Purchase/Sell: Select Daily Stocks By Motilal Oswal’s Chandan Taparia Monday, April 29

A bright start to the local equities market might be provided by a rally in global markets, which is consistent with the anticipated US April inflation statistics, a decline in the US Bond Yield and Dollar Index, and excellent quarterly results from ICICI Bank. The US market increased by 2% as a result of better-than-expected quarterly earnings releases from Alphabet Inc. and Microsoft Corp.

as well as a significant monthly US inflation figure that met analysts’ expectations, according to Chandan Taparia, CMT, CFTe Derivatives & Technical Analyst at Motilal Oswal.

This week’s key events include the US Federal Reserve’s interest rate decision, the Lok Sobha election, April’s car sales figures, and quarterly results from both the US and India. The US Federal Reserve will make its interest rate announcement on Wednesday, May 1st,” the expert said.

Good Prognosis For Today
“Nifty has immediate opposition at 22600 and 22750 zones, and support at 22300 and 22222 zones. As supports are located around 22300 and 22222 zones, it must now hold above 22400 for an upward advance into 22600 and 22750 zones, according to Chandan Taparia.

Bank Nifty Prospects
“Bank Nifty resistance is around 48888 and 49050 zones, while support is at 48000 and 47777 zones. For an upward rise towards 48888 and 49050 zones, it must now continue to cross and maintain the 48250 zones; on the downside, support is indicated around 48000 and 47777 levels,” the expert said.

Stocks to Purchase Right Now
The stocks listed below are advised for purchase today by Chandan Taparia, CMT, CFTe Derivatives & Technical Analyst at Motilal Oswal.

IRFC Buy at Stop-Loss: Rs 153, Target: Rs 170, Duration: 2-3 Days, at CMP: Rs 158

On the daily chart, IRFC produced a trend line breakout and closed above it. On a daily basis, it has produced a solid bullish candle, and the supports are progressively rising. Purchasing is evident across the Rail PSU area, which might bolster the current upward trend. According to Chandan Taparia, the momentum indicator RSI is in a bullish position, which might lead the prices upward.

ICICI Bank Purchase for a Year at CMP: Rs. 1108, Goal: Rs. 1300

“ICICI Bank (ICICIBC) announced a strong 4QFY24 performance, with net profits growing 17% YoY (inline) despite constrained opex and impairments. NIM shrinkage slowed, falling 3bp QoQ to 4.4% (down from 10bp in 3Q). A robust 16% YoY/3% QoQ credit increase was driven by the Retail, SME, and BB categories. Positively surprising, deposit growth was 20% YoY and 6% QoQ. Slippages decreased QoQ in terms of asset quality since 3Q had KCC slippages. The QoQ decline in GNPA/NNPA ratios was 14bp/2bp. The bank has INR131b (1.1% of loans) set aside as a cautious contingency buffer. For FY26, we project a RoA/RoE of 2.26%/18.0%. Over FY2426E, we anticipate the bank to maintain a PAT CAGR of around 14%, according to Chandan Taparia.