Chandan Taparia of Motilal Oswal Recommends 2 Stocks To Buy Or Sell On Monday, 3rd July

Following the completion of the first half of the current year 2023, the BSE Sensex recorded a 5.80% gain while the NSE Nifty recorded a 5.45% jump on a YTD basis. On Friday, the Sensex closed higher by +803.14 (1.26%) at 64,718.56 while the Nifty closed higher by +991.60 (5.45%) at 19,189.05. Nifty June future wrapped up at 19261.25, a premium of 72.20 points over the previous session's 5.80 point discount. India VIX dropped by 0.83% from 10.89 to 10.80 levels, and the Nifty Put/Call Ratio (OI) climbed from 1.41 to 1.58 levels. Commenting on the outlook of Nifty on Monday, Chandan Taparia, Derivatives & Technical Analyst of Motilal Oswal said, Nifty immediate support is at 19000 then 18888 zones while resistance is at 19300 then 19500 zones. Now it has to hold above 19100 zones to witness an up move towards 19300 then 19500 zones while on the downside support exists at 19000 and 18888 zones.

On the outlook of Bank Nifty he said "Bank Nifty support at 44444 then 44250 zones while resistance at 45000 then 45250 zones. Now it has to hold above 44500 zones for an up move towards 45000 then 45250 zones while on the downside support is seen at 44444 then 44250 levels."

Market Outlook On Monday

Indian Market is expected to open on a positive note on account of a rally across the global market after the data showed that the US inflation cooled in May, its lowest reading in two years, potentially reducing pressure on the US Fed to deliver aggressive hikes in interest rate, said Chandan Taparia.

"Asian shares rose on Monday as positive momentum from gains on Wall Street and signs of moderating US inflation extended this year's rally in global stocks. Japan, South Korea, Australia and Taiwan Index surged 1% each. Tech stocks will be in focus on hope of good quarterly results while Q1 results will commence from next month. Auto stocks will be in focus after announced impressive May sales dat. Expects momentum to continue on Banks, FMCG and mid-cap stocks. In a path-breaking move in the field of global trading in India, the popular SGX Nifty will be re-branded as GIFT NIFTY from today. Gift Nifty is up by 85 points above 19300 mark," he said.

Stocks To Buy Today

Chandan Taparia, Derivatives & Technical Analyst of Motilal Oswal has recommended 2 stocks to buy on Monday, 3rd July.

Technical Pick:

M&M

Buy at Rs 1453, stop-loss: Rs 1430, target price: Rs 1550, timeframe: 2 to 3 days

M&M has given a breakout of the consolidation zone with a strong bullish candle on the daily scale which indicates the start of a fresh uptrend. The momentum indicators are placed in the positive territory which will take the prices to higher zones, said Chandan Taparia.

Fundamental Pick:

Hero Motocorp

Buy at Rs 2909, target price Rs 3475, timeframe 1 year

The company will make an upward revision in the ex-showroom prices of its motorcycles and scooters, effective from July 3, 2023. The price increase will be around 1.5% and the exact quantum of increase will vary by specific models and markets. Also, the company along with Harley Davidson will unveil their 1st co-developed premium motorcycle X440, 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.