Stocks to buy or sell: Osho Krishan of Angel One suggests buying Vinati Organics, PNB shares today - 19 June

Stock market today: India's stock market benchmarks opened modestly on Thursday, as the US Federal Reserve's hawkish stance and ongoing geopolitical unrest in the Middle East made investors cautious.

The Nifty 50 declined by 0.04% to 24,803.25, while the BSE Sensex dropped 0.05% to 81,403.94 as of 9:15 IST.

Federal Reserve Chair Jerome Powell indicated that goods inflation might pick up during the summer, partially due to tariffs associated with U.S. President Donald Trump's trade policies. Geopolitical uncertainties continue to take center stage.

The conflict between Israel and Iran has extended into its seventh day, with Iranian Supreme Leader Ayatollah Ali Khamenei dismissing Trump's call for an unconditional surrender. In response, Trump stated that his patience had reached its limit and cautioned about unpredictable repercussions.

On the technical front, Osho Krishan of Angel One, recommends Vinati Organics Ltd, and Punjab National Bank (PNB). Krishan said that Nifty 50's critical levels, are 24,950-25,000, which serves as a robust barrier, followed closely by 25,100.

Nifty 50 Outlook by Osho Krishan, Sr. Analyst, Technical & Derivatives, Angel One

From a technical standpoint, the market outlook remains consistent, as the benchmark appears to be positioned within a narrow range, pending a catalyst for a significant breakthrough. In terms of critical levels, 24,950-25,000 serves as a robust barrier, followed closely by 25,100.

It is expected that only upon decisively surpassing these thresholds will new momentum be generated within the Nifty 50 index. Conversely, a series of support zones exists in proximity to 24,700-24,650, anticipated to cushion intraday blips, while 24,500 serves as a robust positional support level. Given the recent developments, it may be beneficial to adopt a cautious approach for the time being, allowing the trend to clarify further before making any definitive decisions.

As we progress, it is crucial to closely monitor the recent developments pertaining to the Federal Reserve's interest rate decisions, as these factors may serve as a catalyst in determining the near-term trajectory of our markets. Concurrently, in light of the ongoing challenging conditions, it is advisable to adopt a stock-centric approach while employing proper risk management measures.

Stocks To Buy on Thursday- Osho Krishan

On stocks to buy on Thursday, Osho Krishan of Angel One recommended two stocks - Vinati Organics Ltd, and Punjab National Bank (PNB).

Vinati Organics Ltd

Vinati Organics share price has experienced a significant rally over the past few months and has risen above all its major EMAs (Exponential Moving Averages) on the daily time frame chart. Furthermore, a positive crossover among the EMAs has occurred, suggesting that the stock is positioned to continue its upward trajectory in the near term. Additionally, there has been an increase in trading volumes accompanying this positive price movement, reinforcing a bullish sentiment for the stock.

Hence, we recommend to BUY Vinati Organics share price around ₹1,900-1,880, keeping a stop loss of ₹1,830 for a potential Target of ₹2,020-2,060.

Punjab National Bank (PNB)

PNB share price has retraced toward the breakout neckline in the last couple of trading sessions, indicating an opportunity to reinvest in a strong support zone. The stock comfortably remains above the 200-day Simple Moving Average (SMA) and the short-term Exponential Moving Averages (EMAs), reflecting strength even after the recent pullback. Additionally, the technical indicators have corrected from an overheated state to a more comfortable zone, suggesting it is a good time for investments.

Hence, we recommend to BUY PNB share price around ₹104-101, keeping a stop loss of ₹94 for a potential Target of ₹116-120.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.