Day Trading Guide For Friday: Chandan Taparia of Motilal Oswal Recommends 3 Stocks To Buy/Sell Today—1st Sept

In the midst of mixed global cues, Nifty yesterday began flat before swiftly giving up its early gains and closing with a loss of 94 points at 19254 on Thursday. Nifty September future ended at 19414.25 with a premium of 160.45 points compared to the previous session's discount of 4.95 points. The Nifty August Rollover is 77.97%, which is somewhat higher than the 76.87% average for the previous three months. Bank The Nifty August Rollover is now at 77.12%, a little under its three-month average of 78.29%. Bank Nifty futures OI climbed by 6.69% to 25.16 Lakhs, while Nifty futures OI declined by 20.33% to 1.06 Cr. The Nifty Put/Call Ratio (OI) rose from a level of 0.91 to 1.19. India VIX increased by 2.22% from levels of 11.80 to 12.06.

Nifty Outlook Today

According to Chandan Taparia, Derivatives & Technical Analyst of Motilal Oswal, Nifty immediate support at 19150 then 19000 zones while resistance at 19388 then 19444 zones Now till it holds below 19333 zones weakness could be seen towards 19150 and 19000 zones whereas hurdles are placed at 19388 and 19444 zones.

Bank Nifty Outlook Today

Bank Nifty support at 43750 then 43600 zones while resistance at 44250 then 44444 zones. Now till it holds below 44250 zones weakness could be seen towards 43750 then 43600 zones while on the upside resistance is seen at 44250 then 44444 levels, said Chandan Taparia.

Stock Market Outlook Today

Indian stock market is expected to open on a flat note on account of global markets ended on a mixed note as traders awaiting today's US jobs report for clues on the outlook for Federal Reserve policy. Dow Jones declined by 0.5% yesterday and Asian market are witnessing mixed bag after reported in line with US PCE inflation data. US 10-Year bond, 2-year bond and Dollar Index marginally gain ahead of US non-farm payroll and Job data to be release today to gauge the outlook for the Federal Reserve policy, said Chandan Taparia.

Gift Nifty is trading flat to negative and US Dow Future gained 0.1%. Nifty declined 0.5% yesterday as concern of continued FIIs selling (yesterday net sellers Rs2973cr), mixed bag of global equity index, rising oil price and concern of poor monsoon dampening the market sentiment. Expectation of market will be bounce back during the month of September on account of strong domestic economy data - quarterly GDP surged to 1-year high and strong core sectors growth will be positive for the market sentiment, Chandan Taparia further stated.

Stocks To Buy Today

Here are the 3 stocks 2 fundamental and one technical which has been recommended to buy by Chandan Taparia, Derivatives & Technical Analyst of Motilal Oswal.

Technical Pick:

Titan

Buy at CMP of Rs 3104, SL: Rs 3040, target: Rs 3230, duration: 2 to 3 days.
Titan is in overall up trend and given a consolidation breakout on daily chart. It is making higher top - higher bottom formation from past four weeks and supports are gradually shifting higher. It formed a bullish candle on daily chart and holding well above 50 DEMA. The momentum indicators are placed in the positive territory which may take the price to higher zones.

Fundamental Pick:

Godrej Properties

Buy at INR1641, Target price: INR1915, duration: 1 year

Mumbai saw over 10,550 properties being sold in August, a 23% YoY increase, and collected over Rs790 crore in stamp duty, which rose by 22%, totalling Rs 7,242 crore in the first eight months of 2023. This was the third consecutive month of over 10,000 property registrations of the overall registered properties, residential units constitute 80%, the remaining 20% are non-residential assets. During January to August period of 2023, properties priced Rs 1 crore and above constituted 57 % of the total registrations. Godrej Properties launched three projects with saleable area of 1.1msf in Q1FY24. It is on track to launch 19msf of projects in the remainder of FY24.

Maruti

Buy at CMP INR10000, Target: INR11150, duration: 1 year

PV retail is likely to jump 5-7% YoY for the month of August, propelled by execution of order backlog and moderating supply chain issues. Inquiries and bookings continue to remain stable MoM. We expect dispatches for MSIL to grow 11%. We like Maruti as stable growth in domestic PVs and a favourable product lifecycle augur well. We expect market share gains and margin recovery in FY24, led by an improvement in supplies, a favourable 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.