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

Stock market today: Indian shares began the day on a positive note on Monday, supported by favourable global signals, which include robust US job statistics and progress in trade discussions between the US and India, alongside the Reserve Bank of India's (RBI) substantial monetary policy actions.

Sensex jumped 480.01 points to 82,669 in early trade; Nifty 50 surged 157.05 points to 25,160.10.

On Friday, the Nifty 50 and Sensex increased by approximately 1% each after the RBI unexpectedly lowered the repo rate by 50 basis points and cut the cash reserve ratio (CRR) for banks by 100 bps.

On the technical front, Dharmesh Shah, Vice President at ICICI Securities, expects Nifty 50 to challenge the upper band of consolidation placed at 25,100.

Shah has recommended two stocks to buy for short-term. Here's what he expects from Indian stock market next week, along with his stock recommendation.

Market Outlook by Dharmesh Shah, Vice President, ICICI Securities

• Equity benchmark resumed uptrend after two weeks breather and settled eventful week at 25,003, up 1%. Meanwhile, broader market continued with its relative outperformance and gained 3% each. Rate sensitives sectors like realty, capital market remained at forefront followed by defense and metals. The weekly price action formed a bull candle, indicating resumption of uptrend
• On expected lines, Nifty 50 managed to hold 24,500 mark and staged a strong rebound as RBI Policy boosted market sentiment. The resumption of uptrend after shallow correction confirms that the bull market template is still intact. Meanwhile, Bank Nifty clocked a fresh All time high after 6 weeks hiatus that would provide impetus for Nifty 50 to challenge the upper band of consolidation placed at 25,100 and open the door for next leg of up move towards 25,500 in coming weeks. Hence, bouts of volatility tracking geopolitical escalations should be capitalized as a buying opportunity as we expect Nifty 50 to hold the key support of 24,500 in the coming week
• The broader market outperformance was clearly reflected in the ratio chart of Nifty 500 / Nifty 100 that continued to inch northward. The current rally is backed by significant improvement in the market breadth as 55% stocks of Nifty 500 universe are trading above their long term 200 days SMA compared to a month back reading of 30% that augurs well for durability of ongoing up move.
• The RBI surprised the market with a larger than expected (50 basis points) rate cut that coupled with CRR cut would assist economic growth. Consequently, rate sensitive sectors like Banking, NBFC, Realty, Auto, Capital Goods would be in focus, going ahead.
• Key monitorable which would provide cushion to the ongoing up move:

1. US and India Inflation data
2. FII's inflow
3. Further weakness in US Dollar index and Brent crude oil prices
4. Bilateral Trade Agreement between India and US

Stocks To Buy This Week - Dharmesh Shah

Dharmesh Shah of ICICI Securities recommends buying Bajaj Finance, Godrej Properties shares today.

1. Buy Bajaj Finance shares in the range of ₹9,100-9,372. He has Bajaj Finance share price target of ₹10,380 with a stop loss of ₹8,522.
2. Buy Godrej Properties shares in the range of ₹2,350-2,470. He has Godrej Properties share price target of ₹2,748 with a stop loss of ₹2,218.

Disclaimer: The Research Analyst or his relatives or I-Sec do not have actual/beneficial ownership of 1% or more securities of the subject company, at the end of 06/06/2025 or have no other financial interest and do not have any material conflict of interest.

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.