Chandan Taparia’s recommendations: How to trade Siemens, Dixon Technology and Grasim shares on June 28?

Indian stock market: Benchmark indices reached a new record high on Thursday with the Nifty 50 crossing the 24,000 mark for the first time and the Sensex surging above 79,000. The 30-share BSE Sensex concluded the session with a gain of 568.93 points, or 0.72 per cent, closing at 79,243.18. Meanwhile, the Nifty 50 ended at 24,036.85, marking an increase of 168.05 points or 0.7 per cent.

“The Nifty index opened flattish, but bulls comfortably escalated it to cross the psychological 24,000 mark and touched a fresh all-time high of 24,087. The index has been consistently trending higher from the last four sessions and gave the highest-ever close. It formed a bullish candle on the daily frame and has been forming higher highs – higher lows for the last three sessions. Now it has to continue to hold above 24,000 zones to extend the move towards 24,250 and 24,400 zones whereas supports are placed at 23,800 and then 23,700 zones,” said Chandan Taparia, Head – Equity Derivatives and Technicals, Broking and Distribution, MOFSL.

India VIX was up by 0.78 per cent from 14.04 to 14.15 levels. Comparatively lower volatility is comforting the bulls to drive the index to higher zones.

Since it is the beginning of a new series, the option front is scattered at various strikes. Maximum Call OI is at 24,000 and then 24,500 strike while Maximum Put OI is at 24,000 and then 23,500 strike. Minor Call writing is seen at 24,500 and then 24,200 strike, while Put writing is seen at 24,000 and then 23,800 strike. Option data suggests a broader trading range between 23,600 and 24,500 zones while an immediate trading range is between 23,750 and 24,250 levels.

Bank Nifty

On the Bank Nifty outlook, Taparia further added, “The Bank Nifty index opened marginally higher and extended the momentum to hit a new lifetime high of 53,180 mark in the initial hour of the session. Later, some profit-booking was seen from higher zones towards 52,700 levels and the index remained consolidative in a narrow range of 300 points. It formed a small-bodied candle on the daily scale and ended with minor losses near 52,800 zones. Now it has to continue to hold above 52,500 zones for an upmove towards 53,180 and then 53,500 zones, while on the downside, support is placed at 52,400 and then 52,200 levels.”

Chandan Taparia has recommended three stocks to buy today, June 28. According to him, these stocks –Siemens, Dixon Technology, and Grasim – are technically placed to see a decent upmove. 

Stocks to buy

Siemens: Buy at ₹7,832 | Target Price: ₹8,300 | Stop Loss: ₹7,600

Siemens is in an overall uptrend and holding its gains at higher zones. It has given a Pole and Pennant breakout on the daily scale, which has bullish implications.

Dixon Technology: Buy at ₹11,760 | Target Price: ₹12,500 | Stop Loss: ₹11,400

Dixon has given a range breakout on the daily chart with noticeable volumes. Buying is visible across IT stocks which may support the ongoing up move.

Grasim: Buy at ₹2,637 | Target Price: ₹2,800 | Stop Loss: ₹2,550

Grasim has given a trend line breakout on the daily chart and an inside bar breakout on the weekly scale. It formed a strong bullish candle and gave the highest daily close ever, which may take the prices higher.

Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.