Chandan Taparia of Motilal Oswal Recommends 2 Stocks To Buy Or Sell On Monday 19th June

After the rupee fell 3 paise to 81.93 versus the US dollar in early trade, the Sensex climbed by 150 points and the Nifty reached 18,850 levels at the opening session. Chandan Taparia, Derivatives & Technical Analyst of Motilal Oswal said market may cross record high level today on back of strong micro data along with persistent FIIs buying interest and rally in the global markets.

Commenting on the outlook of Nifty, Chandan Taparia said "Nifty immediate support at 18710 then 18676 zones while resistance at 18888 then 19000 zones. Now it has to hold above 18777 zones to witness an up move towards 18888 and 19000 zones while on the downside support exists at 18710 and 18676 zones." Whereas for Bank Nifty he said "Bank Nifty support at 43750 then 43500 zones while resistance at 44144 then 44250 zones. Now it has to hold above 43750 zones for a bounce towards 44144 then 44250 levels while on the downside support is seen at 43750 then 43500 zones."

Stock Market Outlook On Monday 19th June

"The tech-heavy Nasdaq 100 ended the week 4% higher, logged its longest weekly winning streak since March 2019. European shares rose on Friday, posting their biggest weekly advance since April, buoyed by gains in the luxury goods and utilities sectors. US equity futures reversed earlier gains and the offshore yuan weakened as investors parsed news on signs of improving ties between Washington and Beijing and hopes for further stimulus in China to boost its flagging recovery. Expects range bound market today on account of US market will be shut today. FMCG stocks may be positive on hope of good monsoon to improve rural demand and the government cut base import taxes on refined soybean and sunflower oils. Moreover, rally may continue on real estate, mid and small cap stocks," said Chandan Taparia.

Stocks To Buy On Monday 19th June

Chandan Taparia, Derivatives & Technical Analyst of Motilal Oswal has suggested 2 stocks to buy today on Monday 19th June.

Technical Pick:

Indian Hotels

Buy at Rs 403, stoploss Rs 393, target price Rs 425, timeframe: 2 to 3 days

Indian Hotels has given consolidation breakout on daily chart and holding well above the same. Stock is in continuous uptrend and every small decline is being bought into. Buying is visible across Consumption space which will support the up move. The momentum indicators on the weekly and monthly scale are placed in bullish territory and supports are gradually shifting higher, said Chandan Taparia.

Fundamental Pick:

ICICI Lombard

Buy at current market price of Rs 1255, target price Rs 1400, duration: 1 year

In May'23, the gross written premium (GWP) for the industry grew 18% YoY to INR182b, led by the Health (up 21% YoY) and Motor (up 23% YoY) segments. Among key players, ICICIGI grew 21% YoY in May'23 (higher than the industry growth), said Chandan Taparia.

Disclaimer

The recommendations made above are by market analysts and are not advised by 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.