Trade Call: 2 Intraday Stock Picks By Siddhartha Khemka of Motilal Oswal On Thursday, Jan 4

On Thursday, January 4, Siddhartha Khemka, Head of Retail Research at Motilal Oswal, suggested buying two stocks. Based on technical analysis, the expert is optimistic on Canara Bank shares and, based on fundamental research, on ONGC shares.

Nifty Outlook

Nifty immediate support at 21400 then 21300 zones while resistance at 21680 then 21750 zones. Now till it holds below 21550 zones, weakness could be seen towards 21400 then 21300 zones whereas hurdles are placed at 21680 then 21750 zones, said Siddhartha Khemka.

Bank Nifty Outlook

Bank Nifty support is at 47500 then 47250 zones while resistance is at 48000 then 48250 zones. Now it has to cross and hold above 47777 zones for an up move towards 48000 then 48250 levels while a hold below the same could see some weakness towards 47500 then 47250 zones, he stated.

Stocks To Buy Today

Here are the 2 stock recommendations with buy ratings for today, 4th January by Siddhartha Khemka, Head of Retail Research at Motilal Oswal.

Canara Bank

Buy at CMP of Rs 458, stop-loss: Rs 449, target: Rs 475, timeframe: 2-3 Days

Canara Bank has given a range breakout on the daily chart with noticeable volumes and managed to close above the same. It has formed a strong bullish candle on the daily chart and supports are gradually shifting higher. Buying is visible across PSU Banks which may support the ongoing up move. Momentum indicator Relative Strength Index (RSI) is positively placed which indicates strength in the stock.

ONGC

Buy at CMP of Rs 208, target: Rs 235, duration: 1 year

ONGC wins 7 of 10 oil exploration blocks put up for bidding as part of the eighth round of Open Acreage Licensing Policy (OALP-VIII). Petroleos de Venezuela SA has agreed to pay a pending 600 million dollar dividend for a stake in a project in the South American nation through crude oil cargoes. We like ONGC given its inexpensive valuations & improving volume growth outlook.

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.