Shares to buy or sell: Chandan Taparia recommends three stocks to buy and sell today – February 11 | Stock Market News

The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open on a cautious note on Tuesday, despite gains in global market peers.

The trends on Gift Nifty indicate a flat-to-positive start for the Indian benchmark index. The Gift Nifty was trading around 23,477 level, a premium of nearly 17 points from the Nifty futures’ previous close.

On Monday, the benchmark indices extended losses for the fourth consecutive session, and the Nifty 50 plunged below 23,400 level.

The Sensex dropped 548.39 points, or 0.70%, to close at 77,311.80, while the Nifty 50 settled 178.35 points, or 0.76%, lower at 23,381.60.

On option front, Chandan Taparia, Head – Derivatives and Technicals, Wealth Management, MOFSL, noted that the maximum Nifty Call OI (open interest) is at 24,000 then 25,000 strike while Maximum Put OI is at 22,500 then 23,000 strike.

“Call writing is seen at 23,400 then 24,000 strike while Put writing is seen at 23,100 then 23,400 strike. Option data suggests a broader trading range in between 22,800 to 23,800 zones while an immediate range between 23,200 to 23,600 levels,” Taparia said.

Nifty 50 Outlook

Nifty 50 formed a bearish candle on the daily frame with a longer lower shadow indicating pullback from support zones. Now Nifty 50 has to cross and hold above 23,450 zones for an up move towards 23,550 then 23,700 zones whereas supports are placed at 23,250 then 23,100 zones, Taparia said.

Bank Nifty Outlook

Bank Nifty index saw a decent recovery in the last hour of the session on Monday but ended in losses of around 180 points near 50,000 zones.

“Bank Nifty formed a small bodied candle on daily scale with long lower shadow as buying is visible at lower levels but momentum is missing at higher zones. Now it has to cross and hold above 50,000 zones for a bounce towards 50,500 then 50,750 levels while on the downside support is seen at 49,750 then 49,500 zones,” Taparia added.

Chandan Taparia has recommended two stocks to buy today, February 11, and one stock to sell. Taparia recommends buying Kotak Mahindra Bank and Tech Mahindra shares today. On the other hand, he recommends selling Colgate Palmolive (India) stock futures.

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Stocks to buy or sell

Kotak Mahindra Bank | Buy | Target Price: ₹2,060 | Stop Loss: ₹1,910

Kotak Mahindra Bank stock has broken out of a pole and flag pattern on the daily chart with a large bodied bullish candlestick suggesting strength. The ADX Line is rising indicating the uptrend has strength to support it, Taparia said.

Taparia recommends buying Kotak Mahindra Bank shares for a target price of ₹2,060 apiece, with a stop loss of ₹1,910.

Tech Mahindra | Buy | Target Price: ₹1,775 | Stop Loss: ₹1,665

Tech Mahindra share price has breached above a falling trendline resistance zone with higher than average traded volumes. It has crossed above its 50 DEMA which has bullish implications. The Stochastic indicator has exited the oversold zone and headed up confirming the upward momentum, he added.

The MOFSL analyst recommends buying Tech Mahindra shares for a target price of ₹1,775 apiece, keeping a stop loss at ₹1,665.

Colgate Palmolive | Sell | Target Price: ₹2,425 | Stop Loss: ₹2,685

Colgate Palmolive stock has given a range breakdown on the daily chart below its major support levels and is trading below its key moving averages suggesting the overall trend is bearish. The RSI indicator is declining, confirming the downward momentum, Taparia said.

He recommends selling Colgate Palmolive 27th February Futures for a target price of ₹2,425 apiece and keeping a stop loss at ₹2,685.

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.