Chandan Taparia Of Motilal Oswal Recommends 2 Stocks To Buy On Thursday 8th June

In spite of adverse global cues, Indian market rose on Wednesday ahead of the Reserve Bank of India's announcement of its monetary policy. The benchmark S&P BSE Sensex gained 350 points to settle at 63,142, while the blue-chip Nifty 50 index climbed 127 points to close at 18,726. The FMCG industry gained momentum by Tata Consumer, Britannia, and Nestle, who were also among the top gainers. Other notable winners were Tata Motors, HDFC Life, and BPCL. The most notable losers were Kotak Bank and Cipla, which both lost 1%.

Commenting on the market outlook, Chandan Taparia Derivatives & Technical Analyst of Motilal Oswal said "Expects market to open a flat note on ahead of key RBI credit policy to be announce today (expected time 10am). Expectation of RBI to keep interest rate unchanged while RBI commentary will be important for the market sentiment. In US Market the tech-heavy Nasdaq indexes fell more than 1% while Dow Jones managed to ended positive territory. UK, Germany and France Index ended flat to negative. Policy decisions are due from the Federal Reserve and the European Central Bank next week."

"Asian markets are poised to open lower in the wake of a slide on Wall Street as traders boosted bets on a U.S. rate hike after a surprise increase by the Bank of Canada. Shares in Australia, Japan and Hong Kong, Taiwan Index marginally decline. Japan GDP data to be announce today. SGX Nifty is trading flat to positive. Traders to focus on interest sensitive sectors like Auto, NBFC and Real estate on ahead of RBI policy today. Expects momentum to be continue on defence stocks," he further added.

Commenting on the outlook of Nifty, Chandan Taparia said "Nifty immediate support at 18636 then 18580 zones while resistance at 18800 then 18888 zones. Now it has to continue to hold above 18666 zones to witness an up move towards 18800 and 18888 zones while on the downside support exists at 18636 and 18580 zones."
Whereas on Bank Nifty outlook he said "Bank Nifty support at 44044 then 43750 zones while resistance at 44500 then 44750 zones. Now it has to continue to hold above 44144 zones for an up move towards 44500 then 44750 zones while on the downside support exists at 44044 and 43750 zones."

Stocks To Buy Today

Chandan Taparia Derivatives & Technical Analyst of Motilal Oswal recommended these stocks to buy today on Thursday 8th June
Apollo Hospital: Buy at Rs 5026, stoploss Rs 4900, target price Rs 5250, duration 2-3 Days. Tata Motors: Buy at Rs 568, target price Rs 650, duration 1 Year

Disclaimer

The stock has been picked up by market analysts and is not a recommendation of either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.