Chandan Taparia of Motilal Oswal Recommends 2 Stocks To Buy Or Sell On Wednesday 21st June

On Wednesday morning deals, the Sensex gained 200 points and was above the 63,558 level; the Nifty stood at 18,850 after adding 50 points. This came after Rupee falls 2 paise to 82.11 against the US dollar in early trade. Commenting on the outlook of Nifty Chandan Taparia, Derivatives & Technical Analyst of Motilal Oswal said Nifty immediate support at 18710 then 18666 zones while resistance at 18888 then 19000 zones. Now it has to hold above 18777 zones to witness an up move towards 18888 and 19000 zones while on the downside support exists at 18710 and 18666 zones.

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

Market Outlook On Wednesday

"Market may move on a narrow range today as investors brace for US Federal Reserve Chairman Jerome Powell's congressional testimony, which will be scrutinized for clues regarding how long the US central bank will keep its restrictive interest rate policy decision in place. European Index drops for a second day, as economic headwinds mount and China stimulus disappoints. UK, Germany and France Index declined nearly half percent each. Asian stocks are witnessing mixed bag ahead of Powell's testimony later in the week and concern of delay by China stimulus. South Korea, Taiwan, Hong Kong Index marginally decline while Japan Index gained nearly half percent. Expects momentum to continue on defense stocks on hope of strong defense deal with US government," said Chandan Taparia.

Stocks To Buy Or Sell On Wednesday 21st June

Chandan Taparia, Derivatives & Technical Analyst of Motilal Oswal has recommended 2 stocks to buy today.

Technical Pick

Tata Motors

Buy at Rs 583, stop-loss: Rs 570, target price: Rs 600, time frame: 2 to 3 days

Tata Motors is showing stability and holding the 20 DEMA and it has given a breakout of the consolidation on the daily scale indicating strength. Momentum indicators are placed in the bullish zone which will take the prices higher, said Chandan Taparia.

Fundamental Pick

Piramal Enterprises

Buy at Rs 840, targetprice: Rs 1000, timeframe: 1 year

As per media sources, Piramal Enterprises Ltd (PEL) will sell its entire stake of 8.34% in Shriram Finance via block deals. The floor price has been set at Rs1483/share which is a discount of 5% to CMP. PEL has travelled through stressed asset recognition & is now embarking on resolution phase. Over the next two years, we expect the company to make meaningful inroads into Retail. We estimate 19% AUM CAGR over FY23-25, including further moderation in the Wholesale book and a 42% CAGR in Retail AUM, 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.