000 zones, for a bounce towards 22222 then 22350 zones whereas supports are placed at 21850 and 21750 zones, said Siddhartha Khemka.

Bank Nifty Outlook Today

Bank Nifty support is at 46250 then 46000 zones while resistance is at 47000 then 47250 zones. Now till it holds below 46850 zones weakness could be seen towards 46250 then 46000 levels while on the upside hurdle is seen at 47000 then 47250 zones, as per the analyst.

Stocks To Buy Today

Siddhartha Khemka Head - Retail Research at Motilal Oswal has recommended the below stocks to buy or sell today 19th March.

Colgate-Palmolive (India)

Buy at CMP: 2733, stop-loss: 2670, target: 8050, duration: 2-3 days

Colpal has given channel breakout on a daily scale and holding well above the same. It is relatively outperforming within the FMCG space and supports are gradually shifting higher. The momentum indicator Relative Strength Index (RSI) is positively placed which may make the prices higher.

Poonawalla Fincorp

CMP Rs 472, target: Rs 580, upside 23%

HDFC Bank veteran Arvind Kapil has been appointed MD & CEO for a five-year term starting June'24 for the company. PFL is well placed to build scale and deliver superior risk-adjusted returns driven by strong leadership, realignment of customer & product segments, and focus on analytics position. We expect ~42%/51% CAGR in AUM/PAT over FY23-FY26 and RoA/RoE of ~5.0%/~20% in FY26, said Siddhartha Khemka.

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.