Sumeet Bagadia of Choice Broking Recommends 2 Stocks To Buy Or Sell On Wednesday, 21st June

The Nifty index gained 61.25 points to close the Tuesday trading session at 18,816.70. Likewise, the Bank Nifty index rose by 132.75 points and ended at 43,766.50. Nifty maintained a closing of over 18,800 level while Bank Nifty managed to stay above 43,750. With the exception of Nifty Pharma and Nifty Media, the majority of sectors saw positive gains. Nifty IT in particular stood out as the sector with top performance. Tata Motors, HCL Tech, and HDFC Life were the top gainers, whereas Bajaj Finance, Bajaj Finserv, and Sun Pharma were the top losers.

Commenting on the market outlook on Wednesday, Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd said "Investors would focus on PM Modi's visit to the US as this will strengthen ties and deal wins. Also, all eyes will be on Fed chair Jerome Powell's two-day congressional testimony starting on Wednesday. These could potentially hint at a July hike given the Fed signaled the possibility of more rate increases later in the year if inflation remained an issue. Niche sectors like Defence are likely to remain in action on the back of expectation of new orders. NBFC stocks are witnessing renewed interest on expectation of a good monsoon which would improve microfinance demand from the rural sectors. The IT sector is likely to remain in focus ahead of Accenture results on Thursday."

Stocks To Buy Or Sell On Wednesday, 21st June

Sumeet Bagadia - Executive Director - Choice Broking has recommended 2 stocks to buy today Wednesday, 21st June.

Jubilant Foodworks

Buy JUBLFOOD in cash @ Rs 497, stop-loss: Rs 485, target price: Rs 520.

The stock was trading in a range of 493-501 for the last 4 days. The stock has cleared the 490 levels on a closing basis with decent volumes indicating strength. Currently stock is moving above 20 and 50-Day EMA. The stock has a small resistance close to 501 levels which is also 200 Day EMA. Any dip in the stock can be a buying opportunity. Once stock crosses the above-mentioned resistance stock can move towards 520 levels.

With a medium term outlook, one can buy JUBLFOOD at a CMP of 497 with a SL of 485 for a target price of 520.

LIC Housing Finance

LICHSGFIN has been steadily trending upwards, finding strong support at the 20-day moving average around 382 levels. The upward movement is backed by high trading volumes and a positive crossover in the Relative Strength Index indicating growing buying interest and positive momentum. The stock is now approaching a potential breakout of a falling trendline on the daily chart, further enhancing its bullish prospects. Additionally, the stochastic oscillator has displayed a positive crossover as well.
Based on technical parameters, one can initiate a long position at CMP 390.55 for the target price of 402 with SL of 384.

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.