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Bharti Airtel, Polycab: Chandan Taparia of MOFSL picks these stocks to buy

Nifty Index opened positive but failed to hold its opening levels above 24,500 zones and sank sharply by 130 points in the first hour. It was followed by the index moving in a very narrow band of around 50-60 points for the rest of the day. It formed a bearish candle on daily frame to close with losses of around 80 points and has started to form lower highs from the last two sessions. Now it has to cross and hold above 24,400 zones for strength to regain towards 24,650 then 24,750 zones while supports can be seen at 24,200 then 24,050 zones. On option front, Maximum Call OI is at 24,500 then 25,000 strike while Maximum Put OI is at 24,400 then 24,000 strike. Call writing is seen at 24,400 then 24,500 strike while Put writing is seen at 24,400 then 24,200 strike. Option data suggests a broader trading range in between 23,800 to 24,800 zones while an immediate range between 24,100 to 24,600 levels. Bank Nifty Index opened on a flattish note but failed to hold 55,000 zones and gradually drifted lower towards 54,200 zones in the latter part of the session. It formed a Bearish candle on daily scale as selling pressure is seen at higher zones to close with losses of around 650 points below 54,300 zones. Index has seen a decent profit booking of more than 2000 points in last few sessions as some pause is seen at higher zones. Now till it holds below 54500 zones weakness could be seen towards 54,000 then 53,750 levels while on the upside hurdle is seen at 54,500 then 54,750 levels. Stock recommendations Buy BHARTIARTL | CMP ₹1902 | SL ₹1860 | TGT ₹1980 Bharti Airtel Stock has retested its breakout from a consolidation zone and headed up with higher than average traded volumes. The ADX line is rising which confirms the strength of the uptrend. Buy POLYCAB | CMP ₹5909 | SL ₹5725 | TGT ₹6310 Polycab share price has broken out from an ascending triangle pattern on the daily chart and closed above its 100 DEMA. The MACD line is rising which confirms the bullish momentum. Here are the Top STOCKS TO WATCH Today Oberoi Realty stock has breached below its key support levels on the daily chart with a large bodied bearish candle. The Stochastic indicator is declining which confirms the bearish sentiment. (Disclaimer: This article is by Chandan Taparia, head derivatives & technicals, wealth management at Motilal Oswal Financial Services. Views expressed are his own.)