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Business News/ Markets / Stock Markets/  Chandan Taparia recommendations: How to trade NMDC, IRFC, GAIL India shares today
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Chandan Taparia recommendations: How to trade NMDC, IRFC, GAIL India shares today

Stocks to buy: Chandan Taparia has recommended three stocks to buy today which he believes are technically placed to likely see an uptrend going ahead. These three stocks to buy today include NMDC, Indian Railway Finance Corporation, and GAIL India.

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

The Nifty 50 index continued its bullish stance and formed a small bodied bullish candle with long lower shadow which indicates that declines are being bought. Amid mixed global cues, the Indian stock market indices, Sensex and Nifty 50, are likely to open higher on Tuesday.

Chandan Taparia, Head – Equity Derivatives and Technicals, Broking and Distribution, MOFSL noted that the derivatives data and price set up suggests, Nifty has to hold above 22,400 zones for an up move towards 22,550 then 22,700 zones whereas supports are placed at 22,350 then 22,222 zones.

“India VIX is near 20 levels. Volatility is still hovering at its nineteen month high and creating swings in the market. VIX needs to fall below 16-18 zones for stability and smoother ride in the market. Volatility is increasing ahead of the election phases which could cause a bumpy ride in the market for the time being," Taparia said.

Also Read: Nifty 50, Sensex today: What to expect from Indian stock market in trade on May 21

According to him, option data suggests a broader trading range in between 22,000 to 23,000 zones while an immediate range between 22,300 to 22,600 levels.

Meanwhile, Bank Nifty managed to hold support near 47,000 zones and reclaimed its 50 DEMA. Now it has to continue to hold above 47,777 zones for a bounce towards 48,250 then 48,500 zones, he added. Support for Bank Nifty is seen at 47,777 and 47,500 levels.

Chandan Taparia has suggested three stocks to buy on Tuesday which he believes are technically placed to likely see an uptrend going ahead. These three stocks to buy today include NMDC, Indian Railway Finance Corporation, and GAIL India.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today - May 21

Here are the three stocks to buy today, May 21.

NMDC | Buy | Target Price: 295 | Stop Loss: 273 

NMDC share price is on overall uptrend; retested breakout on daily chart and inched higher. Buying is visible across metals space which may support the ongoing up move. NMDC shares have given the highest weekly close ever and all set to test new life high territory.

Taparia has a ‘Buy’ call with NMDC share price target of 295 apiece.

IRFC | Buy | Target Price: 190 | Stop Loss: 165

IRFC shares have given a range breakout on the daily chart and managed to close above the same. Buying is visible across railway PSU stocks which may support the ongoing up move. It has formed a strong bullish candle on a daily scale and supports are gradually shifting higher. Momentum indicator Relative Strength Index (RSI) is positively placed which may take prices higher.

The MOFSL analyst recommends buying IRFC shares for a target price of 190 apiece with a stop loss at 165 level.

Also Read: Top Stock Recommendations: Dharmesh Shah suggests buying these stocks today

GAIL India | Target Price: 220 | Stop Loss: 202

GAIL India share price has perfectly taken support at 50 DEMA and is inching higher. Overall chart setup is bullish and every small decline is being bought into. It has formed a strong bullish candle on a daily scale and supports are gradually shifting higher. Momentum indicator Relative Strength Index (RSI) is positively placed which may support the ongoing up move, Taparia said.

He has a ‘Buy’ call on Gail India shares with a target price of 220 per share.

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: 21 May 2024, 07:52 AM IST
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