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Business News/ Markets / Stock Markets/  Chandan Taparia recommendations: How to trade Axis Bank, HPCL, PFC shares on May 28
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Chandan Taparia recommendations: How to trade Axis Bank, HPCL, PFC shares on May 28

Stocks to buy: Chandan Taparia has recommended three stocks to buy today, May 27. According to him, these stocks are technically placed to see a decent upmove. These three stocks to buy today include, HPCL, Axis Bank and PFC.

Stocks to buy: Chandan Taparia of MOFSL has recommended three stocks to buy tomorrow. Premium
Stocks to buy: Chandan Taparia of MOFSL has recommended three stocks to buy tomorrow.

Stocks to buy: Both Nifty 50 and Sensex remained steady after reaching new peaks earlier in the trading day on Monday, May 27. However, they later retreated from these highs due to profit-taking at elevated levels, influenced by a mix of global signals. 

Despite initially climbing to record levels with the Sensex touching 76,009.68 and the Nifty 50 reaching 23,110.80, both indices couldn't sustain the momentum, experiencing minor declines due to profit booking.

“Nifty index opened positive above 23,000 zones and touched a fresh all-time high of 23,110 levels. It was followed by profit booking in the second half of the session and gave up its intraday gains. It formed a small-bodied Bearish candle daily and has been making higher highs from the last eleven trading sessions. Now it has to hold above 22,900 zones for an up move towards 23,200 then 23350 zones whereas supports can be seen at 22,850 then 22,700 zones," said Chandan Taparia, Head – Equity Derivatives and Technicals, Broking and Distribution, MOFSL.

Also read: Stock market today: Nifty 50, Sensex end flat after hitting fresh record highs; India VIX jumps 7%

India VIX was down 6.82% from 21.71 to 23.19 levels. Volatility spiked above 26 levels during the session and added momentum at the lifetime high levels. VIX needs to fall below 16-18 zones for stability and a smoother ride in the market.

On the Option front, the Maximum Call OI is at 23500, then 23000 strike, while the Maximum Put OI is at 23000, then 22700 strike. Call writing is seen at 23200, then 23100 strike, while minor Put writing is seen at 23000, then 22850 strike. Option data suggests a broader trading range in between 22500 to 23500 zones while an immediate range in between 22800 to 23200 levels.

Bank Nifty

Bank Nifty Index opened on a positive note and gradually extended the momentum towards 49688 marks in the first half of the session. However Index remained highly volatile in a wider range of 500 points in the last hour of the day and ended with gains of around 310 points.

“It formed a small bodied Bullish candle on daily scale and has been forming higher highs - higher lows from the last three sessions. Now it has to hold above 49000 zones for an up move towards 49500 then 50000 zones while on the downside the support has shifted higher at 49000 then 48750 levels," Taparia added.

Chandan Taparia has recommended three stocks to buy today, May 28. According to him, these stocks are technically placed to see a decent upmove. These three stocks to buy today include, HPCL, Axis Bank and PFC.

Hindustan Petroleum: Buy | Target Price: 585.8 | Stop Loss: 542

HPCL has given range breakout on daily chart and managed to close above the same. It has formed a bullish candle on daily scale and supports are gradually shifting higher. Buying is visible across Oil & Gas space which may support the ongoing up move.

Also read: Is the Indian stock market fairly valued or overvalued? Experts weigh in

Axis Bank: Buy | Target Price: 1240 | Stop Loss: 1160

Axis bank has retested breakout on daily scale and inched higher. It is in continuous uptrend and supports are gradually shifting higher.

PFC: Buy | Target Price: 545 | Stop Loss: 500

PFC has given triangle breakout on daily chart with noticeable volumes. Momentum indicator Relative Strength Index (RSI) is positively placed which has bullish implications.

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.

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Published: 27 May 2024, 09:14 PM IST
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