Trade Call: 2 Stock Picks By Chandan Taparia of Motilal Oswal On Friday, 19th Jan

Rally in the US market, strong opening in Asian markets, impressive quarterly results announced by IndusInd Bank and surging HDFC Bank and Axis Bank ADR, may open domestic equity bourses on a positive note. US market gained over 1% led by IT stocks after Bank of America upgraded on Apple Inc and Initial Jobless claim fell to a 16-month low lifting the US market.

Asian markets surged by 1% today while the US 10-year bond yield spiked to a 2-month high at 4.15% - a major concern amid US Fed may delay the hike in interest rates. Gift Nifty is up 0.1% or 20 points and a rally in PSU, rail, NBFC and power stocks to continue, said Chandan Taparia, CMT, CFTe Derivatives & Technical Analyst at Motilal Oswal by giving his today's focus on Sony calls board meeting today for Zee merger call.

Nifty Outlook

Nifty immediate support at 21300 then 21250 zones while resistance at 21550 then 21650 zones. Now till it holds below 21550 zones, weakness could be seen towards 21300 and 21250 zones while on the upside hurdle shifts lower at 21550 and 21650 zones, said Chandan Taparia.

Bank Nifty Outlook

Bank Nifty support is at 45500 then 45250 zones while resistance is at 46500 then 46750 zones. Now till it holds below 46200 zones, weakness could be seen towards 45500 then 45250 zones while on the upside hurdle is seen at 46500 then 46750 levels, stated the analyst.

Stocks To Buy Today

Chandan Taparia, CMT, CFTe Derivatives & Technical Analyst at Motilal Oswal is bullish on the below 2 stocks today based on technical and fundamental analysis.

Lupin

Buy at CMP of Rs 1425, stop-loss: Rs 1390, target: Rs 1500, duration: 2-3 days

Lupin has given a range breakout on the daily chart and managed to close above the same. It is in an overall uptrend and every small decline is being bought into. It has formed a bullish candle on a daily scale and is holding well above crucial moving averages. Momentum indicator RSI is positively placed which has bullish implications.

IndusInd Bank

Buy at CMP: Rs 1615, target: Rs 1900, Duration: 1 Year

IndusInd Bank reported an in-line 3QFY24 performance with PAT growing 17% YoY at INR23b (in line), aided by healthy revenue growth and lower provisions. On the business front, loans grew 3.7% QoQ (up 20% YoY), led mainly by the Consumer Finance segment (up 4.7% QoQ). Deposits grew 13.4% YoY (up 2.6% QoQ). We estimate 21% earnings CAGR over FY24-26, leading to ROE of 16.2% in FY25, 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.