Stock to Buy: Chandan Taparia Recommends Three Stocks to Buy on October 16

Krishna Chandra

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chandan taparia share market news

Chandan Taparia, a senior vice president at Motilal Oswal Financial Services Ltd (MOFSL), has identified three stocks that investors should consider buying today, October 16, 2024. His recommendations are based on technical analysis and market trends, highlighting potential upward movements in these stocks.

Buy Hindustan Aeronautics Ltd (HAL) Share

Taparia recommends buying Hindustan Aeronautics Ltd (HAL) at the current market price of ₹4,575. He suggests setting a stop loss at ₹4,430 and targeting a price of ₹4,850. The stock has formed a Double Bottom pattern on the daily chart, indicating a potential trend reversal. After a period of underperformance over the last four months, HAL has shown signs of recovery, supported by a bullish crossover in the MACD indicator, which reinforces the upward momentum.

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Buy Oberoi Realty Share

Another strong recommendation is for Oberoi Realty, currently trading at ₹2,028. Investors are advised to set a stop loss at ₹1,970 with a target price of ₹2,150. The stock has recently broken out of a consolidation zone and is experiencing higher-than-average buying volumes. This surge in buying interest across the real estate sector suggests a bullish trend. Additionally, the Relative Strength Index (RSI) has turned upwards, confirming the positive momentum.

Buy Bharti Airtel Share

Lastly, Taparia recommends buying Bharti Airtel at a current market price of ₹1,717. The suggested stop loss is ₹1,680, with a target of ₹1,800. A rounding bottom pattern has emerged on the daily timeframe for this stock, indicating a shift towards bullish sentiment. Bharti Airtel is also respecting its 20-day Exponential Moving Average (DEMA) and is showing signs of recovery after bouncing back from oversold conditions as indicated by the Stochastic oscillator.

Conclusion: Strategic Investment Opportunities

These recommendations from Chandan Taparia reflect his analysis of market trends and technical indicators that suggest potential growth for these stocks in the near term. Investors should consider these insights while making informed decisions about their portfolios.Disclaimer: The views expressed in this article are solely those of the author and do not reflect the official position or policy of any financial institution. Readers should consult qualified financial advisors before making any investment decisions.

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