Trade Call: 3 Stock Picks By Chandan Taparia of Motilal Oswal On Wednesday, 20th March

The global market's surge ahead of today's US Fed policy announcement saw the US and European markets soar to almost all-time highs, while the US 10-year bond yield fell from its one-month high. This might lead to a favourable opening for domestic bourses. An upside start for the Indian stock market is indicated by Gift Nifty's 30-point gain and Japanese markets are closed for the holiday. Once the Federal Reserve makes its policy decision on Wednesday, there is hope that it will announce a rate drop as early as June. As a result, US stock markets climbed by 1% and the S&P 500 reached an all-time high on the global market front.

Nifty Outlook

Nifty immediate support at 21650 then 21515 zones while resistance at 22000 then 22122 zones. Now till it holds below 21850 zones, weakness could be seen towards 21650 then 21515 zones whereas hurdles are placed at 22000 then 22122 levels, said Chandan Taparia, CMT, CFTe Derivatives & Technical Analyst at Motilal Oswal.

Bank Nifty Outlook

Bank Nifty support is at 46250 then 46000 zones while resistance is at 46750 then 47000 zones. Now till it holds below 46750 zones weakness could be seen towards 46250 then 46000 levels while on the upside hurdle is seen at 46750 then 47000 zones, he further added.

Stocks To By Today

Chandan Taparia, CMT, CFTe Derivatives & Technical Analyst at Motilal Oswal has recommended to buy or sell the below stocks on Wednesday, 20th March.

Bajaj Auto

Buy at CMP: 8640, SL: 8440, TP: 9000, duration: 2-3 days

Bajaj Auto is in an overall uptrend and negated lower lows after five trading sessions. It is perfectly respecting 20 DEMA and every small decline is being bought into. It formed a strong bullish candle on the daily chart and supports are gradually shifting higher. Momentum indicator Relative Strength Index (RSI) is positively placed which my take the prices higher.

Bharti Airtel

Sebi has approved the IPO of Bharti Airtel's unit Bharti Hexacom. The IPO is completely an OFS up to 10 crore shares by Telecommunications Consultants India. In addition, as a part of internal re-alignment, the company will purchase a 95% shareholding in Airtel Limited, a step-down wholly-owned subsidiary, from another wholly-owned subsidiary and transfer its entire shareholding in subsidiary Nxtra Data to Airtel Limited. Over the next 2-3 years, BHARTI is well poised to gain from the sector consolidation and tariff hikes and drive strong FCF generation, said Chandan Taparia with a positive view on Bharti Airtel.

Zomato

Zomato has launched a 'pure veg mode' and a 'pure veg fleet' for customers who have a 100 per cent vegetarian dietary preference. It reported healthy 3QFY24 with revenue up 15% QoQ/69% YoY fuelled by Blinkit rev. up 27% QoQ while food delivery rev. grew 10% QoQ. Consol reported EBITDA turned positive at Rs 510m (+1.6% EBITDA margin 3Q vs-1.7% in 2Q). We expect EBITDA margins to improve to 4.5% in FY25. With a dominant market share and healthy growth in the food delivery business/Hyperpure, we expect a strong 38% Adj. revenue CAGR over FY24-26 and PAT of Rs 3.6b/Rs 9.5b in FY24/FY25, commented Chandan Taparia with a positive view on Zomato.

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.