Top Stock Picks for Today: Chandan Taparia Recommends M&M, MCX, and Glenmark

The Nifty index closed higher at 25,013.15, gaining 0.88% on the day, while the Sensex also rose by 0.72%, closing at 81,050. Both indices saw fluctuations throughout the session but ended on a positive note.

Chandan Taparia, Head of Equity Derivatives and Technicals at MOFSL, shared his insights:

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Nifty Outlook:

The Nifty opened on a positive note and recovered from its early low of 24,750, crossing the 25,000 mark and closing with gains of about 220 points. Although a bullish candle was formed, the index has been making lower highs for six sessions. Taparia believes that unless the index holds above 25,150, weakness may persist, with support levels around 24,850 to 24,750. On the upside, resistance is expected at 25,150 to 25,350.

Bank Nifty Outlook:

The Bank Nifty also started strong and stayed positive, ending with gains of around 540 points at 51,000. However, it has also been forming lower highs for six sessions. If the index stays below 51,250, Taparia expects it to drop towards 50,500 to 50,250. On the upside, resistance is seen at 51,500 to 51,750.

Stocks to Buy Today:

M&M: Buy at ₹3165 | Target: ₹3335 | Stop Loss: ₹3080

M&M recently broke out on the daily chart and is showing strength. The RSI is on the verge of a bullish crossover, supporting the upward move.

MCX: Buy at ₹6002 | Target: ₹6355 | Stop Loss: ₹5840

MCX is in an uptrend and recently gave a breakout, closing at its highest level ever. The MACD indicator is signaling a bullish crossover, confirming the momentum.

Glenmark: Buy at ₹1734 | Target: ₹1855 | Stop Loss: ₹1675

Glenmark broke out of an inside bar pattern, forming a bullish candle. Strong buying is visible in Pharma stocks, and the ADX line indicates strengthening momentum.