Shares to buy or sell: Chandan Taparia recommends two stocks to buy today - May 9

The Indian stock market benchmark indices - Sensex and Nifty 50 - are expected to open sharply lower on Friday amid ongoing geopolitical tensions between India and Pakistan. The trends on Gift Nifty also indicate a gap-down opening for the Indian stock market today.

On Thursday’s trading session, the domestic equity market ended lower amid fag-end selling, as rising tensions between India and Pakistan dented sentiment.

The Sensex dropped 411.97 points, or 0.51%, to close at 80,334.81, while the Nifty 50 settled 140.60 points, or 0.58%, lower at 24,273.80.

Nifty 50 index formed a bear candle with a lower high and lower low on the daily chart. The formation signals profit booking at higher levels. The escalation of the geopolitical tensions between India and Pakistan dragged the indices lower.

Technically, Nifty 50 has a strong support between 24,000 and 23,800, while the resistance zone lies between 24,550 – 24,600. However, analysts expect the Nifty 50 to continue its consolidation and volatility to stay elevated due to ongoing geopolitical tensions, tariff-related developments, and Q4 results.

Chandan Taparia, Head – Derivatives and Technicals, Wealth Management, MOFSL has recommended two stocks to buy today, May 9, and one stock to sell. Taparia recommends buying ICICI Bank and Tech Mahindra shares. He also recommends selling Crompton Greaves Consumer Electricals stock futures.

Stocks to buy or sell

ICICI Bank | Buy | Target Price: ₹1,520 | Stop Loss: ₹1,400

ICICI Bank share price has formed a bullish flag & pole pattern on the daily chart and is respecting its 20 DEMA support zones. The ADX Line is rising which confirms the strength of the uptrend, Taparia said.

He recommends buying ICICI Bank shares for a target price of ₹1,520 apiece, and maintaining stop loss at ₹1,400 level.

Tech Mahindra | Buy | Target Price: ₹1,600 | Stop Loss: ₹1,450

Tech Mahindra share price has given a range breakout and headed up with noticeable volumes. The MACD indicator is headed up to confirm the positive momentum, according to Taparia.

He suggests buying Tech Mahindra shares for a target price of ₹1,600, while keeping a stop loss at ₹1,450 level.

Crompton Greaves | Sell | Target Price: ₹300 | Stop Loss: ₹335

Crompton Greaves share price is in an overall downtrend and is respecting its 50 DEMA resistance zones. The RSI indicator is declining to confirm the declining momentum, the MOFSL analyst said.

He recommends selling Crompton Greaves Consumer Electricals 29th May Futures for a target price of ₹300, with a stop loss at ₹335.

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.