Chandan Taparia of Motilal Oswal Recommends 2 Stocks To Buy Or Sell On Wednesday, 28th June

The Sensex closed at 63,416.03 on Tuesday, up 446.03 points or 0.71%. The Nifty 50 ended the day up 126.20 points or 0.68% at 18,817.40. Commenting on the outlook of Nifty, Chandan Taparia, Derivatives & Technical Analyst of Motilal Oswal said, Nifty immediate support at 18777 then 18666 zones while resistance was at 18888 then 19000 zones. Now it has to hold above 18777 zones to witness an up move towards 18888 then 19000 zones while on the downside support exists at 18777 and 18666 zones. For the outlook of Bank Nifty, he said "Bank Nifty support at 44000 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 44000 then 43750 levels."

Market Outlook

Chandan Taparia said market is expected to open on a positive note on account of smart rally in the US market, mixed bag opening in the Asian markets and favorable domestic cues will be positive for the market sentiment."Overnight, US stocks jumped up to 2% after a fall of last six trading sessions amid a rally in big tech companies after reported strong economy data. European stocks regained earlier losses to close little changed as investors digested a week-long selloff amid hawkish comments from central bankers. UK, Germany and France Index managed to ended marginally positive. Moreover, crude fell nearly 10% from recent high and strong FIIs buying (over Rs2000cr net buyers yesterday) will add fuel in the market sentiment. Any decline will be good opportunity to buy on Indian equity while market will be shut tomorrow. Expect momentum to continue on realty stocks on account of strong sales growth. Fertilizer and power sectors will be in focus ahead of CCEA meeting today. SGX Nifty is up 60 points," he stated.

Stocks To Buy Today

Chandan Taparia, Derivatives & Technical Analyst of Motilal Oswal has recommended 2 stocks to buy On Wednesday, 28th June

Technical Pick:

REC

Buy at CMP of Rs 161, stop-loss: Rs 157, target price: Rs 170, timeframe: 2-3 Days

REC is in a strong uptrend on the weekly and monthly scale and price is holding well above the 20 DEMA with higher high formation which indicates positive trend. Momentum indicator RSI is placed in the bullish zone which will support the up move, said Chandan Taparia.

Fundamental Pick:

ICICI Bank

Buy at CMP of Rs 940, target price: Rs 1150, timeframe: 1 year

S&P Global Ratings standalone credit ratings for ICICI bank to BBB from BBB. It reported a strong quarter in 4QFY23. The bank is seeing a strong recovery across segments, while asset quality trends remain healthy with industry-best PCR at ~83%. We estimate ICICI to deliver RoA/RoE of 2.2%/17.6% in FY25, 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.