Chandan Taparia of Motilal Oswal Recommends 3 Stocks To Buy Or Sell On Thursday 22nd June

On Thursday, the benchmark S&P BSE Sensex opened at 63,601.71, down 78 points. The NSE Nifty50 opened at 18,853.60 levels down by 3.25 points from the previous close. Commenting on the technical outlook of Nifty Chandan Taparia, Derivatives & Technical Analyst of Motilal Oswal said Nifty immediate support at 18786 then 18710 zones while resistance was at 18888 then 19000 zones. Now it has to hold above 18818 zones to witness an up move towards 18888 and 19000 zones while on the downside support exists at 18786 and 18710 zones.

Commenting on the bank Bank Nifty outlook, he said, "Bank Nifty support at 43500 then 43333 zones while resistance at 44044 then 44250 zones. Now it has to continue to hold above 43750 zones for a bounce toward 44044 then 44250 zones while on the downside support exists at 43500 then 43333 marks."

Market Outlook

"US market declined over 1% yesterday after the US Chairmen Powell said in testimony that the policymakers expect interest rates will need to move higher to contain price pressures. US Future is trading flat and Asian markets are witnessing a mixed bag after the US Fed statement to bring inflation back down to the 2% goal. European equities fell as Federal Reserve Chair Jerome Powell said policymakers expect interest rates will need to move higher, while hotter-than-expected UK inflation figures weighed down sentiment. Expects the rally to continue and any dips will be a good buying opportunity. Hope of momentum continues on mid-cap and small-cap stocks. Auto, NBFC and Defense stocks will be in focus today. SGX Nifty is down a quarter per cent," said Chandan Taparia.

Stocks To Buy Or Sell On Thursday 22nd June

Chandan Taparia, Derivatives & Technical Analyst of Motilal Oswal recommended 3 stocks to buy today.

Technical Pick:

HDFC Ltd

Buy at Rs 2702, stop-loss: Rs 2650, target price: Rs 2800, timeframe: 2-3 Days

HDFC Ltd has given falling wedge breakout on daily chart which has bullish implications. It has formed a strong bullish candle on daily scale and managed to surpass and close above its crucial 50 DEMA. Momentum indicators are placed in the bullish zone which will take the prices higher, said Chandan Taparia.

Fundamental Pick:

HDFC Bank

Buy at Rs 1636, target price Rs 1950, timeframe: 1 year

HDFC Bank reported an in-line quarter with healthy growth in NII. Loan growth was driven by sustained momentum in the Retail segment and robust growth in Commercial and Rural Banking. Asset quality ratios remained robust and a contingent provisioning buffer should support asset quality. We estimate HDFCB to deliver a ~19% PAT CAGR over FY23-25, with RoA/RoE of 2.0%/17.7% in FY25. Maintain BUY said Chandan Taparia.

Tata Motors

Buy at the current market price of Rs 581, target price: Rs 650

China has announced a package worth $72.3bn to boost green car sales, such as electric vehicles, over the next four years. This should be positive for Tata Motors as it exports cars to China, 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.