Buy/Sell: Tata Group Stock Picks By Chandan Taparia of Motilal Oswal On Tuesday, 30th April

Strong opening in Asian markets, rally in the US market backed by solid quarterly earnings by tech players and ahead of US Fed interest rate decision tomorrow, impressive quarterly results announced by domestic corporate and FIIs turned into net buyers yesterday after net sellers in the last five trading sessions may open equity benchmark Index on a positive note, said Chandan Taparia, CMT, CFTe Derivatives & Technical Analyst at Motilal Oswal.

"Investors are bracing for the FOMC meeting's outcome and Chairman Powell's remarks on interest rates after inflation has stayed more stubborn than expected. Gift Nifty is up 40 points. Auto stocks will be in focus ahead of April monthly sales data that will be announced tomorrow. Metal stocks may be positive due to base metal price on LME gaining between 1-2% and Copper price surging to a 2-year high Banking stocks may be positive after good quarterly results announced by ICICI Bank, Axis Bank and small-cap PSU banks," the analyst further added.

Nifty Outlook

"Nifty immediate support at 22500 then 22400 zones while resistance at 22775 then 22850 zones. Now it has to hold above 22600 for an up move towards 22775 then 22850 zones whereas supports are placed at 22500 then 22400 zones," stated Chandan Taparia.

Bank Nifty Outlook

"Bank Nifty support at 49250 then 48888 zones while resistance at 50000 then 50250 zones. Now it has to continue to hold 49250 zones for an up move towards new lifetime high of 50000 then 50250 zones while on the downside support is seen at 49250 then 48888 levels," the analyst predicted.

Stocks To Buy Today

Chandan Taparia, CMT, CFTe Derivatives & Technical Analyst at Motilal Oswal has recommended the below stocks to buy or sell on Tuesday, 30th April.

Tata Power

Buy at CMP: Rs 448, stop-loss: Rs 435, target: Rs 470, duration: 2-3 Days

Tata Power has given narrow range breakout on weekly scale and range breakout on daily chart. It has formed a strong bullish candle on daily scale and supports are gradually shifting higher. Momentum indicator RSI is positively placed which may take the prices higher.

Trent

Buy at CMP: Rs 4314, target: Rs 4870, duration 1 Year

TRENT reported strong standalone revenue growth of 53% (in line) in 4QFY24, led by 10% LFL and 37% YoY store additions. Robust revenue growth, along with GM improvement and operating leverage, resulted in 2.3x/2.4x YoY growth in EBITDA/PAT (11%/31% beat). We estimate a CAGR of 32%/38% in revenue/PAT over FY24-26. The continued momentum in Star and improving store metrics offer further upside potential, 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.