Stocks to buy or sell: Dharmesh Shah of ICICI Sec suggests buying Bajaj Finance, Godrej Properties shares today - 9 June

By Admin

09 Jun, 2025

Stock Market Today: A Positive Start Backed by Global Optimism and RBI’s Bold Moves

Indian stock markets opened on a strong note on Monday, June 9, riding high on favorable global signals and a series of encouraging domestic developments. The Sensex jumped 480.01 points to reach 82,669, while the Nifty 50 surged 157.05 points to hit 25,160.10 in early trade. This comes on the heels of a strong session last Friday, where both indices gained nearly 1% after the Reserve Bank of India (RBI) delivered a surprise with a 50 basis points repo rate cut and a 100 bps reduction in the Cash Reserve Ratio (CRR).

These bold policy measures by the RBI have energized investor sentiment, especially in rate-sensitive sectors like banking, NBFCs, realty, auto, and capital goods.

Market Outlook: Uptrend Resumes as Bulls Regain Control

Dharmesh Shah, Vice President at ICICI Securities, provided his outlook for the upcoming week. According to him, the Nifty 50 successfully held the crucial 24,500 support level, signaling that the recent correction was shallow and the broader bull market structure remains intact. The index closed the previous week at 25,003, up by 1%, forming a bullish candle on the weekly chart, which indicates the resumption of the uptrend.

Shah noted that the broader markets outperformed the benchmarks, with indices rising by 3%, and sectors like capital markets, realty, defense, and metals leading the rally. A fresh all-time high in Bank Nifty after six weeks has further bolstered market momentum, setting the stage for Nifty 50 to challenge the upper consolidation band at 25,100 and aim for 25,500 in the coming weeks.

According to Shah, “The rally is supported by improving market breadth, with over 55% of Nifty 500 stocks now trading above their 200-day SMA, compared to just 30% a month ago.”

Key Factors to Watch:

Several critical elements are expected to provide support for the ongoing rally:

• Upcoming inflation data from the US and India
  
  

• FII inflows into Indian equities
  
  

• A declining US Dollar index
  
  

• Falling Brent crude oil prices
  
  

• Progress in bilateral trade agreements between India and the US
  
  

These macro and geopolitical factors will remain key market drivers in the near term.

Top Stock Picks by Dharmesh Shah for 9 June

For short-term investors, Dharmesh Shah recommends two high-potential stocks:

1. Bajaj Finance Ltd.

• Buy Range: ₹9,100 – ₹9,372
  
  

• Target Price: ₹10,380
  
  

• Stop Loss: ₹8,522
  Bajaj Finance, being a prominent NBFC, is set to benefit from the RBI’s policy easing and improving credit outlook. The stock is positioned to capitalize on the favorable interest rate environment.
  
  

2. Godrej Properties Ltd.

• Buy Range: ₹2,350 – ₹2,470
  
  

• Target Price: ₹2,748
  
  

• Stop Loss: ₹2,218
  With renewed optimism in the real estate sector and lower borrowing costs, Godrej Properties is seen as a strong contender for gains in the short term.
  
  

Disclaimer:
The above recommendations are provided by Dharmesh Shah, Vice President of ICICI Securities. The analyst and ICICI Securities do not hold more than 1% beneficial ownership in the mentioned stocks as of June 6, 2025, and there is no material conflict of interest. Readers are advised to consult their financial advisors before making any investment decisions. Market dynamics are subject to change, and investments should align with personal financial goals and risk appetite.