Chandan Taparia of Motilal Oswal Recommends 2 Stocks To Buy On Tuesday, 1 Aug

On the back of a rally in the global markets, Indian benchmark equity indices, Sensex and Nifty, rebounded on Monday as Sensex closed at 66,527.67 with an upside of 0.56%, while Nifty ended 0.55% higher at 19,753.80.

On the outlook of Nifty today, Chandan Taparia, Derivatives & Technical Analyst of Motilal Oswal said, Nifty immediate support is at 19560 then 19433 zones while resistance is at 19867 then 19991 zones. Now it has to hold above 19700 zones to extend the move towards 19867 then 19991 zones while on the downside support is placed at 19560 and 19433 zones.

On the outlook of Bank Nifty, Chandan Taparia said, Bank Nifty support is at 45350 then 45000 zones while resistance is at 46000 then 46250 zones. Now it has to cross and hold above 45650 zones for a bounce towards 46000 then 46250 levels while on the downside support is seen at 45350 then 45000 zones.

Market Outlook Today

"Indian stock market is expected to open on a positive note on account of rally in the global markets, impressive quarterly results announced by Indian bourses, domestic core sector rose to five months high of above 8% YoY in June and IMD predated normal monsoon in August-September will boost the market sentiment," said Chandan Taparia.

"European stocks notched small gains as investors weighed the outlook for a potential peak in interest rates against a subdued corporate earnings season. Shares in Asia opened higher following bullish trade on Wall Street as investors parsed further signs of stability in the global economy. Equities in Australia, South Korea, Taiwan Index and Japan rose up to 0.5% each in morning trade. US Future marginally gain while Gift Nifty advance 50 points. Auto stocks will be in focus as July monthly sales data will be release today. Expects metal stocks will be positive on account of metal price surged to 3- month high of LME. Gas stocks focus after government hike price of domestic natural gas," Chandan Taparia stated.

Stocks To Buy Today

Chandan Taparia, Derivatives & Technical Analyst of Motilal Oswal has recommended 2 stocks to buy today i.e. Tuesday, 1 August.

Technical Pick:

IDFC Ltd

Buy at Rs 119, stop-loss: Rs 115, target price: Rs 126, duration: 2 to 3 days

IDFC Ltd has given a range breakout on the daily chart and managed to close above the same. It is forming higher lows from the past six weeks and supports are gradually shifting higher. The momentum indicators are placed in the positive territory which may take the price to higher zones, said Chandan Taparia.

Fundamental Pick:

Hero Motocorp

Buy at Rs CMP of Rs 3210, duration: 1 year

Jul'23 retails are expected to improve 8-10% YoY, led by stable urban demand and gradual improvement in rural regions. HMCL's Passion is performing as per expectations and retails continue to happen swiftly. It has launched Destini Prime 125cc at an attractive price of INR74.4k (INR9-10k cheaper than other 125cc scooters, at par with 100cc rivals). We expect dispatches to grow 3%/5% YoY/QoQ for HMCL, 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.