Chandan Taparia’s Top 3 Stock Picks for Today: M&M, Infosys, and Bharti Airtel

The Nifty index closed at 25,014.6, down 0.87% for the day. It reached a high of 25,143.0 and a low of 24,694.35. Meanwhile, the Sensex dropped 0.78% to close at 81,688.45, after moving between 82,137.77 and 80,726.06.

Chandan Taparia, Head of Equity Derivatives and Technicals at MOFSL, noted that the Nifty started strong but fell by 450 points during the day, breaching its 50-day exponential moving average (DEMA). It found support near the 24,700 mark, closing down about 220 points. The index has been forming lower highs and lower lows for the past five sessions. If it stays below the 24,950 level, it could weaken further towards 24,650 and then 24,500. Resistance levels are at 24,950 and 25,150.

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In terms of options, the maximum call open interest is at the 27,000 and 26,000 strikes, while the maximum put open interest is at 24,000 and 24,500 strikes. Call writing has occurred at the 25,000 and 24,900 strikes, while put writing is seen at 24,700 and 24,100 strikes. The overall trading range is expected to be between 24,400 and 25,400, with an immediate range of 24,500 to 25,200.

Bank Nifty Outlook

Taparia mentioned that the Bank Nifty opened positively but dropped by about 1,500 points from its opening levels, settling near the 50,200 mark. It formed a bearish candle and has also shown a pattern of lower highs and lower lows for the last five sessions. If it remains below 50,750, it could decline to 50,000 and then 49,500. Resistance is seen at 51,000 and 51,250.

Top Stocks to Buy Today

• M&M: Buy at ₹3,060 | Target Price: ₹3,230 | Stop Loss: ₹2,975
  The stock is bouncing back after a consolidation phase, confirmed by a hammer candlestick pattern on the daily chart. The RSI is rising, indicating upward momentum.
• Infosys: Buy at ₹1,934 | Target Price: ₹2,035 | Stop Loss: ₹1,885
  The stock has shown a range breakout and is approaching its all-time high. The IT sector has held its ground amid overall market declines, and the Stochastic indicator is trending upwards.
• Bharti Airtel: Buy at ₹1,662 | Target Price: ₹1,750 | Stop Loss: ₹1,621
  A bullish harami candle has formed near support levels, signaling a possible bullish reversal. The overall trend remains positive, with buyers stepping in during small declines. The ADX line is falling, suggesting a potential reversal is on the horizon.