Sumeet Bagadia Of Choice Broking Recommends 2 Stocks To Buy Or Sell On Friday 9th June

The market moved negatively after the RBI's policy announcement decision to keep the repo rate at 6.5% on Thursday. The Sensex lost 0.47 percent and closed at 62848.64, the Nifty was down 0.49 percent intraday and closed at 18634.55 levels, and the Bank Nifty was down 0.63 percent and landed at 43995.25. While Nifty IT, Nifty AUTO, and Nifty PHARMA closed on the down side, Nifty METAL, Nifty ENERGY, and Nifty PSE ended in the green. The top gainers among Nifty stocks were NTPC, JSW STEEL, and ONGC, while the top losers were GRASIM, KOTAK MAHINDRA, and SUN PHARMA.

Commenting on the outlook of Nifty, Sumeet Bagadia - Executive Director - Choice Broking said "INDIA VIX was flat to negative by 2.45 percent intraday and settled at 11.16. Volume profile indicates Index has a strong support around 18500-18400 zone. Coming to the OI Data, on the call side, the highest OI observed at 18800 followed by 18900 strike prices while on the put side, the highest OI is at 18500 strike price. On the other hand, Bank nifty has support at 43650-43850 while resistance is placed at 44500 levels."

Stocks To Buy Today

Sumeet Bagadia - Executive Director - Choice Broking recommended these stocks to buy or sell on Friday 9th June.

Bajaj Finserv

BAJAJFINSV is presently trading at 1467 and has exhibited a noteworthy performance. Notably, the stock has surpassed all of its short, medium, and long-term exponential moving averages, including the 20, 50, 100, and 200 EMAs. Additionally, it has experienced a breakout above the key level of 1440, demonstrating the stock's ability to sustain this level for a week.
Furthermore, the Relative Strength Index (RSI) has remained above 65 and continues to display an upward slope, indicating a strong market sentiment for BAJAJFINSV.

Based on our analysis, we anticipate a favorable upward movement for the stock, with a potential target range of 1515-1540. However, it is important to note that our bullish outlook would be invalidated should the stock drop below 1430.

Dr Reddy's Laboratories

DRREDDY's stock has rebounded from a solid consolidation phase, coinciding with the Pharma Index's positive daily trend.
The stock is currently trading above both the 20-day and 50-day moving averages, indicating strength. Moreover, it is trading above the middle Bollinger band, and there are positive crossovers in both the RSI and MACD, suggesting a continued bullish trend in the near future.

The sustained high trading volume indicates buying interest among short-term traders. Based on this technical analysis, one could consider entering a long position at the current market price (CMP) of 4649.
However, for a potential upward movement towards 4770 levels in the coming days, it is crucial for the stock to close and maintain levels above 4655. To manage risk, a stop-loss (SL) level can be set at 4575.

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.