Chandan Taparia of Motilal Oswal Recommends 2 Stocks To Buy Today On Tuesday 13th June

Compared to the previous session, when Bank Nifty edged lower, NSE Nifty and BSE Sensex ended higher. While the Sensex rose 99 points and ended at 62,724 levels, the Nifty gained 38 points and closed at 18,601 levels. The Bank Nifty index dropped 44 points to end at 43,944 points. Commenting on the outlook of Nifty Chandan Taparia, Derivatives & Technical Analyst of Motilal Oswal said Nifty immediate support at 18550 then 18480 zones while resistance at 18777 then 18888 zones. Now it has to cross and hold above 18636-18676 zones to witness an up move towards 18777 and 18888 zones while on the downside support exists at 18550 and 18480 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 crossed and held above 44044 zones for an up move towards 44250 then 44500 zones while on the downside support is seen at 43750 then 43500 levels.

Stock Market Outlook On Tuesday 13th June

Chandan Taparia said the market is expected to open on a positive note after domestic retail inflation cooled faster-than-expected to 25-month low during the month of May, better than expected April IIP data, overnight US market closed on a 14-month high and strong opening in the Asian markets will boost the market sentiment.

"European stocks rally by half percent, with luxury goods stocks outperforming, as investors are increasingly betting on the Federal Reserve to pause rate hikes later this week. Asian markets open on a strong note with support from a rally on Wall Street amid optimism that the Federal Reserve will pause its most-aggressive tightening campaign in decades. Moreover, fall in oil price to 18-month low at $72/bbl and hope of good monsoon will positive for the market sentiment. SGX Nifty is up quarter percent or 50 points. Focus on interest sensitive sectors like auto, bank and real estate stocks. Brent Crude fell to 18-month low will be positive for oil marketing companies, tyre, paints and cement stocks," he said.

Stocks To Buy On Tuesday 13th June

Chandan Taparia has recommended to buy NTPC as technical pick up and IOC as a fundamental pick up.

NTPC: Buy at Rs 186, stoploss: Rs 182, target price: Rs 195, duration: 2 to 3 days

NTPC has given triangle breakout and formed a strong bullish candle on daily chart. Buying is visible across Power Sector which will support the up move.

IOC: Buy at Rs 92, target price: Rs 105, timeframe 1 year

Brent Crude Oil futures declined 2% to below $74/bbl, losing ground ahead of a two-day Federal Reserve policy meeting after logging a second straight losing week. This would be beneficial to OMCs like IOC, said Chandan Taparia, Derivatives & Technical Analyst of Motilal Oswal.

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.