Top 3 stocks to buy tomorrow: Laurus Labs, MCX, Coforge by market expert; check stop-loss, target price for Tue, 27 Oct
Stock market news: The domestic benchmark indices, the Nifty 50 and the Sensex, snapped a four-session losing streak on Monday, supported by post-earnings gains in key constituents such as Dr Reddy’s Laboratories, JSW Steel and Kotak Mahindra Bank.
However, gains remained capped as Brent crude futures traded around $115 a barrel, fuelling inflation concerns. Investors also awaited the US Federal Reserve’s policy decision on Wednesday, with the central bank widely expected to keep interest rates unchanged.
The Nifty 50 rose 0.68% to close at 22,753.20, while the Sensex gained 0.66% to 73,606.75. Both indices had fallen around 0.9% earlier in the session before recovering.
Chandan Taparia, Head of Derivatives and Technicals, Wealth Management, at Motilal Oswal Financial Services Ltd., has recommended buying Laurus Labs with a target price of ₹2,180 and a stop-loss of ₹1,990. He also recommended MCX with a target of ₹3,300 and a stop-loss of ₹3,020, and Coforge with a target price of ₹2,120 and a stop-loss of ₹1,930. These are technical trading calls, and investors should consider their risk appetite and market conditions before taking positions.
On the Nifty options front, Chandan Taparia, Head Derivatives & Technicals, Wealth Management, Motilal Oswal Financial Services Ltd, said the maximum call OI is at 23,000 then 22,800 strike, while maximum put OI is at 22,500 then 22,700 strike.
“Call writing is seen at 22,800 then 22,900 strike, while Put writing is seen at 22,600 then 22,500 strike. Option data suggests a broader trading range in between 22,400 to 23,400 zones, while an immediate range between 22,500 to 23,000 levels,” said Taparia.
The Nifty 50 index opened on a negative note but recovered steadily after finding support at lower levels, as buyers absorbed intraday declines and pushed the index towards its upper band. It formed a bullish candle on the daily frame, reflecting a recovery in the market sentiment and renewed strength from lower levels.
“Now it has to hold above the 22,700 zone for an up move towards the 22,850 zone, then the 22,950 zone, while support can be seen at the 22,600 zone, then the 22,500 zone,” said Taparia.
Bank Nifty index opened marginally lower and drifted towards 53,800 zones in the initial hour of the session. However good recovery was seen from lower levels towards 54,350 zones but it remained volatile in a wider range of 400 points in the latter part of the session. It formed a small bodied candle on daily scale with long lower shadow as recovery is seen from lower levels but multiple hurdles are intact at higher zones.
“Now if it holds above 54,250 zones up move can be seen towards 54,750 then 55,000 levels while a hold below the same some weakness could be seen towards 54,000 then 53750 levels,” the MOFSL analyst added.
Chandan Taparia has recommended three stocks to buy tomorrow. Taparia recommends buying Laurus Labs, Multi Commodity Exchange (MCX), Coforge shares.
Stock has negated its sequence of lower lows and witnessed a strong bounce from its 50 DEMA indicating renewed buying interest. It has formed a bullish Marubozu candle highlighting strong buying momentum and is trading above its short-term moving averages, reflecting an improvement in the price structure. The RSI is also on the verge of a bullish crossover, which could further strengthen the positive momentum and support further upside.
Stock has negated its sequence of lower lows formed over the last 7–8 sessions and witnessed strong buying interest near the support zone of 3000 indicating improving price momentum. It is showing signs of recovery after the recent correction with buying interest emerging at lower levels. Sustaining above the 3150 zone could trigger a sharp up move towards the 3300 zone and beyond.
Stock has formed a strong base around the 1800 zone and witnessed buying interest from the same, indicating strong support at lower levels. It is now trading near its all-time high zone, highlighting improving bullish momentum. A decisive breakout above the 2020 level supported by notable volumes could trigger the next leg of the upmove and lead to fresh highs.
Dhanya Nagasundaram works as a Content Producer at LiveMint, specializing in news related to financial markets, stocks, and business. With over eight years of experience in journalism and content creation, she has honed her skills in data-driven reporting and market analysis. Her focus is on monitoring stock trends, initial public offerings (IPOs), corporate news, policy shifts, and larger economic trends that affect investors and market players. <br><br> At LiveMint, Dhanya consistently writes and produces articles that make complex financial topics accessible to readers. She keeps a close eye on equity markets, commodities, and macroeconomic indicators, assisting audiences in comprehending how global and domestic events influence investment perspectives. Her stories frequently underscore emerging trends within sectors, the IPO market, company earnings results, and market strategies pertinent to both retail and institutional investors. <br><br> Before her tenure at LiveMint, Dhanya accumulated a wealth of professional experience at various companies, including MintGenie, Informist, Cogenics, Chary Publications, KPMG, and the Royal Bank of Scotland. These positions allowed her to establish a solid foundation in financial research, reporting, and content creation. <br><br> Throughout her career, she has explored numerous subjects such as trading strategies, commodities, IPOs, wealth generation, corporate profits, and macroeconomic indicators. Her background in both financial journalism and corporate settings has given her the ability to tackle stories with analytical rigor while ensuring clarity for her audience. Through her contributions, Dhanya strives to deliver insightful, trustworthy, and investor-centric financial content.
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HomeMarketsStock MarketsTop 3 stocks to buy tomorrow: Laurus Labs, MCX, Coforge by market expert; check stop-loss, target price for Tue, 27 Oct
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