Chandan Taparia’s recommendations: How to trade Godrej Prop, Voltas and IGL shares on June 14?

Motilal Oswal's Chandan Taparia has recommended three stocks to buy on June 14. According to him, these stocks – Godrej Properties, Voltas, and IGL – are technically placed to see a decent upmove.

Vaamanaa Sethi
Published13 Jun 2024, 07:47 PM IST
Stocks to buy: Chandan Taparia of MOFSL has recommended three stocks to buy tomorrow.
Stocks to buy: Chandan Taparia of MOFSL has recommended three stocks to buy tomorrow.

Indian stock market: The Sensex and the Nifty 50, India's leading stock market indices, reached new all-time highs on Thursday, June 13. The surge was driven by robust macroeconomic indicators that fostered optimism regarding India's economic growth in the medium to long term.

During the trading session, the Sensex reached a new all-time high of 77,145.46, and the Nifty 50 achieved a new peak of 23,481.05.

Also read: What does Fed's indication of single rate cut mean for Indian IT stocks?

By the end of the day, the Sensex closed at 76,810.90, marking an increase of 204 points, or 0.27 per cent. Similarly, the Nifty 50 closed with a gain of 76 points, or 0.33 per cent, at 23,398.90. This resulted in both indices settling at their highest-ever closing levels.

“Nifty index opened positive and went on to touch a fresh all-time high of 2,3481 levels. However, it lacked momentum and remained in a range of 127 points throughout the session. It formed a small-bodied Bearish candle on the daily frame and closed with gains of around 70 points. Now it has to hold above 23,350 zones for an upside move towards 23,550 and then to 23,700 zones whereas supports are placed at 23,300 and then 23,200 zones,” said Chandan Taparia, Head – Equity Derivatives and Technicals, Broking and Distribution, Motilal Oswal Financial Services Limited (MOFSL).

India VIX was down by 6.26 per cent from 14.38 to 13.48 levels. Volatility has cooled off over the last six sessions, comforting the bulls at higher zones. Options data suggests a broader trading range between 22,900 and 23,700 zones, while an immediate range is between 23,200 and 23,500 levels.

Bank Nifty

Bank Nifty Index opened on a positive note but remained consolidative in a narrow range of 300 points in between 49,800 and 50,150 zones for the entire trading session. It formed a small-bodied candle on the daily scale. The index is consolidating from the last four trading sessions as momentum is missing at higher zones but buying is visible at small declines. Now, it has to continue to hold above 49,500 zones for an upmove towards 50,250 and then to 50,500 zones, while on the downside, support shifts higher, at 49,500 and then at 49,250 levels.

Also read: Motilal Oswal initiates coverage on Mankind Pharma with buy rating, sees an upside of 20%

Chandan Taparia has recommended three stocks to buy on June 14. According to him, these stocks are technically placed to see a decent upmove. These are Godrej Properties, Voltas, and IGL.

Stocks to buy

Godrej Properties: Buy at 3,030 | Target Price: 3,200 | Stop Loss: 2,950

Godrejprop has given a consolidation breakout on the daily chart and managed to close above the same. Buying is visible across the Realty space which may support the ongoing upmove.

Voltas: Buy at 1,482 | Target Price: 1,560 | Stop Loss: 1,440

The stock is in an overall uptrend, and every small decline is being bought into. It has been making higher top-higher bottom formation on the daily scale.

Also read: Standard Chartered downgrades equities to ‘neutral’; suggests asset allocation for conservative and aggressive investors

IGL: Buy at 487 | Target Price: 515 | Stop Loss: 475

The stock is perfectly respecting 20 WEMA and inching higher. It has given a range breakout on the daily chart and gave the highest daily close ever, which has bullish implications. The momentum indicator RSI is positively placed, which may support the ongoing move in the stock.

Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.(

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First Published:13 Jun 2024, 07:47 PM IST
HomeMarketsStock MarketsChandan Taparia’s recommendations: How to trade Godrej Prop, Voltas and IGL shares on June 14?

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