Weekly picks: Motilal Oswal suggests these three stocks to buy today predicting up to 9% upside

livemint.com:

Indian stock market: Despite weak global cues, Indian stock market benchmarks, including the Sensex and the Nifty 50, reached new record highs on Tuesday, June 25. The Nifty 50 reached a new all-time high of 23,754.15, while the Sensex also achieved a fresh peak of 78,164.71 during the session.The Nifty 50 concluded the session up 183 points, or 0.78%, closing at 23,721.30, while the Sensex posted a gain of 712 points, or 0.92%, finishing at 78,053.52. Both indices achieved record closing levels.“Nifty steadily inched upwards to make a fresh high of 23,754 levels.

The index closed with handsome gains of 183 points at 23,721 levels. Sector-wise, it was a mixed bag with buying seen in banking, financials, and IT. Sensex crossed 78k for the first time, mainly driven by banking stocks.

The current account deficit reduced to 0.7% of GDP in FY24 from 2% in FY23 and recorded a surplus of 0.6% of the GDP in Q4 due to higher service exports. Even in the upcoming budget, the focus will remain on fiscal consolidation along with growth-oriented measures to address rural stress. Hence, we expect the market to maintain its positive momentum as we draw nearer to the event.

Globally, investors would track US Consumer confidence data scheduled late today," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.Brokerage firm Motilal Oswal recommended three stocks to buy this week - Escorts, IDFC First Bank, and Indian Hotels.Escorts is in a strong uptrend and trading at lifetime-high territory. On a monthly scale, the stock is forming a higher highs–higher lows structure, and a strong bullish candle. On a weekly scale, the stock gave consolidation breakouts above 4,100 zones, and the uptrend was intact.