The military press exercise is great for building upper body strength and explosiveness, and is going to focus primarily on the shoulder muscles. Having strong shoulder muscles is going to really help you in being able to be strong with the basketball, and to finish through contact. This will allow you to turn fouls around the basket into potential three point plays.
There are two variations to this basketball exercise that you can do. One is going to be where you stand completely still and let your upper body do all of the work. The other is going to be called a push press, and it is going to allow you to generate some force from your legs by slightly squatting down and then standing up to generate force. Both variations are great for developing strength and explosiveness which will translate onto the court and into basketball training, practices, and games.