Intraday Stocks To Buy Today, June 13: Top Picks By Sumeet Bagadia For Profitable Trading On Friday

As the Nifty index abruptly changed course in the latter part of the day, breaking through the key 25,000 level and closing the day with a fall of 253.20 points, or 1.01%, at 24,888.20, equity benchmarks gave up early gains and saw a steep selloff in the second half of trading on June 12. The weekly expiry session ended with this index closing 1% down. The India VIX, a measure of volatility, rose 3.5% to 14.15, indicating heightened offsetting activity and higher expectations for volatility in the coming days.

Nifty Outlook Today

"It has formed a bear candle with a lower high and lower low signaling profit booking at higher levels around 25,200 levels. Index contrary to our expectations breached the immediate support area of 25,000 and formed an intraday low of 24,825. The Nifty has strong support in the range of 24,600-24,700 zone, which coincides with the confluence of the 20-day EMA and the rising trendline connecting the previous two significant swing lows. Sustaining above this support band would likely set the stage for a continuation of the uptrend towards immediate resistance levels at 25,300 and 25,500 in the near term," said Bajaj Broking Research team.

Bank Nifty Outlook Today

"The index extended corrective decline for the third session in a row as it formed a bear candle with a lower high and lower low highlighting continuation of profit booking after recent strong up move. Bank Nifty post breakdown above the recent 5 weeks broader consolidation range (56,000-53,500) on last Friday has rallied to a fresh all time high of 57049 on Monday's session. However, profit booking at higher levels saw the index gave up its gains and closed Thursday session around the recent breakout area of 56,000. The index is currently trading above its short- and long-term moving averages signaling overall positive bias. The last four sessions profit booking have helped the index to cool off the overbought condition. We expect the index to hold above the support area of 55,200-55,500 and head higher towards 57,000 and 57,700 levels in the coming weeks," commented the technical research analysts of Bajaj Broking Research.

Stocks To Buy Today

Sumeet Bagadia, executive director of Choice Broking, recommended buying two stocks on Friday, June 13, amid growing economic and geopolitical risks.

Innova Captab

Buy INNOVACAP in Cash @ Rs 945.55, Stop-loss @ Rs 910, Target @ Rs 1010

INNOVACAP, is currently trading at 945.55, exhibits a strong uptrend, supported by its consistent position above key exponential moving averages (EMAs). Recent price action indicates a consolidation phase and showing strong signs of an impending breakout from its consolidation phase, and the technical indicators are aligning for a potential fresh upside rally., with the stock maintaining levels near the 20-Day and 50-Day EMA.

This setup suggests the potential for continued upward movement. With the stock positioned above its short-, medium-, and long-term EMAs, bullish momentum appears well-supported. If this trend continues, MFSL could reach a short-term target of 1010.

On the downside, immediate support is located at 922. The Relative Strength Index (RSI) is currently at 63.03 and trending upward, reflecting growing buying momentum. To manage risk effectively, a stop-loss at 910 is suggested to guard against any unexpected market reversals.

In conclusion, based on the technical analysis and current market conditions, INNOVACAP presents a promising buying opportunity for those aiming for a 1010 target, provided that appropriate risk management strategies are in place.

Amines and Plasticizers

Buy AMNPLST in cash @ Rs 265.6, Stop-loss @ Rs 255, Target @ Rs 285

AMNPLST is currently positioned at 265.6 levels, has shown robust upward momentum. The stock's showing an impressive turnaround on the charts, as the stock gears up for a fresh upside rally following a strong breakout from its earlier congestion zone. After spending weeks in a sideways to corrective phase, the counter has decisively crossed over multiple critical moving averages, indicating renewed bullish momentum.

The chart reveals a steady climb, with the 20-day EMA trending upward and converging towards the 50-day EMAs. This alignment of moving averages suggests a continuation of the bullish trend if supported by further buying pressure., affirming its inherent strength.
While facing a minor resistance at 266 levels, a breakout beyond this threshold could pave the way for further upward momentum.

Sustaining levels above 266 may propel the stock towards the next target at 285 levels, presenting a promising outlook for investors.

Reinforcing the positive sentiment, the Relative Strength Index (RSI) comfortably rests at 74.55 levels. Investors may find opportunities in this upward trajectory, particularly on confirmation of a sustained breakthrough above the resistance level.

Based on the above technical analysis we recommend buying AMNPLST at CMP of 265.6 for a medium term outlook with a stop loss of 255 for targets of 285.

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.