Trade Call: Chandan Taparia of Motilal Oswal Recommends 3 Stocks To Buy/Sell On Wednesday, 13th March

Yesterday saw a turbulent day for the Nifty, which fluctuated between gains and losses before closing flat at 22336 levels. The S&P 500 reached a record high yesterday, as the US markets rebounded with gains of almost 1%. As of right now, the GIFT Nifty is trading flat, suggesting weak domestic cues. Rally in the global markets, slightly above expected both US and domestic inflation print, expectation of US Fed to cut interest rate and strong FIIs and DIIs buying interest, may open domestic market on a positive note, according to Chandan Taparia, CMT, CFTe Derivatives & Technical Analyst at Motilal Oswal.

Nifty Outlook

"Nifty immediate support at 22222 then 22050 zones while resistance at 22525 then 22650 zones. Now it has to hold above 22222 zones, for an up move towards 22525 then 22650 zones whereas supports are placed at 22222 then 22050 zones," said Chandan Taparia.

Bank Nifty Outlook

"Bank Nifty support at 47000 then 46750 zones while resistance at 47750 then 48000 zones. Now it has to cross and hold above 47500 zones for a move towards 47750 then 48000 levels while a hold below the same could see some weakness towards 47000 then 46750 levels," the analyst further added.

Stocks To Buy Today

Chandan Taparia, CMT, CFTe Derivatives & Technical Analyst at Motilal Oswal, has recommended 3 stocks to buy or sell on Wednesday, 13th March.

TCS

Buy at CMP of Rs 4192, stop-loss: Rs 4100, target: Rs 4400, duration: 2-3 Days

TCS has given trend line breakout on daily chart and managed to close above the same. It has also given range breakout on weekly scale and holding gains in spite of broader market weakness. Momentum indicator Relative Strength Index (RSI) is holding at higher zones which suggests momentum to continue in coming sessions.

Bharti Airtel

Buy at CMP of Rs 1203, target: Rs 1310, duration: 1 year

As per media reports, Bharti Airtel, is expected to spend the highest among all operators in the upcoming spectrum auction in May. Besides acquiring the spectrum which is up for renewal, Airtel is expected to acquire additional spectrum in 800 MHz, 900 MHz, 1800 MHz, 2100 MHz, and 2300 MHz. This will not only help Airtel to boost its market share and up stake in rural areas, but also help it transition to 5G standalone architecture without even waiting for 600 MHz band and the expensive 700 MHz band.

Lemon Tree

CMP: Rs 138, target: Rs 170, duration: 1 year

The hotel chain has opened its eighth hotel property, Keys Select by Lemon Tree Hotels, in Udaipur, Rajasthan. We expect the strong momentum to continue for Lemon Tree, led by: i) further improvement in occupancy and ARR; ii) an increase in ARR with the addition of Aurika MIAL and room renovations; and iii) strong addition of hotels under management contracts. We expect LEMONTRE to deliver a revenue/EBITDA/Adj. PAT CAGR of 22%/22%/40% over FY23-26 and RoCE to improve to 17.3% by FY26 from 9.4% in FY23, 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.