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Stocks to buy today: Chandan Taparia recommends TVS Motor & two more picks
Nifty share price:
Nifty index opened gap up by more than 200 points on account of positive global cues and optimism surrounding geopolitical developments. Bulls held on with a firm stance above 25,000 for most part of the session with some volatile cues in between. After crossing 25,300 marks, it witnessed profit booking in the second half but managed to close in gains of around 70 points. It formed a bearish candle on the daily frame but has been forming higher lows from the last three sessions. Now it has to hold above 25,000, for an up move towards 25,300 and 25,500 zones while supports can be seen at 24,900 then 24,800 zones.
On the options front, the Maximum Call OI is at 25,200 then 25,500 strike while the Maximum Put OI is at 24,800 then 25,000 strike. Call writing is seen at 25,100 then 25,200 strike while Put writing is seen at 25,100 then 25,200 strike. Option data suggests a broader trading range in between 24,600 to 25,500 zones while an immediate range between 24,800 to 25,300 levels.
Bank Nifty share price:
Bank Nifty index opened gap up by more than 550 points in line with strong global cues and gradually extended the momentum towards 56,862 marks in the first half of the session. However, it failed to hold at higher zones and drifted lower towards 56,250 levels in the latter part of the day. It formed a small-bodied candle on a daily scale with long upper and lower shadow as rate sensitive index remained highly volatile in a wider range of 400 points. Now it has to hold above 56,250 zones for an up move towards 56,750 then 57,000 levels while on the downside support is seen at 56,250 then 56,000 zones.
Stocks to buy today
'Buy' TVS MOTORS CMP ₹2,842, Stop-loss: ₹2,760 Target: ₹2,980
The TVS Motors stock has given an inside bar breakout on the daily chart and formed a bullish candle. Breakout is supported by a surge in volumes which has bullish implications. MACD indicator positively placed to support the up move.
'Buy' SBI LIFE CMP; ₹1,848, Sto-loss: ₹1,808, Target: ₹1,905
The SBI LIFE stock has given range breakout on the daily chart and managed to close above the same. It is in an overall uptrend and forming higher top-higher bottom formation on monthly charts. ADX indicator is rising which implies that ongoing up trend has strength.
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