Chandan Taparia of Motilal Oswal Recommends 2 Stocks To Buy Or Sell On Tuesday, 11th July

Benchmark indices Sensex and Nifty were seen at modest gains on Tuesday's pre-opening session as Sensex rose over 190 points; Nifty above 19,440. During Tuesday trading session, Chandan Taparia, Derivatives & Technical Analyst of Motilal Oswal believes Nifty immediate support at 19250 then 19100 zones while resistance at 19420 then 19525 zones. Now it has to hold above 19300 zones to extend the move towards 19420 and fresh all time high levels of 19525 zones while on the downside support is intact at 19250 and 19100.

On the outlook of Bank Nifty, Chandan Taparia said "Bank Nifty support at 44750 then 44444 zones while resistance at 45250 then 45500 zones. Now till it holds below 45000 zones some weakness could be seen towards 44750 then 44444 zones while on the upside hurdle is seen at 45250 then 45500 levels."

Market Outlook

Commenting on the market outlook today, Chandan Taparia, Derivatives & Technical Analyst of Motilal Oswal said "Strong opening in the Asian markets and overnight modest gain in US and European markets, may open domestic market on a positive note. Fall in June China Inflation data, hope of cooling down in US Inflation data, US Dollar Index fell to 2-month low and report of China to announce stimulus in the property market lifted Asia, Europe and US market between 0.5% to 1%. On the domestic front, robust net direct tax collection in FY24, 2% above normal monsoon in June, strong FIIs buying interest and impressive quarterly business update by corporates will be positive for the market sentiment."

"Net direct tax grew 16 per cent to Rs 4.75 lakh crore in FY24 and FIIs were net buyers nearly Rs10000cr just six trading sessions will boost the market sentiment. The GST council meeting will be held today and expects some changes of various tax level like gaming zone and others. Gift Nifty is up by 0.3% and US Dow Future gained 0.1%," he further added.

Stocks To Buy Today

Chandan Taparia, Derivatives & Technical Analyst of Motilal Oswal has recommended 2 stocks to buy today i.e. Tuesday, 11th July.

Technical Pick:

L&T Finance

Buy at CMP of Rs 133, stop loss: Rs 129, target price: Rs 140, timeframe: 2 to 3 days

L&T Finance is in overall uptrend and retested breakout on daily chart. It has negated lower highs formation after four trading sessions and supports are gradually shifting higher. The momentum indicators are placed in the positive territory which will take the prices to higher zones, said Chandan Taparia.

Fundamental Pick:

Max Financial

Chandan Taparia has maintained a positive view on Max Financial. The total premium growth surged by 18% YoY for the life insurance sector in the month of June. The total annual premium equivalent (APE) was 9% up, while individual APE rose 3%. The total premium advanced by 13% for the private insurers. While the total APE for them rose by 16%, individual APE was 12% up. Max grew 45%, the strongest among all private players, he said.

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.