Shares to buy or sell: Chandan Taparia recommends three stocks to buy today - 30 May

Sensex and Nifty 50, the Indian stock market benchmark indices, are likely to open on a flat note on Friday amid mixed global cues. The trends on Gift Nifty also signal a muted start for the Indian market.

The domestic equity market ended higher on Thursday, with the Nifty 50 settling above 24,800 level.

The Sensex gained 320.70 points, or 0.39%, to close at 81,633.02, while the Nifty 50 settled 81.15 points, or 0.33%, higher at 24,833.60.

On the options front, Chandan Taparia, Head – Derivatives and Technicals, Wealth Management, MOFSL, noted that the maximum Call OI (Open Interest) is at 25,000 then 25,500 strike while maximum Put OI is at 24,800 then 24,500 strike.

“Call writing is seen at 24,800 then 25,000 strike while Put writing is seen at 24,800 then 24,700 strike. Option data suggests a broader trading range in between 24,300 to 25,300 zones while an immediate range between 24,600 to 25,000 levels,” Taparia said.

Nifty 50 Outlook

Nifty 50 formed a small-bodied bullish candle with a long lower shadow on the daily chart, indicating that buyers stepped in at lower levels and provided support at lower levels. Now, the Nifty 50 index has to hold above 24,800 zones for an up move towards 25,000 then 25,200 levels, while on the downside support is seen at 24,750 then 24,600 zones, said Taparia.

Bank Nifty Outlook

Bank Nifty index formed a Doji kind of candle on daily scale with long lower shadow as buying is visible at lower levels and holding well above its 20 DEMA. Now, the Bank Nifty index has to hold above 55,250 zones for an up move towards 55,750 then 56,000 levels while on the downside support is seen at 55,250 then 55,000 zones, according to the MOFSL analyst.

Chandan Taparia has recommended three stocks to buy today, May 30. Taparia recommends buying Adani Ports and Special Economic Zone, Jindal Stainless and Prestige Estates Projects shares.

Stocks to buy

Adani Ports | Buy | Target Price: ₹1,540 | Stop Loss: ₹1,388

Adani Ports share price has broken out of a rounding bottom pattern on the daily scale and has also given a golden crossover to confirm the bullish reversal. The RSI indicator is rising which confirms the positive momentum.

Taparia has recommended buying Adani Ports shares for a target price of ₹1,540 apiece, while maintaining a stop loss of ₹1,388 per share.

Jindal Stainless | Buy | Target Price: ₹708 | Stop Loss: ₹652

Jindal Stainless share price has breached above its resistance zones with higher than average traded volumes. The ADX line is rising which confirms the strength of the uptrend, said the analyst.

He has a ‘buy’ call on Jindal Stainless shares, with a target price of ₹708 apiece, with a stop loss at ₹652 level.

Prestige Estates Projects | Buy | Target Price: ₹1,620 | Stop Loss: ₹1,440

Prestige Estates share price reversed from the major support zone on the daily scale with a surge in traded volumes visible. It is on the verge of giving a golden crossover which may confirm the bullish momentum, said Taparia.

He recommends buying Prestige Estates Projects shares for a target price of ₹1,620 and stop loss of ₹1,440.

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.