Buy Call: 2 Stock Picks By Chandan Taparia of Motilal Oswal On Tuesday, 2nd April

A solid Asian market opening, the second-highest domestic GST collection in March, remarkable corporate quarterly business updates, mixed results for March's auto monthly sales data, and this week's outcome of the RBI policy could cause domestic bourses to open on a flat to negative note after domestic equities performed well at the start of the new fiscal year and reached a new all-time high on Monday. The domestic market could start on a negative note as the GIFT Nifty declines by 60 points. With elections and Q4 results this month, the market is likely to stay turbulent. Attention will be on the RBI's monetary policy announcement, which is scheduled for this Friday where the status quo is anticipated.

Nifty Outlook

Nifty immediate support at 22350 then 22222 zones while resistance at 22650 then 22750 zones. Now it has to continue to hold above 22350 zones to witness an up move towards 22650 and 22750 zones while on the downside support exists at 22350 and 22222 zones, said Chandan Taparia, CMT, CFTe Derivatives & Technical Analyst at Motilal Oswal.

Bank Nifty Outlook

Bank Nifty support at 47250 then 47000 zones while resistance at 48000 then 48250 zones. Now it has to continue to hold above 47250 zones to extend the move towards 48000 then 48250 zones while on the downside support is seen at 47250 and 47000 zones, Chandan Taparia further added.

Stocks To Buy Today

Chandan Taparia, CMT, CFTe Derivatives & Technical Analyst at Motilal Oswal has recommended the below stocks to buy or sell today - 2nd April.

Bank of Maharashtra

Buy at CMP: Rs 65, stop-loss: Rs 62, target: Rs 71, duration: 2-3 days

Bank of Maharashtra has given falling supply trend line breakout on daily chart and holding well above the same. Buying is visible across Psu banks which may support the ongoing up move. Breakout is supported by noticeable volumes and supports are gradually shifting higher. Momentum indicator Relative Strength Index (RSI) is positively placed which my take the prices higher.

HAL

HAL records highest-ever revenue from ops of over Rs 29,810 cr In FY24, up 11% YoY. Received fresh manufacturing contracts of over Rs 19,000 cr and Repair & Overhaul contracts of over Rs 16,000 cr during FY24, taking total order book to above Rs 94000 crore (3x OB/Sales). In addition, India exported a record-breaking Rs 21,083 crore worth of defense equipment for the first time ever in FY24. Chandan Taparia has a positive outlook on HAL.

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.