Stocks to buy: Indian stock market indices, Sensex and Nifty 50, are trading flat in a choppy session Tuesday amid weak global market cues. Gains in consumer, oil & gas, media and realty stocks are countered by selling in IT, banks and pharma shares.
The 30-share BSE Sensex opened marginally lower at 81,349.28 on Tuesday, while the 50-share benchmark NSE Nifty 50 index opened flat at 24,839.40. Nifty 50 hit an all-time high of 24,999.75 in the previous session, just shy of the 25,000-mark.
Broader markets outperformed the frontliners as the Nifty Midcap 100 and the Nifty Smallcap 100 indices were up 0.22% and 0.5%, respectively.
Nifty 50 formed a small-bodied Bearish candle on the daily frame after taking support near 24,775 zones on June 29.
Chandan Taparia, Head – Equity Derivatives and Technicals, Broking and Distribution, MOFSL believes now Nifty has to hold 24,750 zones for an up move towards 25,000 and 25,150 zones whereas supports are placed at 24,700 then 24,600 zones.
“India VIX was up 5.70% from 12.25 to 12.94 levels. Overall lower volatility supports the bullish stance in the market,” Taparia said.
Option data suggests a broader trading range in between 24,500 to 25,200 zones while an immediate range between 24,700 to 25,000 levels, he added.
Bank Nifty Outlook
Bank Nifty index traded 0.11% higher at 51,463 level, supported by buying in banking stocks such as IDFC First Bank, AU Small Finance Bank, Bandhan Bank and others.
“Now, Bank Nifty has to continue to hold above 51,000 zones for a bounce towards 52,000 then 52,350 levels while on the downside support is seen at 51,000 then 50,750 zones,” Taparia said.
Chandan Taparia has recommended three stocks to buy today, July 30. These stocks to buy are Lupin, DLF and Mahindra & Mahindra (M&M). According to Taparia, these stocks are technically well placed to see a decent upmove.
Here are the top stock recommendations by Chandan Taparia.
Stocks to buy
Lupin | Buy | Target Price: ₹1,980 | Stop Loss: ₹1,800
A Pole and Flag pattern with a breakout has appeared on the daily scale with high buying volumes to support the up move. The On Balance Volume Indicator has been making higher highs indicating rising overall volume which indicates the potential up move, Taparia said.
DLF | Buy | Target Price: ₹940 | Stop Loss: ₹830
On the Daily Chart, DLF share price has broken out on the upside from a descending triangle with higher-than-average buying volumes. The RSI Indicator has turned up indicating strong upward momentum.
M&M | Buy | Target Price: ₹3,170 | Stop Loss: ₹2,820
The most recent candle on the daily chart has breached its previous resistance and M&M share price is headed towards its All Time High. The ADX Indicator has been moving up since its trough which indicates the up move has strength to support it.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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