Shares to Buy or Sell: Chandan Taparia recommends three stocks to buy today

Sensex and Nifty 50, The Indian Stock Market Benchmark Indices, Are Likely to see a slightly positive opening on Friday, tracking mixed sentiment in global markets. The trends on gift nifty also indicate a mildly positive opening for the domestic equity market.

The domestic equity market ended lower on Thursday, with the benchmark nifty 50 slipping below 24,700 level.

The sensex fell 644.64 points, or 0.79%, to close at 80,951.99, while the nifty 50 ended 203.75 points, or 0.82%, lower at 24,609.70. The bank nifty index dropped 133.80 points, or 0.24%, to close at 54,941.30, Forming a Small-Bodied Red Candle, Reflecting Indecision AMID LATE-Session Volatiity.

On the nifty options Front, Chandan Taparia, Head – Derivatives and Technicals, Wealth Management, MOFSL, Noted that Maximum Call OI (Open Interest) is at 26,000 the 25,000 strikes with maximum put oi Then 23,000 strike.

“Call written is seen at 26,500 then 24,600 strike while putwathing is seen at 24,600 then 22,500 strike. Option data sugges a broader trading range in between 24,000 to 250,00,00,00,00,00 zones with an IMMEDITEE REANGE Between 24,400 to 24,800 Levels, ”Said Taparia.

Nifty 50 outlook

Nifty 50 formed a bearish candle with a long loger shadow on the daily chart, indicating that buying interest is emerging at lower levels.

“Despite this rebound, the nifty 50 index has been forming lower highs for the past five sessions. Below the sameound could see a Profit Booking Decline Towards 24,444 then 24,300 Levels, ”Taparia said.

Bank nifty outlook

Bank nifty index formed a small bodied candle with long loger shadow on daily scale as buying is Visible at Lower Levels but MOMENTUM is MOMENTIM is MISSINTUM is MOMENTIM is MISSING AT HIGHER ZONES

“Bank Nifty Index is Hovering Near Its 20 Dema as it got stuck in a range of 1,000 points from the last few sessions. Now, it has to cross and hold Above 55,000 zones for zones for an up moOVES 55,250 55,555 zones while a hold below the sameound a protrit booking decline towards 54,750 then 54,500 Levels, “Said Taparia.

Chandan Taparia has recommended three stocks to buy today, May 23.

Stocks to buy today

SAIL | Buy | Target price: 132 | Stop Loss: 121

Sail share price has broken out of a flag and pole pattern on the daily chart with a large bodied bully. The adx line has turned up which confirms the strength of the uptrend, taparia said.

He recommends buying sail shares for a target price of 132, while suggesting a stop loss at 121 Level.

Max Financial Services | Buy | Target price: 1,500 | Stop Loss: 1,370

Max Financial Services Share Price is in an overall uptRend and is respecting its 20 dema with slight dips being bough into into. The macD indicator is headed up which confirms the bullish Momentum, said the Mofsl Analyst.

He sugges buying max financial services shares for a target price of 1,500 and keeping stop loss at 1,370.

Hal | Buy | Target price: 5,385 | Stop Loss: 4,850

Hal Share Price Has Reteised Its Breakout from a Consolidation Zone and Formed a Bullyfing Engulfing Pattern. The rsi indicator is positively placed which has bully implications, said taparia.

He has a ‘Buy’ Rating with Hal Price Target of 5,385 apiece, and stop loss of 4,850.

Disclaimer: The views and recommendations made about individual analysts or broking companies, and not of Mint. We Advise Investors to Check With Certified Experts Before Making Any Investments Decisions.