Stocks to Buy Today: Chandan Taparia Recommends Persistent Systems, HDFC Life, and Godrej Properties

Stock Market Update: On Monday, October 14, the Indian stock market continued its upward trend with gains from major banking and IT giants like HDFC Bank and Infosys. The Sensex climbed by 592 points (0.73%) to finish at 81,973.05, while the Nifty 50 increased by 164 points (0.66%) to close at 25,127.95.

According to Chandan Taparia, Head of Equity Derivatives and Technicals at MOFSL, “Nifty opened positively above the 25,000 mark and saw buying interest throughout the day. Although it stayed in a tight range later on, it still ended with a 160-point gain. A bullish candle formed on the daily chart, closing above its 50-day Exponential Moving Average (DEMA). For continued upward movement, Nifty must hold above 25,000, aiming for 25,350 and 25,450, while support levels are at 25,000 and 24,850.”

Options Data:

Taparia further explained that the highest Call Open Interest (OI) is at the 26,000 and 25,500 levels, while the highest Put OI is at 25,000 and 24,000 levels. Call writing has been observed at 25,400 and 25,600 levels, and Put writing at 25,100 and 24,100. This indicates a broader trading range between 24,700 and 25,600, with an immediate range between 24,900 and 25,300.

Bank Nifty Outlook:

Taparia also commented on Bank Nifty, noting that it opened positively and rose to 51,750 in the early session, remaining strong with good buying in private banks. A bullish candle formed on the daily chart, breaking above the 51,750 level. For further gains, Bank Nifty needs to hold above 51,500, with targets of 52,350 and 52,500. On the downside, support is seen at 51,500 and 51,250.

Taparia’s Top 3 Stock Picks for Today:

1. Persistent Systems
   • Buy Price: ₹5,616
   • Target: ₹5,940
   • Stop Loss: ₹5,470
     Persistent Systems is showing a breakout on the daily chart near its all-time high. A long bullish candle confirms the move. The IT sector is seeing strong buying, adding momentum. The MACD indicator is also close to a bullish crossover, supporting the upward trend.
     
2. HDFC Life Insurance
   • Buy Price: ₹740
   • Target: ₹780
   • Stop Loss: ₹722
     HDFC Life has formed a Double Bottom pattern on the daily chart, indicating a bullish trend. The breakout and an upward movement in the RSI signal that the stock could continue to rise.
     
3. Godrej Properties
   • Buy Price: ₹3,091
   • Target: ₹3,225
   • Stop Loss: ₹3,005
     Godrej Properties has formed a rounding bottom pattern, which suggests a trend reversal to the upside. The stock has broken the lower highs-lower lows pattern after three weeks, and supports are gradually moving higher. The Stochastic indicator is bouncing from oversold levels, confirming the bullish shift.