Trade Call: 2 Stock Picks By Chandan Taparia of Motilal Oswal On Friday, 12th Jan

The Sensex gained 302.97 points, or 0.42 per cent, at 72,024.15, while the Nifty surged 93.40 points, or 0.43 per cent, at 21,740.60 on January 12. Today's focus will remain on Infosys ADR gains 4%, India's inflation and IIP, China's Inflation. US - PPI Data (WPI).

Equity markets in Asia were mixed Friday as traders digested conflicting signals in US inflation data. Japan Index soared over 1% to 34-year high. Australia and South Korea Index declined up to 0.5%. European stocks extended declines to near one-month low after the latest inflation data showed prices accelerated in the US, challenging market expectations that the Federal Reserve will soon start cutting interest rates. UK, Germany and France Index, said Chandan Taparia, CMT, CFTe Derivatives & Technical Analyst at Motilal Oswal.

Nifty Outlook

Nifty immediate support at 21450 then 21300 zones while resistance at 21750 then 21850 zones. Now it has to hold above 21550 zones, for an up move towards 21750 then 21850 zones while on the downside support exists at 21450 and 21300 zones, said the analyst,

Bank Nifty Outlook

Bank Nifty support at 47250 then 47000 zones while resistance is at 47777 then 48000 zones. Now it has to cross and hold above 47500 zones for a bounce towards 47777 then 48000 zones while on the downside support is seen at 47250 then 47000 levels, stated the analyst.

Stocks To Buy Today

Chandan Taparia, CMT, CFTe Derivatives & Technical Analyst at Motilal Oswal, has recommended the below stocks to buy or sell today on 12th January 2024.

Ambuja Cements

Buy at CMP Rs 538, SL: Rs 524, target: Rs 565, duration: 2-3 Days

Ambuja Cements is in overall uptrend and negated lower highs-lower lows formation after four trading sessions. It has perfectly respected 20 DEMA and inched higher. It has formed a bullish candle on daily scale and supports are gradually shifting higher. Momentum indicator RSI is positively placed which may take the prices higher.

TCS

Buy at CMP: Rs 3736, TP: Rs 4250, Duration 1 Year

TCS reported revenue of USD7.28b in 3QFY24, up 1.0% QoQ in constant currency (CC) terms and 140bp above our estimates despite a weak demand environment and seasonal weakness. TCS reported deal wins of USD 8.1 b (up 3% YoY). Given its size, order book and exposure to long-duration orders and portfolio, TCS is well positioned to withstand the weakening macro environment and ride on the anticipated industry growth, 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.