MCX, BSE, Bharti Airtel shares: Top 3 stocks to buy; check expected returns, ratings, target price by market expert

Detailed summary

Sensex fell 318.56 points to 81,592.45 and Nifty 50 dropped 155.05 points to 25,144.30 on Friday, ending a three-session rally as October retail inflation rose to 6.09%. Analyst Chandan Taparia recommended MCX, BSE and Bharti Airtel, while identifying key index support and resistance levels.

Stock market news: The domestic benchmark indices, Sensex and Nifty 50, ended lower on Friday, snapping their three-session winning streak, as a sharp rise in retail inflation to 6.09% in October fuelled concerns over a possible RBI rate hike next month.

The 30-share BSE Sensex declined 318.56 points, or 0.39%, to close at 81,592.45. During the session, the index fell as much as 622.26 points, or 0.75%, to an intraday low of 81,288.75.

Friday's decline marked the first significant fall in both benchmark indices this month.

Chandan Taparia, Head of Derivatives & Technicals, Wealth Management at Motilal Oswal Financial Services, has recommended buying three stocks — MCX, BSE and Bharti Airtel.

He has set a target price of ₹3,900 for MCX with a stop loss of ₹3,600. For BSE, the target is ₹4,170 with a stop loss of ₹3,820, while Bharti Airtel has a target of ₹2,230 and a stop loss of ₹2,040.

On the Nifty options front, Chandan Taparia, said the maximum call OI is at 25,200 then 25,500 strike while maximum put OI is at 25,000 then 25,100 strike.

“Call writing is seen at 25,200 then 25,100 strike while put writing is seen at 25,100 then 25,000 strike. Option data suggests a broader trading range in between 24,800 to 25,600 zones while an immediate range between 25,000 to 25,400 levels,” said Taparia.

Nifty 50 index opened on a negative note and attempted to reclaim and sustain above 25,200 in the first hour of the trade but failed to hold at higher levels. The index moved lower towards 25,050 zones in the second half where support based buying emerged, helping it recover from it’s day's low and move back above 25,100 zones. It remained rangebound for most of the session and formed a bearish candle on the daily frame, indicating some pause in the momentum despite support based buying intact at lower levels. On the weekly frame it formed a small bodied bullish candle and gave the highest closing of the last thirty five weeks.

“Now it has to cross and hold above 25,200 zones for an…

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