Shares to buy or sell: Chandan Taparia recommends three stocks to buy today — December 24 | Stock Market News

Shares to buy or sell: The domestic stock market indices witnessed a relief rally on Monday, December 23, as the index closed in the green after five consecutive sessions of losses. The Nifty 50 index closed 0.7 per cent higher at 23,753.45 points, compared to 23,587.50 points at the previous market close.

The BSE Sensex index closed 0.64 per cent higher at 78,540.17 points on Monday, compared to 78,041.59 points in the previous trading session. 

“Nifty Index opened positive and moved in a broader trading range as tug of war between the bulls and bears were seen, and it traded in a range of 220 points. It formed a Doji and an inside bar on daily frame and closed with gains of around 170 points. It closed positive, but formation of lower top – lower bottom is still intact as the index failed to hold above 23,850 zones and turned volatile. Now till it holds below 23,850 zones, weakness could be seen towards 23,500 then 23,350 zones whereas hurdles can be seen at 23,850 and 24,000 zones,” said Chandan Taparia, Head – Equity Derivatives and Technicals, Wealth Management, MOFSL.

On the options front, the Maximum Call OI is at 25,000, then 24,000 strike, while the Maximum Put OI is at 23,500, then 23,000 strike. Call writing is seen at 23,800, then 24,000 strike, while Put writing is at 23,700, then 23,500 strike. Option data suggests a broader trading range in between 23,200 and 24,200 zones while an immediate range between 23,500 to 23,900 levels.

Bank Nifty

On the Bank Nifty outlook, Taparia further added, “Bank Nifty Index opened on a positive note and gradually extended the move towards 51,400 zones in the first half of the session. Later it remained consolidative in between 51,100 to 51,400 levels and ended with gains of around 560 points. It formed a small bullish candle on daily scale but still forming lower highs from the last five sessions as momentum is missing at higher zones. Now till it holds below 51,500 zones some weakness could be seen towards 51,000 then 50,600 levels while on the upside hurdle is seen at 51,500 then 51,650 zones.”

Chandan Taparia has recommended three stocks to buy today. These stocks are Lupin Ltd, Oberoi Realty Ltd, and HDFC Bank Ltd. 

Stocks to buy today 

1. Lupin Ltd (LUPIN): Buy at ₹2,160; Target at ₹2,310; Stop Loss at ₹2,085. 

The price is on the verge of breaking out of a triple bottom pattern on the daily chart. Buying was visible across the pharma space, which may support the potential up move. The RSI indicator is headed up, suggesting bullish momentum. 

2. Oberoi Realty Ltd (OBEROIRLTY): Buy at ₹2,262; Target at ₹2,400; Stop Loss at ₹2,200. 

The stock is in a strong uptrend, with slight dips being bought into. It is perfectly respecting its 50 DEMA and holding gains despite broader market weakness. The ADX line is rising, suggesting the trend has strength to support it. 

3. HDFC Bank Ltd (HDFCBANK): Buy at ₹1,801; Target at ₹1,875; Stop Loss at ₹1,765. 

Price is retesting its breakout from an ascending triangle pattern and holding above its 50 DEMA. The MACD indicator has turned up, which may support the upward 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.