Shares to buy or sell: Chandan Taparia recommends three stocks to buy today — October 29

Shares to buy or sell : Indian benchmark indices Nifty and Sensex ended Monday's trading session in green. The Nifty 50 ended the session up by 0.65 per cent, closing at 24,339.

During intraday trading, the index nearly reached the 24,500 level, missing by just 8 points. Meanwhile, the S&P BSE Sensex closed with a 0.6 per cent gain, finishing above the 80,000 mark at 80,005, after hitting an intraday high of 80,539.



81. “ Nifty Index opened positive and witnessed buying right from the start of the session. It witnessed some cool-off in the second half of the session and closed with gains of around 160 points.

It formed a small-bodied bullish candle on the daily frame and negated its lower highs formation of the last four sessions. Now, till it holds below 24,450 zones, weakness could be seen towards 24,150 then 24,000 zones whereas hurdles are placed at 24,450 then 24,600 zones,” said Chandan Taparia, Head – Equity Derivatives and Technicals, Wealth Management, MOFSL. On option front, Maximum Call OI is at 25,000 and then a 24,500 strike while Maximum Put OI is at 24,000 and then 23,500 strike.

Call writing is seen at 24,800 and then a 24,500 strike while Put writing is seen at 24,000 and then a 24,300 strike. Option data suggests a broader trading range in between 24,000 to 24,800 zones and an immediate range between 24,100 to 24,600 levels. Bank Nifty On the Bank Nifty outlook, Taparia further added, “Bank Nifty Index opened on a positive note post the outcome of ICICI bank results and extended the momentum towards 51,600 zones in the first half of the session.

Later it remained consolidative in a narrow range of 250 points between 51,250 to 51,500 zones. It formed a small-bodied candle on a daily scale with a long upper shadow as momentum is missing at higher zones. Till it holds below 51,500 zone, weakness could be seen towards 51,000 and then at 50,500 levels while on the upside hurdle is seen at 51,500 then 51,750 levels.

" Chandan Taparia has recommended three stocks to buy today --HCL Tech, Lupin, and Balrampur Chini Mills Ltd. Stocks to buy The stock is on the verge of a breakout from a consolidation zone near its all-time high levels. It is respecting the 20 DEMA with high buying volumes visible on the daily chart.

The MACD indicator is about to give a bullish crossover to confirm the upward momentum. The price has bounced back up from major support levels and is headed up with a large-bodied bullish candle suggesting strength. Buying was visible across the pharma space, which may support the uptrend.

The momentum indicator RSI has turned up to support the up move. The stock has given a range breakout on the daily chart with a strong bullish candle and noticeable volumes. It has also taken support at its 50 DEMA and bounced up.

The Stochastic indicator has exited its oversold zone, confirming the bullish momentum. Disclaimer : The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.

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