Intraday Stocks To Buy Today, June 11: Top Picks By Sumeet Bagadia For Profitable Trading On Wednesday

While Nifty Bank closed the day at 56,629.10, down 0.37 per cent, as moderate profit taking emerged from higher levels, Nifty stayed constant at 25,104.25 in the previous session, showing a day of sluggish action. The India VIX had a significant drop, closing at 14.01 after falling 4.61%. The index's trading below the crucial 15-point mark indicates less volatility and a drop in market uncertainty. This usually serves as a good indication, showing rising investor confidence and raising the possibility that the upward trend will continue. The Nifty's stronghold above the psychologically significant 25,000 barrier is noteworthy because it indicates that there may be additional buying interest at lower levels. Additionally, the India VIX's steep drop contributes to the optimism and may indicate a possible resurgence of a bullish trajectory.

Nifty Outlook Today

"Despite some intraday profit booking in the past two sessions, the Nifty remains well above its recent breakout levels, indicating that the bullish momentum is far from fading. The unfilled gap on the chart continues to act as a key support zone, reinforcing the market's constructive outlook. With the RSI favouring the bulls and the price holding well above its major moving averages, the broader sentiment remains positive. The ongoing short covering and the shift from resistance to support zones continue to strengthen the market's bullish undertone. Furthermore, the sharp decline in India VIX adds to the optimism, signals a potential renewal of upward momentum. As long as the Nifty stays above the 25,000 mark, every dip presents a buying opportunity. A breakout above 25,150 could ignite further short covering and pave the way for a move toward the 25,300-25,350 range," commented Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

Bank Nifty Outlook Today

"The index has been witnessing intraday profit-booking pressure for the second consecutive session, yet it continues to trade above its recent breakout levels, reinforcing the bullish undertone. With the RSI supporting strength and price action holding above crucial moving averages, the overall sentiment remains constructive. Short covering is also visible, while the transition of former resistance zones into support strengthens the base for another upward leg. As long as Nifty Bank holds above the 56,000 mark, the medium-term trend remains upward, and any corrective dips are likely to be met with renewed buying interest. A strong move beyond 57,100 could spark another round of short covering, potentially propelling the index toward the 57,700 mark. In conclusion, despite minor intraday wobbles and profit booking, the broader setup continues to lean in favour of the bulls. Traders are advised to maintain a bullish bias with a watchful eye on support zones and look for breakout opportunities on the upside," stated Dhupesh Dhameja.

Stocks To Buy Today

Sumeet Bagadia, executive director of Choice Broking, recommended buying two stocks on Wednesday, June 11, following the India VIX's 4.56 percent decline to 14.02, which indicated a short-term cooling of volatility and less uncertainty.

LTIMindtree

Buy LTIM in Cash @ Rs 5385, Stop-loss @ Rs 5196, Target @ Rs 5762

LTIM is currently trading at ₹5385, displaying strong bullish momentum characterized by the consistent formation of higher highs and higher lows. The stock recently broke above its recent higher high, confirmed by a robust bullish candle on the daily chart, which signifies a clear shift in market sentiment and reinforces the prevailing uptrend.

A sustained move above the immediate resistance level at ₹5523 could trigger a new rally, potentially driving the stock towards a short-term target of ₹5762.

This breakout is further supported by a surge in trading volumes, indicating increased market participation and buying interest. Technically, LTIM is trading above its 20-day, 50-day, and 200-day Exponential Moving Averages (EMAs), all of which are sloping upwards, affirming the strength and sustainability of the current trend. The Relative Strength Index (RSI) stands at 79.05 and is trending higher, suggesting strengthening bullish momentum without yet entering overbought territory.

Given this favorable technical setup, investors might consider initiating fresh long positions at the current market price. A protective stop-loss should be placed at ₹5196 to manage downside risk. While the outlook remains positive, it is crucial to apply prudent position sizing and maintain disciplined risk management to effectively navigate any short-term volatility.

Tata Power Company

Buy TATAPOWER in Cash @ Rs 413.20, Stop-loss @ Rs 398, Target @ Rs 442

TATAPOWER is currently trading at the levels of 413.2, the stock is showing a steady upward trend on the daily chart, forming a breakout from a cup and handle pattern. This pattern typically suggests a continuation of bullish momentum, which is being confirmed by increasing volume and higher closing levels.

The stock has recently crossed above a key resistance zone and is now trading at 413.2. The stock is also trading above its short-term and long-term exponential moving averages, indicating alignment across multiple timeframes and reinforcing the strength of the ongoing trend. Immediate resistance is seen around 424, and a successful breakout above this level could lead to a short term target of 442.

On the downside, immediate support is located at 405. The Relative Strength Index (RSI) is currently at 64.35 and trending upward, reflecting growing buying momentum. To manage risk effectively, a stop-loss at 640 is suggested to guard against any unexpected market reversals.

In conclusion, based on the technical analysis and current market conditions, TATAPOWER presents a promising buying opportunity for those aiming for a 442 target, provided that appropriate risk management strategies are in place.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium 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.