Indian stock market: Continuing their upward trend for the third consecutive session, Indian stock market benchmarks, the Sensex and the Nifty 50, reached new closing highs on Friday, June 7. Despite a sharp 6 percent drop on June 4, market benchmarks have shown solid gains so far in June. The Sensex has risen by about 3.7 percent, while the Nifty 50 has gained nearly 3.4 percent in the first week of the month.
During the session, the Sensex reached a new all-time high of 76,795.31 before closing at 76,693.36, up 1,619 points or 2.16 percent, with all components in the green. The Nifty 50 closed 469 points higher, a gain of 2.05%, at 23,290.15. Only two stocks were in the red: SBI Life, down 1.03%, and Tata Consumer, down 0.43%.
“On the nifty front, we are now closed at the level of 23200–23300 zone. After the Lok sabha election outcome, the market has the confidence that the government will form as soon as possible. On the hope of a stable government, the market mood has bounced back to the bullish zone. At the same time, we have seen VIX also getting stable below the 20 mark after seeing a 52 high of 30+ in the last week. So we may see low volatility in the market in the upcoming days,” said Ganesh Dongre, Senior Manager – Research at Anand Rathi.
Stock market update
On the Nifty outlook, Dogre said, “As per today’s chart pattern, we have seen the gap-up opening and the nifty continue its bullish trend for the rest of the day, so at the end of the day, the nifty closed in positive territory above 22200 mark. So, on the nifty front, we may see bullish momentum continue in the upcoming trading session. So nifty support stands at 22700–22800 level and resistance stands at 23400–23500 level.”
On the Bank Nifty outlook, he said, “On the other hand, on the bank nifty front, we have seen a gap-up opening today and continue its bullish trend for the whole day, so for the upcoming trading session, bank nifty support will be at the 48000 level and resistance will be at the 51000 level.”
Anand Rathi’s stock picks for today
Dongre provides his expert analysis and recommendations for the Nifty 50 index. For day trading stocks, he recommends three shares to buy today — Bank of Baroda, Sarvotech and HCL Tech.
Stocks to buy
1] Bank of Baroda: Buy at ₹270 | Target Price: ₹283 | Stop Loss: ₹263
We have seen a major support in this stock around Rs.263 So, at the current juncture, the stock has again seen a reversal price action formation at the Rs.270 price level, which may continue its rally till its next resistance level of ₹283 so traders can buy and hold this stock with a stop loss of 263 for the target price of ₹283 in the upcoming weeks.
2] Sarvotech: Buy at ₹84 | Target Price: ₹90 | Stop Loss: ₹78
In the short-term trend, the stock has seen a bullish reversal pattern, technically retrenchment could be possible till 90 so, holding the support level of 78 this stock can bounce toward the level 90 in the short term, so the trader can go along with a stop loss of 78 for the target price of 90.
3] HCL Tech: Buy at ₹1430 | Target Price: ₹1485 | Stop Loss: ₹1390
We have seen a major support in this stock around Rs.1390, So, at the current juncture, the stock has again seen a reversal price action formation at the Rs.1430 price level, which may continue its rally till its next resistance level of Rs.1485 Rs.so traders can buy and hold this stock with a stop loss of 1390 for the target price of ₹1485 in the upcoming weeks.
Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.
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Published: 09 Jun 2024, 09:16 AM IST
