Trading Guide: 2 Buy/Sell Calls By Chandan Taparia of Motilal Oswal On Friday, 5 April

According to Chandan Taparia, CMT, CFTe Derivatives & Technical Analyst at Motilal Oswal, uncertainty about US Fed to cut interest after hawkish commentary by US Fed officials, geo-political tension lifting oil price over 5-month high to above $91/bbl, overnight sharp decline US market and soft opening in the Asian markets, may open domestic equity market on a weak note.

Gift Nifty declined by 50 points or 0.3%. The domestic market may not have a major negative impact compared to the global markets due to strong economy data. Rising oil prices may be positive for upstream oil companies. Metal stocks may be positive due to copper and aluminium prices surging to a 14-month high on LME, he added.

NIFTY Outlook Today

Nifty immediate support at 22400 then 22300 zones while resistance at 22650 then 22750 zones. Now it has to continue to hold above 22350 zones to witness an up move towards 22650 and 22750 zones while on the downside support exists at 22400 and 22300 zones, said Chandan Taparia.

Bank Nifty Outlook

Bank Nifty support at 47250 then 47000 zones while resistance at 48000 then 48250 zones. Now it has to continue to hold above 47250 zones to extend the move towards 48000 then 48250 zones while on the downside support is seen at 47250 and 47000 zones, the analyst further stated.

Stocks To Buy Today

Chandan Taparia, CMT, CFTe Derivatives & Technical Analyst at Motilal Oswal has recommended the below stocks to buy on 5th April - Friday. Here's why.

Asian Paints

Buy at CMP: Rs 2918, stop-loss: Rs 2850, target: Rs 3050, duration: 2-3 Days

Asian paints have formed a base near 2800 zones and inched higher. It has given a box breakout on the daily chart and managed to close above the same. Momentum indicator Relative Strength Index (RSI) is positively placed which indicates overall strength in the stock.

Bajaj Finance

CMP: Rs 7283, target: Rs 8550, Upside: 17%, duration: 1 year

Bajaj Finance released its Q4 business update where it reported a healthy 34% YoY growth in AUM for FY24. The deposit book in FY24 stood at Rs 60,100 crore, witnessing growth of 35% YoY. Despite the RBI ban, New loans booked during Q4 FY24 rose 4% to 7.87 million, while customer franchises during the quarter increased by 3.23 million. The company's liquidity position remained strong with a consolidated liquidity surplus of INR157b (v/s INR116b QoQ). We expect BAF to deliver a PAT CAGR of 27% over FY23-FY26, and a RoA/RoE of 4.6%/23% in FY26, Chandan Taparia stated.

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.