Chandan Taparia Recommends 3 Stocks to Buy Today: Shriram Finance, Info Edge and Paytm
Indian equity markets are expected to witness a cautious to flat opening amid mixed global cues. While Gift Nifty is indicating a muted start, the broader technical structure of the market remains positive, with both Nifty 50 and Bank Nifty continuing to trade in bullish territory.
According to Chandan Taparia, Head – Derivatives & Technicals, Wealth Management, Motilal Oswal Financial Services, traders should closely monitor key support and resistance levels before taking fresh positions. Based on the current technical setup, he has recommended Shriram Finance, Info Edge (India) and One 97 Communications (Paytm) as his preferred stock picks for today.
Nifty 50 Outlook
The Nifty 50 has formed a strong bullish candlestick pattern on the daily chart and has been registering higher highs and higher lows over the last seven trading sessions, reflecting sustained buying interest.
Taparia believes that the bullish trend is likely to continue as long as the index remains above 24,600.
- Immediate Support: 24,500, followed by 24,400
- Immediate Resistance: 24,800
- Upside Target: 25,000
A sustained move above 24,600 could strengthen bullish momentum and pave the way for another leg of the rally towards the psychological 25,000 mark.
Nifty Option Chain Analysis
The derivatives data suggests that traders are positioning for a broad trading range.
Key observations include:
- Maximum Call Open Interest is concentrated at 24,600, followed by 24,700, indicating strong resistance.
- Maximum Put Open Interest is seen at 24,500, followed by 24,600, highlighting an important support zone.
- Fresh Call writing has emerged at 24,600 and 24,650 strikes.
- Put writing is visible at 24,600 and 24,500, suggesting that market participants continue to defend lower levels.
According to Taparia, the option chain indicates a broader trading range of 24,100–25,000, with the immediate trading zone likely to remain between 24,400 and 24,900.
Bank Nifty Outlook
The Bank Nifty has also maintained a positive technical structure after forming a bullish candle on the daily chart. However, the upper shadow on the candlestick indicates that selling pressure is emerging near higher levels.
Taparia expects the banking index to remain positive provided it sustains above the key support area.
Key Levels
- Support: 57,750, followed by 57,500
- Immediate Trigger: 57,000
- Upside Targets: 58,500 and 58,750
A sustained move above these resistance levels could extend the banking sector’s outperformance.
Chandan Taparia’s Top Stock Picks Today
For today’s trading session, Chandan Taparia has recommended the following stocks based on their technical setup and momentum:
- Shriram Finance
- Info Edge (India)
- One 97 Communications (Paytm)
These stocks are showing favourable price action and technical strength, making them his preferred trading ideas for the session.
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