Chandan Taparia of Motilal Oswal Recommends 2 Stocks To Buy Today, 7th Aug

On Monday, the Sensex began more than 150 points higher at 65,811.40 while the Nifty was close to 19,550. Commenting on the Nifty prediction today, Chandan Taparia, Derivatives & Technical Analyst of Motilal Oswal said, Nifty immediate support at 19450 then 19300 zones while resistance at 19650 then 19700 zones. Now it has to hold above 19450 zones for an up move towards 19650 and 19700 zones whereas supports are placed at 19450 and 19300 zones.

Commenting on the Bank Nifty prediction today, Chandan Taparia said Bank Nifty support at 44444 then 44250 zones while resistance at 45150 then 45350 zones. Now it has to hold above 44850 zones for a bounce towards 45150 then 45350 zones while a hold below the same could see weakness towards 44444 and 44250 levels.

Market Outlook

Indian stock market is expected to open on a positive note on account of smart gain in US Future while mixed bag opening in the Asian markets . US Dow Future surged over 100 points and Nasdaq Future soared 0.5%. However, market may be range bound in the next few days on ahead of important data to be release this week. The RBI interest rate decision, industrial production data (IIP) for June, FIIs activities and the ongoing quarterly earnings from corporates would largely drive the stock markets this week. The market will have an eye on the RBI Monetary Policy Committee (MPC) meeting, which will be announced on August 10, 2023. Among the global market front, US inflation data, US initial jobless claims, US PPI data and UK GDP Data will be in focus this week. Gift Nifty up by 50 points. Railway stocks will be in focus as PM Modi to virtually lay a foundation for upgrading 508 railway stations nationwide on August 6, revolutionising passenger experience and amenities, said Chandan Taparia.

Stocks To Buy Today

Chandan Taparia, Derivatives & Technical Analyst of Motilal Oswal has recommended 2 stocks to buy today, 7th August.

Technical Pick:

India Cement

Buy at CMP of Rs 225, stop-loss: Rs 218, target price: Rs 240. Duration: 2 to 3 days.

India cements has given consolidation breakout on weekly scale and formed a strong base near 210 zones on daily scale. It formed a strong bullish candle and managed to close above its immediate hurdle zones. It is also holding well above its short term moving average and buying is visible across Cement space, said Chandan Taparia.

Fundamental Pick:

APL Apollo Tubes

Buy at CMP of Rs 1528, timeframe: 1 year

APAT consolidated revenue grew 32% YoY and 3% QoQ to INR45.5b (est. INR40.9b). Company reported its highest-ever quarterly sales volume of 661,501 MT in 1QFY24 (up 56% YoY and 2% QoQ). EBITDA grew 58% YoY. The company expects the sales mix to further improve in upcoming quarters on the back of a higher contribution from innovative products, 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.