Chandan Taparia of Motilal Oswal Recommends 2 Stocks To Buy Today, 14th Aug

The Indian stock market sank for a second straight day on Friday as a result of negative global signals. Bank Nifty index dropped 342 points and closed at 44,199 levels, while NSE Nifty index ended 114 points lower at 19,428 levels, BSE Sensex closed 365 points lower at the 65,322 mark.

Commenting on the Nifty prediction for today, Chandan Taparia, Derivatives & Technical Analyst of Motilal Oswal said, Nifty immediate support is at 19300 then 19250 zones while resistance at 19550 then 19650 zones. Now till it holds below 19500 zones weakness could be seen towards 19300 then 19250 zones while hurdles are placed at 19550 then 19650 zones.

Commenting on the Bank Nifty prediction for today, Chandan Taparia said, "Bank Nifty support at 44000 then 43750 zones while resistance at 44550 then 44750 zones. Now till it holds below 44444 zones weakness could be seen towards 44000 then 43750 zones while on the upside hurdle is seen at 44550 then 44750 levels."

Market Outlook

"Weak opening in the Asian markets and US market ended on a mixed bag on Friday, may open domestic market on a marginally lower. U.S stocks were mixed after producer price data or WPI, another reading on inflation, came in higher than expected. Dow Jones was up over 0.3%, while the NASDAQ Composite was down 0.7%. European equities fell as concern about local government debt in China and hawkish language from a US central banker put traders in a risk-off mood," said Chandan Taparia.

"Germany and France Index declined 1% each as Asian markets open on a weak note after shares on Wall Street capped off a poor week on a down note and as China's worsening property slump damps market sentiment. Australia, Japan and South Korea Index decline nearly 0.5% each. Hong Kong Index slipped 1%. SGX Nifty declined by 50 points. Expects range bound market today on ahead of tomorrow holiday and CPI data to be released today," Chandan Taparia further stated.

Stocks To Buy Today

Chandan Taparia, Derivatives & Technical Analyst of Motilal Oswal has recommended 2 stocks to buy today, 14th August.

Technical Pick:

BEL

Buy at CMP of Rs 132, SL: Rs 129, Target: Rs 138, Duration: 2 to 3 days

BEL has been making higher top - higher bottom on weekly scale and heading upwards. Recently it took support near to 124-125 zones and given a recent highest daily close above 130 zones. Major trend of the stock is positive and recent price setup suggests next leg of rally towards 138-140 zones, said Chandan Taparia.

Fundamental Pick:

Apollo Hospitals

Buy at CMP of Rs 4902, Target: Rs 5700, Duration: 1 year

Apollo Hospitals delivered operationally in-line 1QFY24. APHS' 1QFY24 revenue grew 16% YoY to INR44b (est. INR43.4b). We remain positive on APHS due to: a) its sustained healthy growth/ profitability in healthcare services, and b) efforts to achieve breakeven in Healthco during 4QFY24E, 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.