1 week Ago
The Indian stock market benchmark indices, Sensex and Nifty 50, a expected to extend rally and open with on minor gains on Tuesday amid mixed global market cues. The trends on Gift Nifty also indicate a flat start with a positive bias for the Indian indices. In the previous session, the domestic equity market indices posted a strong rally, with the benchmark Nifty 50 closing above 24,300 level.
The Sensex rallied 1,005.84 points, or 1.27%, to close at 80,218.
37, while the Nifty 50 settled 289.15 points, or 1.20%, higher at 24,328.
50. On Nifty options front, Chandan Taparia, Head – Derivatives and Technicals, Wealth Management, MOFSL, notes that the maximum Call OI (Open Interest) is at 25,000 then 24,500 strike while maximum Put OI is at 24,000 then 24,200 strike. “Call writing is seen at 24,500 then 25,000 strike while Put writing is seen at 24,000 then 24,200 strike.
Option data suggests a broader trading range in between 24,000 to 25,000 zones while an immediate range between 24,200 to 24,600 levels,” said Taparia. Nifty 50 Outlook Nifty 50 index picked up strength right from the start of the session on Monday and gradually moved northward throughout the day but failed to hold above 24,350 zones and witnessed a slight rub off towards the end but was quickly absorbed by the bulls. “ Nifty 50 formed a bullish candle and an inside bar on the daily frame and closed the day with gains of around 290 points.
Now it has to hold above 24,200 zones for an up move towards 24,500 then 24,650 zones while supports have shifted higher towards 24,200 then 24,050 zones,” said Taparia. Bank Nifty Outlook Bank Nifty index formed a Bullish candle on daily scale and negated its lower highs formation of the last three sessions to close with decent gains of around 770 points near 55,450 zones. “Bigger trend of this rate sensitive index is positive as buying interest is visible at lower levels.
Now, Bank Nifty has to hold above 55,250 zones for an up move towards 56,000 then new life high towards 56,500 zones while on the downside supports are seen at 55,250 then 55,000 levels,” said Taparia. Chandan Taparia has recommended three stocks to buy today, April 29. Taparia recommends buying Sun Pharmaceutical Industries , Hindustan Aeronautics Ltd (HAL) and Indian Bank shares.
Stocks to buy Sun Pharmaceutical Industries | Buy | Target Price: ₹ 1,950 | Stop Loss: ₹ 1,785 Sun Pharma share price has broken out of a double bottom pattern on the daily chart with a large bodied bullish candlestick. The RSI indicator is rising which confirms the positive momentum, Taparia said. He recommends buying Sun Pharma shares with a target price of ₹ 1,950 apiece, while maintaining a stop loss at ₹ 1,785 level.
HAL | Buy | Target Price: ₹ 4,730 | Stop Loss: ₹ 4,270 HAL share price has given a range breakout on the daily chart with a surge in buying volumes visible. It is respecting its 20 DEMA with slight dips being bought into. The ROC indicator is making higher highs which confirms the bullish momentum, said Taparia.
He suggests buying HAL shares for a target price of ₹ 4,730, with a stop loss of ₹ 4,270. Indian Bank | Buy | Target Price: ₹ 622 | Stop Loss: ₹ 570 Indian Bank share price has retested its breakout from a consolidation zone with a marubozu candlestick. The MACD indicator is rising which confirms the upward momentum.
Taparia recommends buying Indian Bank shares and has a target price on the stock of ₹ 622 apiece, while suggesting a stop loss of ₹ 570 level. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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