Intraday Trade Idea: Stock Recommendations For The Day By Chandan Taparia of Motilal Oswal

On the domestic market outlook, positive opening in the Asian markets, modest gain in US Index Future, a sharp decline in the oil price to $88/bbl from $91/bbl, the hope of reducing geo-political tension in the gulf region, IMF raised India's growth forecast by 30 bps to 6.8% and technically Nifty took support at its 50 DEMA, may open domestic equity on a positive note, said Chandan Taparia, CMT, CFTe Derivatives & Technical Analyst at Motilal Oswal.

On the global market front, the analyst said the US market declined for the third consecutive day on mixed-bag quarterly results. US 10-Year bond Yield fell to below 4.60%. Tech leads stock slide, Nvidia falls almost 4%- Nasdaq Composite declined 1%. Brent Crude fell to below $90/bbl. European stocks dropped amid concerns that conflict in the Middle East may escalate, while fresh worries about China's economic growth also weighed on sentiment. UK, Germany and France Index declined over 1% in the last two trading sessions.

Nifty Outlook Today

Nifty immediate support at 22050 then 21950 zones while resistance at 22222 then 22350 zones. Now till it holds below 22222 zones, weakness could be seen towards 22050 then 21950 zones whereas hurdles are placed at 22222 then 22350 zones, said Chandan Taparia.

Bank Nifty Outlook

Bank Nifty support is at 47250 then 47000 zones while resistance is at 48000 then 48250 zones. Now till it holds below 47777 zones some weakness could be seen towards 47250 then 47000 zones while on the upside hurdle is seen at 48000 then 48250 levels, the analyst stated.

Stocks To Buy Today

Chandan Taparia, CMT, CFTe Derivatives & Technical Analyst at Motilal Oswal has recommended the below stocks to buy today based on an intraday actionable idea for the day.

HAL

Buy at CMP: Rs 3722, stop-loss: Rs 3630, target: Rs 3900, duration: 2-3 Days

HAL has given a consolidation breakout on the daily chart and gave the highest daily close ever. Breakout is supported by a surge in volumes which may support the ongoing up move. It has formed a strong bullish candle on the daily chart and supports are gradually shifting higher. Momentum indicator RSI is positively placed which may take the prices higher.

ICICI Lombard

Buy at CMP: Rs 1649, target: Rs 210, duration: 1 Year

ICICI Lombard reported a 19% YoY growth in net profit to Rs519 crore. The net premium written grew by 18% YoY to Rs4,767 crore. The combined ratio stood at 102.2% vs. 103.6% in 3QFY24 (our est. ~104.3). The company has improved its combined ratio guidance to 101.5% as the exit rate for FY25 vs. 102 earlier. Scale benefits, a favorable product mix (higher share of retail health), and improvements in efficiencies across channels should help ICICIGI improve its combined ratio and RoE over the next couple of years, 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.