Stocks To Buy Today As Guided By Siddhartha Khemka of Motilal Oswal On 23rd Oct

On Friday, the Nifty wrapped up 95 points down at 19530 levels while FIIs and DIIs both made share purchases of Rs. 456 crores and Rs. 7 crores respectively. The India VIX wrapped up at a level of 10.82. On Monday, the GIFT Nifty was seen trading up 0.25%, while the Asian indices were down 0.4% to 1%, giving the home market a mixed signal.

The Sensex closed at 65,397.62 on October 20th, down 231.62 points or 0.35%, while the Nifty 50 closed at 19,542.65, down 82.05 points or 0.42%. To end at 43,723,05, Bank Nifty fell by 31.45 points, or 0.07%. The Sensex fell 778.96 points, or 1.18%, during the trading week that ended on October 20th, while the Nifty 50 lost 177.30 points or 0.90%.

Market Outlook Today

According to Siddhartha Khemka Head - Retail Research and Chandan Taparia-Derivatives & Technical Analyst of Motilal Oswal, modest gain in US Future, cooling down in oil price & US bond yield from recent high, reduce geopolitical tension in gulf region and impressive domestic corporate results may open domestic bourses on a flat note.

"On Friday both US and European markets fell up to 1.5% due to escalating geo-political tension in the gulf region. Gift Nifty is trading marginally lower by 0.1% while it has declined nearly 0.5% in the previous day. Among the global economy data to be watched this week - ECB interest rate decision, US GDP data, both US and Europe PMI data, US Home sale and WPI data. Expect stock specific action to continue and traders avoid aggressive buying interest until a clear trend emerges," they said.

Nifty Prediction Today

As per the analysts of Motilal Oswal, Nifty immediate support at 19442 then 19333 zones while resistance at 19650 then 19750 zones. Now till it holds below 19550 zones, weakness could be seen towards 19442 then 19333 zones whereas hurdles are placed at 19650 then 19750 zones.

Bank Nifty Prediction Today

The equity research analysts of Motilal Oswal went on to say that Bank Nifty support at 43500 then 43333 zones while resistance at 44044 then 44250 zones. Now till it holds below 44044 zones some weakness could be seen towards 43500 then 43333 levels while on the upside hurdle is seen at 44044 then 44250 marks.

Stocks To Buy Today

Siddhartha Khemka Head - Retail Research and Chandan Taparia-Derivatives & Technical Analyst of Motilal Oswal has recommended the below stocks to buy or sell on Monday, 23rd October.

Technical Pick:

Persistent Systems

Buy at CMP of Rs 5907, stop-loss: Rs 5750, target: Rs 6200, duration: 2 to 3 days.

Persistent has given a falling channel breakout on the daily chart and managed to close above the same. It has given a range breakout on weekly charts and formed a bullish candle on daily scale. The momentum indicators RSI is positively placed and supports are gradually shifting higher.

Fundamental Pick:

Paytm

Buy at CMP of Rs 980, target: Rs 1160, duration: 1 year

Paytm's total revenue grew 32% YoY/8% QoQ to INR25.2b (in line), supported by healthy growth in GMV, disbursements, and addition of subscription devices. Net payment margin grew 60% YoY/ 9% QoQ to INR7.1b in 2QFY24, which, along with healthy financial services revenue, resulted in improvements in contribution margin to ~57%. We revise our estimates slightly upwards and expect Paytm to report EBITDA of INR7.9b by FY25 vs. earlier estimate of INR7.8b. We continue to believe that Paytm will achieve earnings breakeven in FY25 and we estimate net earnings to rise sharply from FY26E onwards, said the research analysts of Motilal Oswal.

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.