Tuesday’s Day Trading Picks: Chandan Taparia of Motilal Oswal Suggests Buying Three Stocks

Due to the worldwide market rise, declining oil prices, a cooling global Vix (Volatility Index), and a reduction in geopolitical tension between Iran and Israel, the Indian stock market is predicted to start on a bullish note. According to Chandan Taparia, CMT, CFTe Derivatives & Technical Analyst at Motilal Oswal, both the US and India Vix dropped precipitously by 10% and 5%, respectively, suggesting a steady market.

Gift Nifty has gained sixty points. Anticipate a rise in tractor stock after the announcement of Eicher’s price increase. Following the announcement that the Center may disinvest minority holdings in five public sector banks, PSU Banks may see an uptick in business. The analyst went on to say that oil marketing businesses could anticipate strong results for HPCL, BPCL, and IOC due to the impact of price declines.

nifty forecast
The Nifty finds immediate support around zones 22222 and 22100, and resistance at zones 22500 and 22600. As supports are positioned around 22222 and 22100 zones, it must now hold above 22222 in order to go upward into 22500 and 22600 zones, according to Chandan Taparia.

Bank Nifty Prospects
“Bank Nifty resistance is around 48250 and 48500 zones, while support is at 47777 and 47500 zones. For an upward rise into 48250 and 48500 zones, it must now maintain its hold above 47777 zones. On the downside, support is envisaged between 47777 and 47500 levels,” he said.

Stocks to Purchase Right Now
The following stocks are what Motilal Oswal’s Chandan Taparia, CMT, CFTe Derivatives, and Technical Analyst, advise you to purchase on Tuesday, April 23.

Bank Canara
Purchase at CMP: Rs 600; Place a stop-loss at Rs 584; Aim for Rs 635; Hold for 2–3 Days

Canara Bank is now experiencing an overall rise, with any minor dips being fully absorbed. On a daily basis, it has created a solid bullish candle and is completely obeying the 50 DEMA. Purchasing is evident at all PSU Banks, which might bolster the current upward trend. The RSI momentum indicator has produced a positive cross over, suggesting that prices may rise.

Reliance Industries Target: Rs 3245, Upside 10%, CMP: Rs 2960, Buy

Consolidated revenue and EBITDA for Reliance increased 11% in 4QFY24, mostly as a result of the expansion of the O2C sector. Better feedstock sourcing, ethane cracking, and more domestic product placement were the main drivers of the 13% increase in standalone revenue. Net debt decreased from INR1,194b to INR1,163b in a consecutive fashion. In terms of segments, the consumer business is still growing at a double-digit rate. RJio and Reliance Retail are expected to expand at EBITDA CAGRs of 14% and 25%, respectively, throughout FY24–26. Overall, our assessment of the Refining and Petrochemical divisions is still favorable. stated Chandan Taparia.

Target: Rs 4300, MCX CMP: Rs 3902, Upside 10%, Buy

FPIs in the individual, family office, and corporate categories have been permitted by MCX to invest in oil and natural gas derivatives, which accounted for 77% of the exchange’s March volume. The decision, which is effective immediately, coincides with a global uptick in energy derivatives trading. Today, the business will also introduce a mini-option contract for natural gas and crude oil. The analyst projected that over FY24–26, MCX would generate revenue/EBITDA/PAT CAGRs of 28%/205%/157%, driven primarily by a 47% CAGR in options volumes.