Shares to buy or sell: Chandan Taparia recommends three stocks to buy today – March 18

The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open higher on Tuesday, following strong global market cues. The trends on Gift Nifty also signal a positive start for the domestic equity market.

On Monday, the Indian equity market ended higher, with the Nifty 50 surpassing the 22,500 level.

The Sensex surged 341.04 points, or 0.46%, to close at 74,169.95, while the Nifty 50 closed 111.55 points, or 0.5%, higher at 22,508.75.

On the options front, Chandan Taparia, Head – Derivatives and Technicals, Wealth Management, MOFSL, said that the Maximum Call OI (Open Interest) is at 23,000 then 22,800 strike while Maximum Put OI is at 22,000 then 22,500 strike.

Also Read | Intraday stocks for today under ₹100: Expert recommend 4 stocks to buy today

“Call writing is seen at 22,800 then 22,700 strike while Put writing is seen at 22,500 then 22,300 strike. Option data suggest a broader trading range in between 22,000 to 23,000 zones while an immediate range between 22,300 to 22,700 levels,” Taparia said.

Nifty 50 Outlook

Nifty 50 index saw bulls taking control right from the first tick, driving the index up by around 200 points in the initial hour of the session, reaching a high of 22,577 on March 17.

“However, post this the momentum faded out as the Nifty 50 index remained range bound within 90-100 points, consolidating within the opening hour’s candle. It formed a bullish candle on the daily chart and closed with gains of 111 points near 22,500. Now it has to hold above 22,400 zones for an up move towards 22,650 then 22,800 zones while support can be seen at 22,330 then 22,222 zones,” Taparia said.

Bank Nifty Outlook

Bank Nifty Index gradually extended the positive momentum towards 48,481 marks in the first half of the session on Monday.

“Later on, Bank Nifty remained consolidative in a narrow range of 150 points in between 48,250 to 48,400 levels and closed with gains of around 300 points near 48,350 levels. It formed a small bullish candle on daily scale as buying is visible at lower levels but momentum is missing at higher zones. Now, it has to hold above 48,250 zones for a bounce towards 48,500 then 48,750 levels, while on the downside support is seen at 48,250 and then 48,000 zones,” Taparia said.

Chandan Taparia has recommended three stocks to buy today, March 17. Taparia recommends buying Varun Beverages, InterGlobe Aviation (IndiGo) and Voltas.

Also Read | Breakout stocks to buy or sell: Sumeet Bagadia recommends five shares to buy

Stocks to buy

Varun Beverages | Buy | Target Price: 540 | Stop Loss: 490

Varun Beverages share price has given a range breakout on the daily chart with a large bodied bullish candlestick and closed above its 20 DEMA. The RSI indicator has turned up which confirms the upward momentum, said Chandan Taparia.

He recommends buying Varun Beverages shares for a target price of 540, and a stop loss at 490.

IndiGo | Buy | Target Price: 5,020 | Stop Loss: 4,660

IndiGo share price is retesting its breakout from a symmetrical triangle on the daily chart with higher than average traded volumes. The ADX line has turned up which confirms the strength of the bullish trend, said the MOFSL analyst.

He suggests buying IndiGo shares for a target price of 5,020, and keeping a stop loss at 4,660 level.

Also Read | Buy or sell: Vaishali Parekh recommends three stocks to buy today — 18 March

Voltas | Buy | Target Price: 1,550 | Stop Loss: 1,415

Voltas stock price broke out of a rounding bottom pattern on the daily chart and crossed above its 50 DEMA which confirms the trend reversal upwards. The MACD indicator is rising which confirms the upward momentum, Taparia said.

He recommends buying Voltas shares for a target price of 1,550, maintaining a stop loss at 1,415 level.

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.

Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.

Business NewsMarketsStock MarketsShares to buy or sell: Chandan Taparia recommends three stocks to buy today – March 18

MoreLess

  • Aniket Pujari

    Aniket Pujari

    Aniket Pujari, a graduate in Financial Markets, is the founder of Minute To Know News, a digital platform providing daily news updates on cryptocurrencies, finance, and economics. With a passion for finance and technology, Aniket has been exploring the world of cryptocurrencies since 2015, building a deep understanding of these rapidly evolving industries.

    Related Posts

    Former CNBC Awaaz anchor, family banned by Sebi for insider trading

    The Securities and Exchange Board of India (Sebi) has barred former CNBC Awaaz news anchor Hemant Ghai, his wife Jaya Hemant Ghai, and his mother Shyam Mohini Ghai from participating…

    US Fed Policy: Will Donald Trump’s tariff chaos pinch Jerome Powell? Interest rate to ‘dot plot’—5 indicators to watch

    US Fed Policy: The US Federal Reserve is all set to announce its monetary policy decision on March 19, after a two-day review meeting to deliberate on the central bank’s…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    Best Wallet Presale Races Past $11M as It Receives Analyst Endorsement

    Best Wallet Presale Races Past $11M as It Receives Analyst Endorsement

    Binance adds MUBARAK and Broccoli to first vote to list token batch

    Binance adds MUBARAK and Broccoli to first vote to list token batch

    North Carolina and Minnesota Introduce Legislation to Expand Bitcoin Adoption

    North Carolina and Minnesota Introduce Legislation to Expand Bitcoin Adoption

    NBA may bring back NBA Inside Stuff highlight show

    Social Security turns to in-person office visits to curb identity fraud

    Social Security turns to in-person office visits to curb identity fraud

    XRP soars after Ripple CEO says SEC dropping lawsuit against crypto firm: CNBC Crypto World