Buy/Sell: 2 Trade Calls By Chandan Taparia of Motilal Oswal On Friday, 12th April

Above expectation in US March CPI data, uncertainty about the US Fed to cut interest rate and US 10-year bond yield surged to a 5-month high, may open domestic bourses on a weak note. Dow Jones slipped 1% in the combination of the last two trading sessions due to the US 10-year Bond Yield spiking to a 5-month high of 4.56% and the Dollar Index soared to above 105. Gift Nifty declined by 125 points or 0.5%. Metal stocks may be positive due to copper prices surging to a 15-month high. Tech stocks will be in focus ahead of the TCS result to be announced post-market today. Chemical stocks will be focused on ahead of Q4 results, said Chandan Taparia, CMT, CFTe Derivatives & Technical Analyst at Motilal Oswal.

Nifty Outlook

Nifty immediate support is at 22600 then 22500 zones while resistance is at 22850 then 23000 zones. Now it has to hold above 22650 zones to witness an up move towards 22850 and 23000 zones while on the downside support exists at 22600 and 22500 zones, said Chandan Taparia.

Bank Nifty Outlook

Bank Nifty support is at 48650 then 48500 zones while resistance is at 49250 then 49500 zones. Now it has to continue to hold above 48650 zones to extend the momentum towards then new life high of 49250 then 49500 zones while on the downside support is seen at 48650 and 48500 zones, the analyst further added.

Stocks To Buy Today

Chandan Taparia, CMT, CFTe Derivatives & Technical Analyst at Motilal Oswal has recommended 2 stocks to buy or sell today - Friday, 12th April.

PNB

Buy at CMP: Rs 136, stop-loss: Rs 132, target: Rs 145, duration: 2-3 days

PNB has given range breakout on weekly scale and holding well above the same. It has retested breakout on daily scale and formed a strong bullish candle. Buying is visible across Psu banks which may support the bullish momentum. Momentum indicator RSI is positively placed which may take the prices higher.

Coal India

CMP: Rs 456, target: Rs 520, upside 14%, Buy, duration: 1 year

Twenty coal mines including seven of Coal India are likely to become operational by the end of this year, a move that will reduce coal imports and help meet rising power demand. Also, 3 new projects are expected to come in coal gasification. The government plans to start coal exchange by 2029. India's peak power demand this summer is estimated at 384 GW. We believe COAL is well placed to capitalize on the growth opportunity ahead, 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.