2 Stock Picks For Today By Siddhartha Khemka of Motilal Oswal

On Thursday, Nifty closed 193 points down at 19524 levels while DIIs bought shares worth Rs.2711cr and FIIs sold shares worth Rs.3364cr. India VIX closed at 12.82 levels which indicates a volatile session for the Indian stock market on Friday. Nifty October future ended at 19637.10 on Thursday with a premium of 113.55 points. Nifty futures OI climbed by 14.18% to 1.04 Cr, while Bank Nifty futures OI declined by 6.80% to 23.84 Lakhs.

Nifty Outlook Today

Nifty immediate support at 19442 then 19350 zones while resistance is at 19600 then 19700 zones. Now till it holds below 19550 zones, weakness could be seen towards 19442 then 19350 zones whereas hurdles are placed at 19600 then 19700 zones, said Siddhartha Khemka Head - Retail Research and Chandan Taparia-Derivatives & Technical Analyst of Motilal Oswal.

Bank Nifty Outlook Today

Bank Nifty support is at 44000 then 43750 zones while resistance is at 44750 then 45000 zones. Now till it holds below 44444 zones weakness could be seen towards 44000 then 43750 zones while on the upside hurdle is seen at 44750 then 45000 levels, said the analysts.

Market Outlook Today

"Recovery in the US market from 3-month low, mixed bag opening in the Asian markets, fall in US bond yield from the 16-year high and US Dollar Index, declined from 10-month high, may open domestic equity on a flat to positive note. European stocks edged higher from a six-month low as miners rallied, offsetting worries about interest rates against the backdrop of higher oil prices. Both Germany and France Index gained 0.6% each. Stocks in Asia open on a positive note on account of rally in the US market while oil's rally faltered and Treasury yields ticked higher. A gauge of Asian equities was little changed, with stocks in Japan posting declines while those in Hong Kong rose. GIFT Nifty decline by 25 points while US market are trading flat tom positive. Domestic market will be shut on Monday while China market will be close for one week," the analysts stated.

Stocks To Buy Today

Siddhartha Khemka Head - Retail Research and Chandan Taparia-Derivatives & Technical Analyst of Motilal Oswal has recommended 2 stocks to buy today on Friday.

Technical Pick:

Bharti Airtel

Buy at CMP of Rs 925, stop-loss: Rs 900, target: Rs 975, duration: 2 to 3 days.
Bharti Airtel has retested the breakout on daily chart and inched higher. It is forming base near 900-905 band and supports are gradually shifting higher. The momentum indicators are placed in the positive territory which may take the price to higher zones.

JSPL

Buy at CMP INR685, target: Rs 790, duration: 1 year

The company is focusing on capacity expansion and cost reduction to drive earnings. JSP has one of the strongest balance sheets among the domestic manufacturers. It plans a significant capex to enhance its crude steel capacity to 15.9mt from the current 9.6mt and strengthen raw material integration and product enrichment.

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.