Chandan Taparia of Motilal Oswal Recommends 2 Stocks To Buy Or Sell On Monday, 17th July

The first trading day of the week saw gains for the Indian benchmarks BSE Sensex and NSE Nifty 50, with the Nifty rising 47 points to 19,612.15 and the Sensex rising 128 points to 66,189.50. Adani Enterprises, Adani Ports, Apollo Hospitals, Dr. Reddy's Laboratories, and LTIMindtree were the top gainers on the Nifty 50 index, while ONGC, HeroMotocorp, HDFC Bank, Bharti Airtel, and HDFC Life were the worst performers during the morning deals.

Commenting on the outlook of Nifty today, Chandan Taparia, Derivatives & Technical Analyst of Motilal Oswal said, Nifty immediate support is at 19420 then 19333 zones while resistance is at 19750 then 19800 zones. Now it has to hold above 19515 zones to extend the move towards 19750 then 19800 zones while on the downside support is intact at 19420 and 19333 zones.

On the outlook of Bank Nifty he said "Bank Nifty support at 44444 then 44250 zones while resistance at 45150 then 45250 zones. Now it has to hold above 44750 zones for an up move towards 45150 then 45250 levels while a hold below the same could see some weakness towards 44444 then 44250 zones."

"In the domestic front, consistent FIIs buying interest, above normal monsoon, reduced June trade deficit data and fall in June Wholesale Inflation have positive impact in the market. Gift Nifty is trading flat to positive while US Futures marginally gain. Focus on HDFC Bank today - company will announce quarterly results today," said Chandan Taparia by commenting on the market outlook on Monday.

Stocks To Buy Today

Chandan Taparia, Derivatives & Technical Analyst of Motilal Oswal has recommended 2 stocks to buy today on Monday, 17th July.

Technical Pick:

Hindalco

Buy at CMP of Rs 447, stop loss Rs 437, target price Rs 470, duration: 2 to 3 days

Hindalco has given channel breakout on daily chart and holding well above the same. It has formed a strong bullish candle with noticeable volumes 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:

Tata Motors

Buy at CMP of Rs 625, target price Rs 700, timeframe 1 year

The company would be hiking prices of PVs from today. 0.6% price hike would be seen across models. It will benefit from: a) the CV upcycle and stable growth in PVs, b) company-specific volume/margin drivers, and c) a sharp improvement in FCF as well as reduction in net debt in both JLR and the India businesses, 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.