Chandan Taparia of Motilal Oswal Recommends 2 Stocks To Buy On Wednesday 14th June

The domestic benchmark indices recorded enormous advances on Tuesday. While industrial production reached 4.2% in April from 1.7% in March 2023, consumer price index (CPI), also known as retail inflation, fell to 4.25% in May, reaching a 25-month low. The Nifty 50 closed at 18,716.15, up 115 points, or 0.62%, while the Sensex decided with a respectable gain of 418 points, or 0.67%, at 63,143.16. Commenting on the outlook of Nifty Chandan Taparia, Derivatives & Technical Analyst of Motilal Oswal said Nifty immediate support at 18636 then 18550 zones while resistance at 18777 then 18888 zones. Now it has to hold above 18676 zones to witness an up move towards 18777 and 18888 zones while on the downside support exists at 18636 and 18550 zones.

Commenting on the outlook of Bank Nifty, Chandan Taparia said Bank Nifty support at 43900 then 43500 zones while resistance at 44250 then 44500 zones. Now it has to hold above 44044 zones for an up move towards 44250 then 44500 zones while on the downside support is seen at 43900 then 43750 levels.

Stock Market Outlook On Wednesday 14th June
Chandan Taparia said market is expected to open on a positive note after the US May Inflation fell to lowest level since March 2021 at 4.1%, US core inflation decline to15-month low, domestic inflation nosedived to 25-month low and China's central bank surprised with cut in reverse repurchase rate by 10 basis along with to consider stimulus, above these factors will boost the market sentiment.

"European stocks advanced the most in more than a week after data showed that US consumer price inflation slowed in May, bolstering market expectations for the Federal Reserve to pause its aggressive rate-hiking campaign this week. Asian equities rose for a fourth day amid bets for supportive monetary policy from central banks in China and Japan and a pause in interest rate hikes from the Federal Reserve. Japan's Topix rallied almost 1% early opening as it extended its three-decade high. On domestic front, expect rally to continue and Index just half percent away from the record high," said Chandan Taparia.

Stocks To Buy On Wednesday 14th June

Chandan Taparia, Derivatives & Technical Analyst of Motilal Oswal has recommended to buy DLF and Oberoi Realty today.

DLF

Buy at Rs 503, stoploss: Rs 492, target price: Rs 520, timeframe: 2-3 Days

DLF has taken support near the 20 day average and it has given a consolidation breakout with a strong bullish candle on daily chart.

Buying is visible across Real Estate Sector which will support the up move, said Chandan Taparia.

Oberoi Realty

Buy at Rs 984, target price: Rs 1140, timeframe: 1 year