Day Trading Guide: Chandan Taparia Recommends 2 Stocks To Buy/Sell On Monday, 25th Sept

On Friday, US Indices closed negative 0.1% to 0.3% and European indices closed mixed -0.4% to 0.1%, but today the Asian indices are trading mixed -1.5% to 0.8% on Monday indicating a mixed global cue. Whereas on Friday, Nifty closed 68 points down at 19674 levels, DIIs bought shares worth Rs.801cr while FIIs sold shares worth Rs.1327 cr, India VIX closed at 10.73 levels indicating a negative domestic cue.

Nifty Outlook Today

Chandan Taparia, Derivatives & Technical Analyst of Motilal Oswal believes Nifty immediate support is at 19550 then 19500 zones while resistance is at 19750 then 19850 zones. Now till it holds below 19750 zones, some more profit booking may be seen towards 19550 and 19500 zones whereas hurdles are placed at 19750 then 19850 zones.

Bank Nifty Outlook Today

Bank Nifty support is at 44444 then 44250 zones while resistance is at 45000 then 45250 zones. Now till it holds below 44750 zones some more weakness could be seen towards its key level of 44444 then 44250 levels while on the upside hurdle is seen at 45000 then 45250 zones, according to Chandan Taparia.

Market Outlook Today

"Investors want Bloomberg Barclays to bond with India, positive opening in the Asian markets and a modest gain in US future may open domestic bourses on a positive note. On Friday, Dow Jones slipped over 100 points while Nasdaq Composite registered its largest Friday-to-Friday percentage drop by 4% or 500 points since March 2023. European stock exchanges closed with losses on Friday, except for the UK exchange," stated Chandan Taparia.

"UK Index managed to end in positive territory. However, France Index declined by 0.4% after hawkish commentary by the US Fed and signalled it would likely keep interest rates higher for a longer time. Asian stocks traded in a tight range on Monday and oil rose, while Treasury yields inched higher as investors weighed the Federal Reserve's higher-for-longer stance. Japan, Taiwan, South Korea Index gained up to 0.5%. Gift Nifty is trading flat to negative," said Chandan Taparia.

Stocks To Buy Today

Chandan Taparia has recommended 2 stocks to buy on Monday, 25 September.

Bank of Baroda

Buy at CMP of Rs 215, stop-loss: Rs 207, target: Rs 235, duration: 2 to 3 days

Bank of Baroda is in an overall uptrend and is on the verge of a trend line breakout on weekly scale. It is forming higher highs - higher lows on a weekly scale from the past three weeks and holding well above its 20WEMA with decent surge in volumes. Supports are gradually shifting higher and good buying is visible across PSU space. Relative strength Index (RSI) is holding near 68 zones which suggests strength in the stock.

Fundamental Pick:

Maruti Suzuki

Buy at CMP of Rs 10536, target: Rs 11900, duration: 1 year

Company management believes that the volume growth will increase in Sep-Oct due to festival period and entire auto industry should see all time high sales during this period. Stable growth in domestic PVs and a favorable product lifecycle augur well for MSIL. We expect market share gains and margin recovery in FY24, led by an improvement in supplies, a favorable product lifecycle, mix and operating leverage, 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.