Bharti Airtel, MCX, Laurus Labs look bullish on charts: Chandan Taparia

Disclaimer: Views and outlook in this report belong to the brokerages and analysts cited. They do not reflect the views of Business Standard. Readers are advised to exercise discretion. Chandan Taparia, Head Derivatives & Technicals, Wealth Management, Motilal Oswal Financial Services Nifty index opened on a flattish note and traded in a sideways to positive trend throughout the session as buying emerged on declines. Support based buying helped the index retain its range bound to positive bias as the index formed a small bodied bullish candle on the daily frame reflecting resilience at lower levels but upside still remains capped. Now it has to hold above 22,700 zones for an up move towards 22,900 then 23,000 zones while support can be seen at 22,600 then 22,500 zones. On option front, Maximum Call OI is at 23,000 then 22,800 strike while Maximum Put OI is at 22,300 then 22,500 strike. Call writing is seen at 23,000 then 22,800 strike while Put writing is seen at 22,700 then 22,300 strike. Option data suggests a broader trading range in between 22,400 to 23,200 zones while an immediate range between 22,500 to 23,000 levels. Bank Nifty index opened marginally higher and extended the momentum towards 54,650 zones in the initial hour of the session. However it failed to higher zones and drifted towards 53,950 levels in the latter part of the session. It formed a small bearish candle on daily scale as selling pressure is seen at higher zones but supports are intact at lower levels. Now it has to cross and hold above 54,000 zones for an up move towards 54,500 then 54,750 levels while a hold below the same some weakness could be seen towards 53,750 then 53,500 levels.

 Stocks to buy today by Motilal Oswal

 Buy MCX | CMP ₹3,186 | SL ₹3,090 | TGT ₹3,350 MCX stock has formed a bullish candle and started making higher highs after successfully retesting its previous breakout zone near ₹3,000, indicating renewed buying interest. It has also reclaimed its 50-DEMA with notable volumes, highlighting improving price strength and bullish momentum. Sustaining above the ₹3,200 zone could trigger the next leg of the up move and support further upside. Buy LAURUS LABS | CMP ₹2,142 | SL ₹2,080 | TGT ₹2,270 Laurus Labs share price has given a fresh all time high breakout and is forming higher highs, indicating sustained bullish momentum. It has formed a bullish Marubozu candle, reflecting strong buying interest and strength in the ongoing uptrend. The broader buying interest across the pharma space could provide additional support to the stock. Buy BHARTI AIRTEL | CMP ₹1,978 | SL ₹1,920 | TGT ₹2,100 Bharti Airtel stock has given Flag breakout on daily chart and holding well above the same. It is forming higher highs-higher lows from past four weeks and support is shifting higher. Momentum indicator RSI is positively placed.