Chandan Taparia of Motilal Oswal Recommends 2 Stocks To Buy Today On Friday 9th June

In accordance with forecasts, the RBI maintained the status quo on Thursday. As a result, the auto, banking, information technology, and healthcare stocks pulled down both the Sensex and the Nifty 50 to negative closing levels. The NSE Nifty index dropped 91 points and ended the day at 18,634 levels, the BSE Sensex lost 294 points to wrap up the day at 62,848 levels, and the Bank Nifty index gained 280 points and ended the day at 43,995 levels. According to NSE statistics, FIIs purchased Indian equities worth Rs 8,013.28 crore on Thursday, while they sold for Rs 7,800.88 crore. With an inflow of Rs 212.40 crore, they thereby held the status of net buyers. On the other side, DIIs bought Indian shares for Rs 5,461.85 crore and offloaded Rs 5,866.86 crore, leading to an outflow of Rs 405.01 crore.

Stock Market Outlook Today

Chandan Taparia, Derivatives & Technical Analyst of Motilal Oswal said he "Expects market to open on a positive note after the RBI kept interest rate unchanged second time in a row and lower FY24 inflation projection, rally in the global markets and hope of US Fed to keep interest rate unchanged in the next policy meeting will be positive for the market sentiment. Technology stocks drove a rally in US equities while bond yields and the dollar fell after data showing US jobless claims surged more than expected last week. Nasdaq Composite gained 1% while Dow Jones Index soared over half percent.

US VIX (Volatility Index) declined 2% to below 14. European equities were steady as gains in automotive and banking stocks countered losses in other sectors like technology, which were weighed down by concerns of slowing growth and elevated interest rates. Traders will be in focus for banks, defense and auto stocks. Traders focus on Sugar and Coffee stocks due to spiked in Sugar and Coffee price in the international market."

Commenting on the outlook of Nifty, Chandan Taparia said "Nifty immediate support at 18580 then 18530 zones while resistance at 18786 then 18888 zones. Now it has to cross and hold above 18666 zones to witness an up move towards 18786 and 18888 zones while on the downside support exists at 18580 and 18530 zones."

Whereas for Bank Nifty he said "Bank Nifty support at 43750 then 43500 zones while resistance at 44250 then 44500 zones. Now it has to cross and hold above 44044 zones for an up move towards 44250 then 44500 zones while on the downside support is seen at 43750 then 43500 levels."

Stocks To Buy Today

1. L&T: Buy at Rs 2340, stoploss to maintain Rs 2290, target price Rs 2450, duration 2-3 Days.
2. Avenue Supermarts: Buy at Rs 3547, target price Rs 4200, 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.