Analysts at Motilal Oswal suggest buying these three stocks today; details

Nifty outlook: On option front, Maximum Call OI is at 24600 then 24700 strike while Maximum Put OI is at 24500 then 24400 strike.

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The Nifty index opened flattish and after the initial gains, it slipped lower. It failed to hold above 24700 zones and anchored with minor attempts of recovery but it eventually faded. The index slipped to 24465 levels and closed with losses of around 100 points. It formed a bearish candle on the daily frame with a longer upper shadow indicating pressure intact at the higher zones. 

 

Now if it manages to hold above 24442 zones then up move can be seen towards 24700 then 24800 zones while supports can be seen at 24350 then 24250 zones.

  On option front, Maximum Call OI is at 24600 then 24700 strike while Maximum Put OI is at 24500 then 24400 strike. Call writing is seen at 24700 then 24600 strike while Put writing is seen at 24550 then 24600 strike. 

 

Option data suggests a broader trading range in between 24000 to 25000 zones while an immediate range between 24300 to 24700 levels.

 

Bank Nifty index opened on a flattish note and extended the momentum towards 55566 marks in the initial hour of the session. However it failed to hold at higher levels and gradually drifted lower towards 55000 zones in the latter part of the session. It formed a bearish candle on daily scale as some pause was seen at higher zones but is hovering near its 100 DEMA. 

 

The index has got stuck in a range of 700 points from the last few sessions as momentum is missing on either side. Now it has to hold above 55000 zones for a bounce towards 55250 then 55555 zones while a hold below the same could see some weakness towards 54750 then 54500 levels

 

Buy MCX | CMP 8151 | SL 7855 | TGT 8765

 

MCX Stock has broken out of a narrow range on the daily scale with a strong bodied bullish candle. The RSI indicator has given a bullish crossover which confirms the positive momentum.

 

Buy | Max Financial Services | CMP 1588 | SL 1520 | TGT 1740

 Max Financial Services Stock Price has given a range breakout with higher than average traded volumes and surpassed above its 50 DEMA which suggests continuation of the uptrend. The MACD indicator has given a positive crossover to support the up move.  

 

Buy Hero MotoCorp | CMP 4645 | SL 4500 | TGT 5000                           

 Hero MotoCorp Stock has retested its breakout from a consolidation zone. Buying was visible across the Auto space which may support the upwards momentum. The ADX line is rising which confirms the strength of the uptrend.

 

(Disclaimer: Chandan Taparia, Head Derivatives & Technicals, Wealth Management, Motilal Oswal Financial Services. Views expressed are his own.)