Sumeet Bagadia of Choice Broking Recommends 2 Stocks To Buy Or Sell On Wednesday 7th June

Indian equity benchmarks closed marginally higher on Tuesday amid weak global cues. The Nifty closed at 18,599 level with an upside gain of 5.15 points, while the Bank Nifty closed at 44,164.50 level with an upside gap of 62.90 points. The NIFTY 50 Index ended on a positive note with the top performers being Kotak Mahindra Bank Ltd., Axis Bank Ltd., UltraTech Cement Ltd., Maruti Suzuki Ltd., and Bajaj Finance Ltd., while the worst performers were TCS Ltd., ICICI Bank Ltd., HDFC Bank Ltd., and HDFC Ltd. Domestic benchmarks managed to snap a three-week losing run, and sectors including banking, auto, financial services, pharma, real estate, healthcare, and oil & gas were at the forefront of the rebound.

In comparison to the previous finish of 62,787.47, the Sensex started 49 points lower at 62,738.35 and concluded with a modest gain of 5 points at 62,792.88. On the global front, the European Stoxx 600 index closed 0.38% higher whereas Dow Jones Industrial Average sank 200 points, or 0.6%, the broader S&P 500 declined 0.2%, and Nasdaq Composite rose just 0.1% ahead of the Federal Reserve policy meeting next week.

Commenting on the Indian stock market outlook, Sumeet Bagadia - Executive Director - Choice Broking claimed that during Tuesday's closing session both the Nifty and Bank Nifty displayed a Doji pattern triggering Nifty to sustain 18,400-18,450 levels, whereas resistance is likely to be at 18,750-18,800 levels. For the Bank Nifty, resistance to hold 44,400 levels whereas support levels are likely to be at 43,900-43,700, said Sumeet Bagadia.

Stocks To Buy Today

Sumeet Bagadia - Executive Director - Choice Broking has recommended these stocks to buy today on Wednesday 7th June.

Colgate Palmolive: Buy at Rs 1620, stoploss to maintain Rs 1590, target price Rs 1660.

Dr Reddy's Laboratories: Buy at Rs 4610, stoploss to maintain Rs 4570, target price Rs 4730.

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.