Chandan Taparia of Motilal Oswal Recommends 3 Stocks To Buy Today, 22nd Aug

On Monday, the Sensex closed at 65,216.09, up 267.43 points or 0.41%, while the Nifty 50 closed at 19,393.60, up 83.45 points or 0.43%. The BSE Midcap and Smallcap indices excelled, rising 263.08 and 252.06 points, respectively. All sectoral indices were up, with IT, banking, capital goods, consumer durables, and metal stocks leading the way. At 8.01 a.m. on Tuesday, the Gift Nifty, previously referred to as the SGX Nifty, was trading at 19,392.5, up 4 points or 0.02%. The index began at 19,388.5 and traded between 19,399.5 and 19,379, indicating a flat opening for the Sensex and Nifty 50 on Tuesday trading session.

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 the outlook of Bank Nifty, 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 on the downside support exists at 43800 then 43600 levels."

Market Outlook

"Smart recovery in US market from the intra-day low and rally in the Asian markets, may open domestic bourses on a positive note. US stocks ended on a mixed bag but recouping some losses from a threeweek decline, as investors shift the focus toward Jackson Hole later this week as earnings season draws to a close. Nasdaq Composite climbed up by 1.50%. Investors await comments from key central bankers at Jackson Hole later this week," said Chandan Taparia.

"UK Index declined 0.5% while Germany and France Index gained 0.2% and 0.5% respectively. Asian equities opened higher on Tuesday following a rally in big tech that spurred a rebound on Wall Street, though elevated Treasury yields kept risk sentiment in check. Stocks rose between 0.5% to 1% in Japan, Taiwan and South Korea, but edged lower in Australia. Gift Nifty is flat to negative while US Future is trading flat. Expects range bound market today but stock specific action may continue," the analyst further added.

Stocks To Buy Today

Chandan Taparia, Derivatives & Technical Analyst of Motilal Oswal has recommended 3 stocks to buy today i.e. on Tuesday, 22nd August.

Technical Pick:

IDFC Ltd

Buy at CMP of Rs 121, stop-loss: Rs 118, target: Rs 127, timeframe: 2 to 3 days

IDFC Ltd is in an overall uptrend and giving a range breakout on the daily chart which has bullish implications. It is continuously forming higher top- higher bottom formation on higher degree charts and supports are gradually shifting higher. The mechanical indicator RSI has given a falling supply trend line breakout which may support the ongoing up move.

Fundamental Pick:

L&T Technology Services

Buy at CMP of Rs 4342, target: Rs 4760, timeframe: 1 year

In the month of July, the company witnessed some pick up in deal activity. We expect impacted verticals to recover positively by Q4FY24. Digitization is driving the accelerated spends in ER&D and LTTS should benefit due to its strong capabilities, multi-vertical presence, and solid wallet share. We expect the company to deliver strong revenue growth over the coming years, said Chandan Taparia.

Lemon Tree

Buy at CMP of INR105, target: INR115, timeframe: 1 year

The hotel chain has signed license agreements for two properties in Bhubaneswar and Kasauli under the brand Lemon Tree Hotel and Lemon Tree Mountain Resort, respectively. The hotel in Bhubaneswar is expected to be operational by Q4FY25, and the hotel in Kasauli is expected to be operational by Q3FY26, 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.