Chandan Taparia of Motilal Oswal Recommends 2 Stocks To Buy Today, 23rd Aug

The Indian stock market wrapped up flat on Tuesday, the second trading day of the week, due to negative global signals. At the closing, the Sensex was up 3.94 points, or 0.01 per cent, at 65,220.03, while the Nifty was up 2.90 points, or 0.01 per cent, at 19,396.50. However, the market is expected to begin flat on Wednesday as the Asian market range-bound on Wednesday, oil prices drop in early trade and dollar index nears a two-month high.

Commenting on Nifty prediction, Chandan Taparia, Derivatives & Technical Analyst of Motilal Oswal said, Nifty immediate support is at 19300 then 19250 zones while resistance is at 19480 then 19560 zones. Now it has to hold above 19350 zones, for an up move towards 19480 and 19560 zones whereas supports are placed at 19300 then 19250 zones.

Commenting on Bank Nifty prediction, Chandan Taparia said, "Bank Nifty support at 43800 then 43600 zones while resistance at 44250 then 44444 zones. Now it has to hold above 44000 zones for a bounce towards 44250 then 44444 marks while a hold below the same could see some weakness towards 43800 then 43600 levels."

Market Outlook

Indian stock market is expected to open on a flat note on account of mixed bag opening in the Asian markets, marginally gain in US Future. US stocks closed mostly lower as investors awaited comments from Fed Chair Jerome Powell later this week and ahead of chipmaker NVidia Corp.'s results to be announced later Wednesday. Asian equities traded in tight ranges as Wall Street's risk-on mood faded a day after the rally in big tech, said Chandan Taparia.

"Shares were mostly little changed in Japan and South Korea at the open. Equities were also flat in Australia, while Hong Kong stocks marginally decline. Back home, SGX Nifty declined by 0.3% or 50 points while the expectation of range bound market today. Expects positive for capital goods stocks due to strong order book. Moreover, NBFC, PSU Bank, Auto and pharma stocks may be positive back of impressive quarterly results. Hotel stocks in focus on ahead of festival demand," stated Chandan Taparia.

Stocks To Buy Today

Chandan Taparia, Derivatives & Technical Analyst of Motilal Oswal has recommended 2 stocks to buy today i.e. on Wednesday, 23rd August.

Technical Pick:

Bharat Forge

Buy at CMP of Rs 1006, stop-loss: Rs 980, target: Rs 1060, timeframe: 2 to 3 days.

Bharat Forge has given a consolidation breakout on the daily chart and is holding well above the same. It is continuously forming higher top- higher bottom formation on higher degree charts 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:

Hindalco

Buy at CMP of Rs 451, target: Rs 550, timeframe: 1 year

The company plans to invest Rs 2,000 crore to establish a copper and e-waste recycling facility. The company's chairman, Kumar Mangalam Birla, disclosed this intention to shareholders at the company's annual general meeting yesterday, 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.