ABB India and Godrej Properties: Stock recommendations for June 16
ICICI Securities' Vice President Dharmesh Shah has recommended investors consider buying ABB India and Godrej Properties shares on Monday, June 16, citing favorable technical setups and medium-term potential.
This comes in the wake of a volatile trading week, where equity benchmarks witnessed a notable drop. On Friday, the Sensex fell 573 points to close at 81,118.60, while the Nifty 50 declined by 169.60 points, ending at 24,718.60. The downturn was driven by heightened geopolitical tensions after Israel's strike on Iran, which spooked markets globally and pushed Brent crude oil prices up by 18%.
Despite the weak sentiment, Shah remains optimistic, predicting that the Nifty will hold the 24,500 support level. He advises using any further dip as an opportunity to accumulate quality stocks.
Stock Recommendations for June 16:
ABB India
Buy Range: ₹5,950–₹6,130
Target Price: ₹6,860
Stop Loss: ₹5,648
Godrej Properties
Buy Range: ₹2,350–₹2,470
Target Price: ₹2,748
Stop Loss: ₹2,218
Shah highlighted that despite global uncertainty, market internals remain strong. Notably, 55% of stocks are trading above their 200-day simple moving averages, indicating improving breadth. He adds that the midcap index remains resilient, undergoing only mild corrections despite a 28% rally since April.
While volatility may persist due to geopolitical developments and upcoming US Fed policy updates, Shah expects markets to stabilize. Historically, similar geopolitical shocks have led to medium-term rebounds in Indian equities.
Disclaimer: We strongly advise investors to consult with certified experts before making any investment decisions
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