Chandan Taparia of Motilal Oswal Recommends 3 Stocks To Buy Today, 21st Aug

On August 21, Indian indices opened steady amid mixed global signals. The Sensex rose 56.35 points, or 0.09 percent, to 65,005.01, while the Nifty rose 19.30 points, or 0.10 percent, to 19,329.50.

Commenting on the Nifty prediction, Chandan Taparia, Derivatives & Technical Analyst of Motilal Oswal said, Nifty immediate support at 19250 then 19100 zones while resistance at 19420 then 19560 zones. Now till it holds below 19350 zones, weakness could be seen towards 19250 then 19100 zones whereas hurdles are placed at 19420 then 19560 zones.

Commenting on the outlook of Bank Nifty, Chandan Taparia said "Bank Nifty support at 43600 then 43333 zones while resistance at 44150 then 44444 zones. Now till it holds below 44000 zones weakness could be seen towards 43600 then 43333 zones while on the upside hurdle is seen at 44150 then 44444 levels."

Market Outlook

"Global rating agency Moody's affirmed India's sovereign rating at 'Baa3' with a stable outlook and few days before rating agency Fitch says Indian Banks on a strong growth trajectory will be positive for the market sentiment. European stocks fell on Friday to cap their third straight week of declines as concerns over higher interest rates and a slowing Chinese economy further sapped this year's rally. UK, Germany and France Index decline 0.5% each. Investors will be closely watching comments from Federal Reserve Chair Jerome Powell at the symposium on Friday along with global central bankers Jackson Hole symposium, after the US central bank last week signaled more tightening may be needed to quell persistent inflationary pressures. Globally PMI data and RBI would release its meeting minutes on Thursday. Back home, Gift Nifty is marginally higher," said Chandan Taparia.

Stocks To Buy Today

Chandan Taparia, Derivatives & Technical Analyst of Motilal Oswal has suggested 3 stocks to buy today i.e. on Monday, 21st August.

Technical Pick:

ACC

Buy at CMP of Rs 1934, stoploss: Rs 1880, target: Rs 2040, timeframe: 2 to 3 days.

ACC has retested breakout on daily chart and inched higher. Buying is visible across Cement space which may take the prices to higher zones. The mechanical indicator RSI is on the verge of bullish cross over and supports are gradually shifting higher.

Fundamental Pick:

ICICI Lombard

Buy at CMP of Rs 1327, target price: Rs 1550, timeframe: 1 year

In Jul'23, the gross written premium (GWP) for the industry grew 13% YoY to INR265b, fueled by the Health (up 33% YoY) and Motor (up 15% YoY) segments. Among key players, ICICIGI grew 22% YoY in Jul'23 (higher than the industry growth. The management continues to guide for better performance going ahead.

Titan

Buy at CMP of Rs 3049, target: Rs 3325, timeframe: 1 year

The company announced increasing stake in its subsidiary and new-age jewellery brand CaratLane to 98.28% by acquiring an additional 27.18% share for Rs4,621 crore. CaratLane Trading is an unlisted entity and its turnover in FY23 stood at Rs2,177 crore. It also operates in the manufacturing and sale of jewellery.

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.