2 Stock Picks By Siddhartha Khemka of Motilal Oswal For 12th October

Nifty wrapped up 122 points higher at 19811 levels on Wednesday, with FIIs selling shares worth Rs. 422 crore and DIIs buying shares worth Rs. 1032 crore. On the other hand, the India VIX ended at 11,02, a 2.2% fall. In the global market, US indices ended the day trading in the green between 0.2% and 0.7%, European indices mixed between -0.4% and 0.2%, and today Asian indices are trading in the green between 0.5% and 1.7%.

A strong start to the Asian markets, a fourth straight day of gains in the US market, mixed-bag Q2 earnings released by TCS, and falling US 10-year bond yield and oil price may all help contribute to Thursday's opening session in green for the Indian stock market.

Nifty Prediction Today

Siddhartha Khemka Head - Retail Research and Chandan Taparia-Derivatives & Technical Analyst of Motilal Oswal said, "Nifty immediate support at 19750 then 19650 zones while resistance at 19950 then 20050 zones. Now it has to hold above 19800 zones, for an up move towards 19950 then 20050 zones whereas supports are placed at 19750 then 19650 zones."

Bank Nifty Prediction Today

"Bank Nifty support at 44250 then 44000 zones while resistance at 44750 then 45000 zones. Now it has to hold above 44444 marks for an up move towards 44750 then 45000 zones while on the downside support is seen at 44250 then 44000 levels," said the analysts.

Market Outlook Today

"Strong opening in the Asian markets, fourth consecutive days rally in the US market, less hawkish statement by the US Fed in its minutes of meeting, mixed bag Q2 results announced by TCS and cooling down US 10-Year bond yield and oil price, may open domestic bourses on a positive note. Both Asian and US market gained up to 1% after the US Fed officials agreed that policy should remain restrictive for an extended period but acknowledged that they need to balance the risk of inflation," stated the analysts.

"European stocks gained as a rally in Novo Nordisk shares lifted the wider health care sector. Germany Index gained 0.25% while France Index declined 0.4%. Gift Nifty is trading flat to negative. Expects positive for FMCG and Auto stocks due to impressive domestic demand in the rural sectors. Paper stocks will be in focus on account of rising demand and SCA hikes Pulp Prices. Focus on IT stocks as tech majors Infosys and HCL Tech to announce Q2 result today," the analysts of Motilal Oswal said in a note.

Stocks To Buy Today

Siddhartha Khemka Head - Retail Research and Chandan Taparia-Derivatives & Technical Analyst of Motilal Oswal has recommended the below stocks to trade today on 12th October 2023.

Technical Pick:

Zomato

Buy at CMP of Rs 109, stop-loss: Rs 105, target: Rs 117, duration: 2 to 3 days.

Zomato has given a trend line breakout on the daily chart and managed to close above the same. It has formed a strong bullish candle on the daily chart & perfectly respects 20 DEMA. The momentum indicator RSI is on the verge of breakout and supports are gradually shifting higher.

Fundamental Pick:

Ultratech Cement

Buy at CMP of Rs 8330, target: Rs 9085, duration: 1 year

We expect a positive move in cement stocks after the news that Reliance Industries & IOC lowered pet coke prices in October 2023, one of the major raw materials in the cement sector. We maintain a positive view on the stock, given its: a) leadership position in the industry, b) robust expansion plans without leveraging the balance sheet, and c) structural cost improvement measures, said the analysts of the brokerage firm Motilal Oswal.

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.