Intraday Stocks To Buy Today, Aug 6: Top Picks By Sumeet Bagadia For Profitable Trading On Wednesday

The Nifty had a bad start to the day, continued to be under pressure during the previous session, and finally levelled off around 24,650. The Bank Nifty index saw sustained deterioration after opening slightly lower and ended the day at 55,360. The India VIX volatility index showed a decline in market volatility, cooling by 2.13% to 11.71. Investors will always closely monitor ongoing Q1 earnings announcements, with key results scheduled for August 6. These include, among others, Bajaj Auto, Hero Motocorp, Trent, Divis Labs, BHEL, Uno Minda, Bajaj Holdings & Investment, Pidilite Industries, and Power Finance Corporation. This is due on Wednesday, when the RBI is expected to make its monetary policy decision.

Nifty Outlook Today

"On the daily chart, Nifty has remained confined to a narrow range over the past three sessions, with price action getting increasingly compressed. Monday's trading was entirely within Friday's candle, and today's session remained within Monday's range, forming a classic inside bar pattern sequence, indicating consolidation before a breakout. It appears that market participants are awaiting a key trigger, and the RBI policy announcement in the coming session is likely to be the catalyst that determines the next directional move. Technically, the index is placed at a crucial make-or-break juncture," said Rajesh Bhosale, Equity Technical Analyst, Angel One.

"The 24500 zone has acted as a strong support area since May and also coincides around the 89-day EMA, making it a key level to watch. A decisive breach below this support may open the doors for further downside towards the bullish gap around 24200, which aligns with the 200DSMA. On the flip side, for bullish momentum to resume, a breakout above Friday's high of 24800 is essential. This would need to be followed by a move above the 20 and 50-day EMAs, placed around 24900, to confirm the resumption of the primary uptrend. Given the event-driven nature of the coming session, volatility is expected to remain high, and traders should closely monitor these key levels for clarity and trade setup," he further added.

Bank Nifty Outlook Today

"Technically, Bank Nifty breached the 75-Day Exponential Moving Average (75-DEMA), placed around 55,470, and formed a red candle on the daily chart, suggesting weakness. On the downside, 55,150-55,000 will act as support, while on the upside, the 21-DEMA is placed near 56,310 will serve as immediate resistance. Hence, traders are advised to closely watch these levels for potential trading opportunities," commented Mr. Hrishikesh Yedve, AVP Technical and Derivative Research, Asit C. Mehta Investment Interrmediates Ltd.

Stocks To Buy Today

Prior to today's RBI MPC decision, Choice Broking's executive director Sumeet Bagadia advised buying two stocks on Wednesday, August 6.

Fortis Healthcare

Buy FORTIS in Cash@ Rs 867.9, Stop-loss@ Rs 837, Target@ Rs 930

FORTIS is currently trading at 867.9, displaying a clear uptrend in its daily chart, with sustained higher highs and higher lows since April 2025. The stock recently broke out of its consolidation zone and has formed a new all-time high at 869.9, indicating strong bullish momentum. The stock recently made a bullish engulfing pattern, which acted as a key reversal signal, leading to a continuation of the upward move.

This bullish structure is supported by rising volumes, confirming the strength behind the price action. The overall trend remains firmly positive, with the 20, 50, 100, and 200-day Exponential Moving Averages all trending upward-underscoring sustained demand and strengthening bullish sentiment across short- to long-term timeframes.

Price action consistently holding above these key moving averages further reinforces the strength of the ongoing uptrend. A confirmed close above 869.9 may act as a breakout trigger, paving the way for a sharp move toward the next short-term target of 930. Traders are advised to closely monitor the stock's behaviour near the resistance area for any breakout confirmation and subsequent follow-through.

On the downside, immediate support is seen at 850. The Relative Strength Index (RSI) is currently at 72.57 and rising, indicating strong buying momentum and potential overbought conditions. To mitigate risk, a protective stop-loss around 837 is recommended in case of any unforeseen market reversals.

In conclusion, based on current technical conditions, FORTIS offers a strong buying opportunity for short-term traders targeting 930, provided sound risk management measures are maintained.

Vishal Mega Mart

Buy VMM in Cash @ Rs 146.62, Stop-loss@ Rs 141.4, Target@ Rs 157

VMM is currently trading at 146.62 and has recently reached a new all-time high at 147.3, underscoring its strong bullish momentum. The stock continues to maintain an upward price structure marked by higher highs and higher lows, indicating sustained buying interest.

The breakout to a new high reflects a shift in sentiment and robust demand. The price remains well-supported above its 20, 50, 100, and 200-day Exponential Moving Averages, all of which are sloping upwards, confirming the strength of the prevailing trend. A decisive close above 147.3 could act as a catalyst for the next leg of the rally, with a near-term upside potential toward 157.

On the downside, immediate support is seen at 143, offering a potential accumulation zone if minor pullbacks occur. The Relative Strength Index is currently at 68.9 and continues to trend upward, indicating strong momentum but also suggesting that the stock is entering overbought territory. A stop-loss at 141.4 is recommended to protect against any sudden market corrections or profit booking.

In summary, VMM technical setup is firmly bullish with momentum and trend indicators aligning in favour of further gains. Traders and investors may look to accumulate on dips or wait for a confirmed breakout, targeting for 157 in the short term, while adhering to disciplined risk management.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor GoodReturns. The author, nor the brokerage firm nor GoodReturns would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.