Here are Chandan Taparia’s three stock picks for buying on 17 June, along with key technical rationale and trading guidance:
Bharat Electronics (BEL)
- Action: Buy
- Target: ₹440
- Stop-loss: ₹386
- Why: The stock has breached the all-time high level and rebounded from its 20-day EMA. The increasing ADX signals strong upward momentum.
Oberoi Realty
- Action: Buy
- Target: ₹2,100
- Stop-loss: ₹1,845
- Why: The bull flag and pole premise as well as the golden-cross (moving average crossover) are the technicals. RSI is going up, which is a confirmation of strength.
KPIT Technologies
- Action: Buy
- Target: ₹1,520
- Stop-loss: ₹1,350
- Why: The stock has just broken out from a reversed head-and-shoulders pattern with a huge bullish candle. MACD is a bullish crossover — which is a classic momentum signal.
Market Outlook & Technical Context
- Nifty Trend: Closed at the highest level, formed a bullish candle that canceled out the earlier lower highs and it is now trading near 24,946. It should remain above 24,900 to reach the upside target of 25,100–25,250; the main supports are at 24,850 and 24,700
- Bank Nifty: It reclaimed its 20-day EMA and showed bullish price action. The key support is at 55,750; resistance levels are around 56,250–56,500
What Traders Should Do
- Entry Strategy: Purchase near the current or slightly lower levels with the stop-losses mentioned.
- Targets: Go after the price targets given — either close your positon fully at target or go after the profit with a trailing stop.
- Risk Management: Keep to stop-loss levels strictly.
Tip of the Day
Taparia underlines staying above 24,900 Nifty as very important — a breach below can only signal a correction while the continuation of it means a green light for more strength.