Chandan Taparia’s recommendations: How to trade Siemens, Birlasoft and REC shares on July 2?

Stocks to buy: Chandan Taparia has recommended three stocks to buy today, July 2. According to him, these three stocks - Siemens, REC and Birlasoft – are technically placed to see a decent upmove.

Stocks to buy: Indian stock market began the month of July on a strong note, with the benchmark indices Sensex and Nifty 50 hitting record highs on Tuesday. Market gains were led by buying in banking, IT, metals, energy and realty stocks. The Sensex rallied nearly 380 points to scale a fresh life-time high of 79,855.87, while the Nifty 50 jumped 95 points to touch the record level of 24,236.35 in early trade on Tuesday. Both the indices extended rally from previous session’s half a percent gains. “Nifty formed a Bullish candle on the daily frame and has been making higher lows from the last five sessions. Now it has to hold above 24,000 zones to extend the move towards 24,200 and 24m400 zones whereas supports are placed at 23,900 then 23,800 zones,” said Chandan Taparia, Head – Equity Derivatives and Technicals, Broking and Distribution, MOFSL. India VIX was slightly up by 0.20% from 13.80 to 13.83 levels. Comparatively lower volatility is comforting the bulls to drive the index at higher zones. On option front, Maximum Call OI (Open Interest) is at 24,500 then 24,300 strike while Maximum Put OI is at 24,000 then 24,100 strike. Call writing is seen at 24,500 then 24,150 strike while Put writing is seen at 24,000 then 24,100 strike. Option data suggest a broader trading range in between 24,000 to 24,500 zones while an immediate range between 24,100 to 24,300 levels, Taparia said. Bank Nifty Outlook Bank Nifty Index opened on a flattish note but retested its previous breakout zone near 52,150 levels in the initial hour of the session. “Later good recovery was seen from lower zones and Index formed a Bullish candle on daily scale to close above 525,50 zones. Larger trend is still strong with a buy on dips stance. Now it has to continue to hold above 52,250 zones for an up move towards 53,000 then 53,180 zones while on the downside support is placed at 52,222 then 52,000 levels,” Taparia added. Stocks to buy Chandan Taparia has recommended three stocks to buy today, July 2. According to him, these three stocks - Siemens , REC and Birlasoft – are technically placed to see a decent upmove. Siemens | Buy at ₹ 7,882 | Target Price: ₹ 8,450 | Stop Loss: ₹ 7,600 Siemens shares are in overall uptrend and holding gains at higher zones. The stock has given the Inside bar breakout on daily scale and supports are gradually shifting higher. REC | Buy at ₹ 551 | Target Price: ₹ 580 | Stop Loss: ₹ 535 REC share price has given narrow range breakout on weekly scale and range breakout on daily chart. REC stock is respecting 50 DEMA and Momentum indicator RSI is positively placed. Birlasoft | Buy at ₹ 717 | Target Price: ₹ 780 | Stop Loss: ₹ 690 Birlasoft share price has given a box breakout on the daily chart and managed to hold above the same. Buying is visible across IT space which may support the ongoing up move. 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.