Chandan Taparia of Motilal Oswal Recommends 3 Stocks To Buy On Thursday 15th June

Nifty closed with minor gains of 40 points at 18756 levels yesterday after a brief drop, while the SGX Nifty currently trading -0.2% lower down by 30 points. The 30-stock BSE Sensex closed 85 points higher at 63,228 while the Nifty 50 ended 39 points higher at 18,755 levels. The Nifty June future wrapped up at 18818.25 with a premium of 62.35 points compared to the previous session's premium of 60.70 points.

Commenting on the technical outlook of Nifty, Chandan Taparia, Derivatives & Technical Analyst of Motilal Oswal said "Nifty immediate support at 18676 then 18636 zones while resistance at 18888 then 19000 zones. Now it has to hold above 18676 zones to witness an up move towards 18888 and 19000 zones while on the downside support exists at 18676 and 18636 zones."

Commenting on the technical outlook of Bank Nifty, Chandan Taparia said "Bank Nifty support at 43900 then 43750 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 Thursday 15th June

Chandan Taparia said the market is expected to open on a flat note after the hawkish commentary by the Fed Chairman and Fed singalled more rate hikes still on the table, which dampened the market sentiment.

"Dow Jones slipped over half percent while Nasdaq Composite managed to ended positive territory. European stocks gained as miners rallied for a second day on bets of Chinese stimulus. Investors also awaited the Federal Reserve's policy decision for clues on the path of interest-rate hikes. Asian stocks and US equity futures are witnessing mixed bag after the Federal Reserve paused its monetary tightening but hawkish statement by the US Fed chairman. Key China economy data IIP, New Home Sales, Retail sales, Residential Property sales to be announce today. In the domestic market, expects range bound market today but stock specific action may continue. Traders buy on decline strategy in the market on account domestic micro data much better than the global economy data," said Chandan Taparia.

Stocks To Buy On Thursday 15th June

Chandan Taparia, Derivatives & Technical Analyst of Motilal Oswal has recommended 3 stocks to buy today.

Tata Motors

Buy at Rs 571, stoploss Rs 560, target price Rs 590, timeframe: 2-3 Days
Tata Motors is giving a breakout of the pole and flag pattern on the daily scale. The momentum indicators on the weekly and monthly scale are placed in bullish territory which will support the move to higher levels, said Chandan Taparia.

IDFC First

Buy at current market price of Rs 77. IDFC First is likely to be added to MSCI in August review. • IDFCFB is entering a phase of strong loan growth as the drag from the wholesale book continues to moderate. This will be aided by a strong pickup in profitability due to the replacement of high-cost borrowings, better cost trends and controlled credit costs. We thus estimate a 31% earnings CAGR over FY23-25 and RoA/RoE of 1.3%/13.5% in FY25.

JK Lakshmi Cement

Buy at Rs 742, target price Rs 870

JK Lakshmi Cement plans to invest ~Rs8,000cr between FY25-30, to ramp up capacity to 30 mtpa from the projected 18 mtpa capacity at end-FY24. Capacity addition could be both organic and inorganic. It has embarked on land acquisitions for greenfield opportunities at Nagaur (Rajasthan) for north India and Kutch (Gujarat) for west India markets, 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.