Chandan Taparia of Motilal Oswal Recommends 2 Stocks To Buy Or Sell On Wednesday, 12th July

For the third consecutive day, benchmark indices have opened higher. The Sensex has gained 150 points to 65,759, while the Nifty 50 has opened at 19,497.45. Nifty Bank, meanwhile, started the day 100 points higher at 44,861. Commenting on the outlook of Nifty today, Chandan Taparia, Derivatives & Technical Analyst of Motilal Oswal said Nifty immediate support is at 19333 then 19250 zones while resistance is at 19525 then 19600 zones. Now it has to hold above 19400 zones to extend the move towards fresh all-time high levels of 19525 and 19600 zones while on the downside support is intact at 19333 and 19250.

Commenting on the outlook of Bank Nifty he said "Bank Nifty support at 44444 then 44250 zones while resistance at 45000 then 45250 zones. Now till it holds below 44750 zones some weakness could be seen towards 44444 then 44250 zones while on the upside hurdle is seen at 45000 then 45250 levels."

Market Outlook

Indian stock market is expected to open on a flat note ahead of key US Inflation and domestic Inflation data to be released today along with IT majors TCS and HCL Tech quarterly results, said Chandan Taparia.

"Both US and European markets finished up to 1% higher before a report that's expected to show a slowdown in inflation, which will help shape the outlook for the Federal Reserve's next steps. Asian market and US Future are trading flat to negative as markets are awaiting US inflation data today to see if price pressures are continuing to moderate, which could provide clues on the interest rate outlook. Back home, Gift Nifty is marginally gained by 20 points. Interest sensitive sectors will be in focus ahead of domestic inflation and IIP data to be announced post market today. Government changes to reduce GST rate may be positive on PVR and other entertainment stocks while hiked in GST rate on online gaming may be negative impact on online gaming stocks," he further added.

Stocks To Buy Today

Chandan Taparia, Derivatives & Technical Analyst of Motilal Oswal has recommended 2 stocks to buy today.

Technical Pick:

BEL

Buy at CMP of Rs 128, stop loss Rs 124, target price: Rs 140, timeframe: 2-3 days

BEL has given a breakout of the symmetrical triangle 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:

M&M

CMP: Rs 1569, timeframe: 1 year, view: Positive

M&M reported a 26% YoY increase in PV sales at 38,965 units in June 2023. Total vehicle sales were up 16.7% YoY at 59,924 units in June 2023. Utility vehicle sales last month were at 32,585 units, a growth of 22% YoY. However, CV sales declined 2.5% at 20,959 units in June 2023.

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.