6 hrs ago
Taparia Recommends Nykaa Buy, LIC Futures Sell for Tomorrow
Indian stocks went up on Monday after falling for eight weeks in a row.
Lower oil prices and less worry about US interest rates helped investors feel more hopeful.
Market analyst Chandan Taparia suggested buying Nykaa shares, with a target price of ₹360 and a stop-loss of ₹328.
A stop-loss is a price level used to limit a possible loss.
He suggested selling LIC October 27 futures, with a target of ₹366 and a stop-loss of ₹400.
Taparia said Nykaa showed signs of renewed buying, while LIC looked weak on price charts.
He also described key levels that could guide movements in the Nifty 50 and Bank Nifty.
These are market opinions, and prices can move differently than expected.
Indian markets rebounded on Monday, October 5, with the Nifty 50 up 0.60% and the Sensex up 0.66%.
Chandan Taparia recommended buying Nykaa with a target of ₹360 and a stop-loss of ₹328.
Taparia recommended selling LIC October 27 futures, with a target of ₹366 and a stop-loss of ₹400.
For the Nifty 50, Taparia identified 22,650 as a key level, with potential resistance near 22,750 and 22,850.
For Bank Nifty, he said a sustained move above 54,750 could point toward 55,000 and 55,250.
- Who
- Market analyst Chandan Taparia recommended trades in Nykaa and LIC October 27 futures.
- What
- He recommended buying Nykaa and selling LIC futures, and gave target and stop-loss levels.
- Where
- The Indian stock market.
- When
- The recommendations were for the next trading day after Monday, October 5; the year is not stated.
- Why
- Taparia cited technical signals: renewed buying interest and a bullish RSI crossover for Nykaa, and a weak price structure and selling pressure for LIC.
Key facts
- Nifty 50 close
- 22,555.75, up 0.60% on Monday, October 5
- Sensex close
- 72,382.47, up 0.66%
- Nykaa recommendation
- Buy; target ₹360; stop-loss ₹328
- LIC recommendation
- Sell October 27 futures; target ₹366; stop-loss ₹400
- Nifty 50 key level
- A move above 22,650 could point toward 22,750 and 22,850; below it, Taparia cited 22,400 and 22,300
- Bank Nifty key level
- A move above 54,750 could point toward 55,000 and 55,250; below it, Taparia cited 54,500 and 54,250
- Nifty options range
- Taparia cited a broader range of 22,100–22,900 and an immediate range of 22,300–22,800
Quotes
Chandan Taparia
Head of Derivatives & Technicals, Wealth Management, at Motilal Oswal Financial Services Ltd.
“Call writing is seen at 22,600 then 22,550 strike while Put writing is seen at 22,500 then 22,400 strike. Option data suggests a broader trading range in between 22,100 to 22,900 zones while an immediate range between 22,300 to 22,800 levels.”
livemint.com
“Now if it crosses and holds above 22,650 zones, bounce could be seen towards 22,750 then 22,850 zones while a hold below the same could see weakness towards 22,400 then 22,300 zones.”
livemint.com
Sources
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