Sumeet Bagadia of Choice Broking Recommends 2 Stocks To Buy Or Sell On Friday, 23rd June

On Thursday, the market wrapped up in the red with the Sensex losing 0.45% and ending at 63238.89, the Nifty losing 0.45% intraday and ending at 18771.25 levels, and the Bank Nifty losing 0.31 % and closing at 43724.85. Nifty METAL and Nifty MEDIA among the sectors saw positive closing levels, while Nifty PSU BANK, Nifty IT, and Nifty ENERGY saw negative closing levels. The top gainers among Nifty stocks were DIVIS LAB, LT, and HDFC, while the top losers were TATA STEEL, BAJAJ FINANCE, and TATA MOTORS. The intraday gain for INDIA VIX was 2.21 per cent, and it closed at 11.54. Broader markets underperformed, with selling pressure pushing the Nifty midcap and smallcap down 1% respectively. With the exception of metals, every sector experienced a loss, with the top losers being PSU Bank, Realty, Oil & Gas, and FMCG.

Thursday saw a net selloff of more than Rs 693 crore in Indian stocks from foreign institutional investors (FIIs). Comparatively speaking, buying by domestic institutional investors (DIIs) stood at Rs 219 crore from the previous session. According to NSE statistics, FIIs purchased stocks for Rs 8,947.66 while selling them for Rs 9,640.94, resulting in a Rs 693.28 crore outflow on June 22nd. The DII's purchase price was Rs 7,147.83 crore, whereas the selling price was Rs 6,928.41 crore. As a result, Rs 219.42 crore net inflow came in from DIIs.

Nifty Outlook

Rahul Ghose, Founder & CEO - Hedged, an algorithm-powered advisory platform said "The Nifty Index has seen significant build-up in the 18800 short straddle positions for the June monthly expiry. Traders are not expecting any run-away move in the Index till this month's expiry. Nifty has touched the 18870 band of all-time high four times now and reversed. We expect the Nifty to break through this resistance, next time when it comes close to it. Constant profit booking and fear of a double top is the reason for causing the Index from taking out its highs."

Stocks To Buy Or Sell On Friday, 23rd June

Here we have listed out the complete details of 2 stocks that have been recommended by Sumeet Bagadia - Executive Director of Choice Broking to buy today.

KEI Industries

Buy KEI in cash @ Rs 2353, stop-loss: Rs 2280, target price: Rs 2460

The stocks have a strong support zone around the 2260-2230 zone after rising from lower levels. Additionally, the stock has surpassed resilient levels of 2300. On weekly charts, the stock displayed a bullish candle, indicating strength. The RSI indicator is also maintaining above 70 levels, showing that there is much room available for the stock to inch higher. The stock is maintaining the 20 EMA on the daily chart, indicating further solid traction.

Therefore, one can start a long position at CMP 2353 based on the technical framework. However, it would be better to add more at the 2345-2330 level range. Closing and sustaining above 2400 will move prices in the following days towards 2460-2500 levels. SL may remain at 2280.

Hindustan Petroleum Corp

The stock has exhibited a consolidation phase over the past few days, remaining within a defined range and holding onto its weekly support level. Additionally, the stock has been displaying a pattern of Higher Highs and Higher Lows, indicating a bullish trend. RSI currently remains at a level of 70. Furthermore, the MACD indicator shows a positive skew, indicating upward momentum. Moreover, the stock is trading above its 20-day moving average (DMA), which further supports the bullish outlook.

Based on technical parameters, one can initiate a long position at CMP 275 for the target price of 285 with an SL of 269.

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.