Chandan Taparia of Motilal Oswal Recommends 2 Stocks To Buy Or Sell On Friday, 30th June

Following strong FIIs inflow, global cues and heavyweight financials Nifty and Sensex hit a new lifetime high in Wednesday's session. The Bank Nifty index climbed by 206 points and closed at 44,327 levels, while the NSE Nifty index ended 154 points higher at 18,972 levels, and the BSE Sensex ended 499 points higher at 63,915 levels. Nifty June Future closed at 18966.30 with a discount of 5.80 points compared to the previous session's discount of 6.20 points. India VIX climbed by 1%, moving from 10.78 to 10.88.

Commenting on the outlook of Nifty, Chandan Taparia, Derivatives & Technical Analyst of Motilal Oswal said, Nifty immediate support at 18888 then 18777 zones while resistance was at 19200 then 19250 zones. Now it has to continue to hold above 18888 zones to extend the move towards 19200 and 19250 zones while on the downside support exists at 18888 and 18777 zones.

On the outlook of Bank Nifty he said "Bank Nifty support at 44250 then 44044 zones while resistance at 44500 then 44750 zones. Now it has to hold above 44250 zones for an up move towards 44500 then new life high of 44750 zones while on the downside support is seen at 44250 then 44044 levels."

Market Outlook Today

"Favorable domestic economy data, impressive July series F&O rollover and persistent FIIs buying interest may open domestic market on a positive note. U.S stocks ended mixed on Thursday as fresh economic data indicated that U.S growth remains resilient and the country's largest lenders passed the Federal Reserve's annual stress test. Dow Jones gained over half percent while Nasdaq Composite ended flat. European stocks ended mixed bag with banks outperforming after Wall Street peers passed the Federal Reserve's annual stress test," said Chandan Taparia.

"Asian stocks open on a mixed bag to the last day of the quarter following a choppy session for US equities as Treasury yields soared on bets on further tightening by the Federal Reserve. Japan, Australia Index declined half percent each while Taiwan and South Korea Index marginally gain. SGX Nifty is up over 100 points after previous day closed on a record high," he further stated.

Stocks To Buy Today

Chandan Taparia, Derivatives & Technical Analyst of Motilal Oswal said has recommended 2 stocks to buy today Friday, 30th June.

Technical Pick:

Titan

Buy at Rs 3031, stop-loss: Rs 2980, target price: Rs 3100, timeframe: 2-3 Days

Titan is trading at life high zone and it has given a breakout of the pole and flag pattern on the daily scale which has bullish implications. The momentum indicators are placed in the positive territory which will take the prices to higher zones, said Chandan Taparia.

Fundamental Pick:

Tata Communication

TCOM announced the acquisition of US-listed CPaaS player Kaleyra Inc. Acquisition of Kaleyra, being top 5 CPaaS player at an EV of USD250m implying EV/Sales and EV/EBITDA of 0.8x/13x on CY22 seems a good acquisition at a reasonable price. This should accelerate growth which has been a key hurdle for TCOM given Kaleyra's complimenting portfolio in US/EU and CPaaS vertical being a fast growing vertical in the Enterprise telecom market with USD12b market size and 25% CAGR, said Chandan Taparia.
Current market price: Rs 1580, View- Positive

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.