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Stocks to buy today: Bullish trend seen in Titagarh Rail, Cholamandalam Fin
Nifty trading strategy, Nifty Options data
The Nifty Index opened on a negative note and witnessed highly volatile swings on Tuesday. The session turned into a roller-coaster ride with sharp and fast moves on both sides during the first half. In the latter half, the index gradually drifted lower in a slow and steady manner, eventually closing with losses of around 170 points, near the 24,820-mark. On the daily chart, Nifty share price has formed a bearish candle with wicks on both ends, indicating selling pressure at higher levels, while buying interest near the lower zones. Now it has to cross and hold above 24,900 zones for an up move towards 25,100, followed by 25,200. Else, weakness could be seen towards 24,700 and 24,600 zones.
Further, as per the Nifty Options data, Maximum Call OI is at 25,000 and then at 25,500 strike, while Maximum Put OI is at 24,500 and then at 25,000 strike. Call writing is seen at 24,800, followed by 24,900 strike, while Put writing is seen at 24,400 and then 24,800 strike. Option data suggests a broader trading range in between 24,300 to 25,300 zones while an immediate range lies between 24,600 to 25,000 levels.
Bank Nifty Outlook
The Bank Nifty Index formed a high wave candle on the daily scale on Tuesday as the buying is visible at lower level support base, but the momentum is missing at higher zones. Now, it has to hold above 55,250 zone for an up move towards 55,750, then 56,000 levels. On the downside, support is seen at 55,250, then 55,000 zones.
Stocks to Buy Today for Upside, May 28:
Buy Cholamandalam Investment and Finance stock | CMP: ₹1,665 | Stop Loss: ₹1,610 | Share price target: ₹1,775
Cholamandalam Investment stock has formed a bullish 'cup and handle pattern' near the all-time high zones, suggesting an upward trend. It is respecting its 50-DEMA with slight dips being bought into. The RSI indicator is rising which confirms the positive momentum in Cholamandalam Investment share price.
Tata Chemicals share price has broken out of a consolidation zone on the daily scale with higher than average traded volumes. The MACD is positively placed which has bullish implications.
Titagarh Rail Systems share price has formed a 'pennant' pattern on the daily scale, which suggests a continuation of the uptrend. The ADX line is rising, which confirms the strength of the uptrend.
Disclaimer: This article is by Chandan Taparia, head derivatives & technicals, wealth management at Motilal Oswal Financial Services. Views expressed are his own.
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