Intraday Stocks To Buy Today, June 16: Top Picks By Sumeet Bagadia For Profitable Trading On Monday

Global geopolitical concerns caused an enormous drop in the Indian stock market on Friday, June 13. The two major benchmarks, the NSE Nifty 50 and the BSE Sensex, both ended the day with losses of about 0.68 per cent. The Nifty 50 closed at 24,718.60, down 169-170 points, while the Sensex fell 573 points, wrapping up at 81,118.60. In this context, the Indian rupee declined to about Rs 86.08 to Rs 86.15 per dollar, while the India VIX rose, indicating higher volatility that was mostly brought on by Israel's military attacks on Iran. Future market volatility is anticipated due to persistent geopolitical unpredictability and conflicting global cues, including the continuous selling by foreign institutional investors (FIIs), which puts more pressure on markets.

Nifty Outlook Today

"Nifty on the weekly chart formed a sizable bear candle signaling profit booking at higher levels around 25,200 levels being the 78.6% retracement of the entire decline (26,277-21743).Index is likely to extend last four weeks consolidation in the broad range of 24,400-25,200. A breakdown below the lower band of the last 4 weeks range 24,400 will signal acceleration of the decline. On the higher side 25,000 remains a key hurdle a move above the same will signal a pause in the current corrective decline. Key support is placed at 24,500-24,400 zone being the confluence of the 50-day EMA and the lower band of the last four weeks consolidation range," commented the research analysts of Bajaj Broking.

Bank Nifty Outlook Today

"Bank Nifty on the weekly chart formed a sizable bear candle signaling profit booking at higher levels around 57,000 levels. The index closed in red in 4 out of the 5-trading session in the last week. A move and a close below Friday's low of 55,150 levels will open further downside towards 54,500-54,000 levels in the coming sessions. Key supports are placed around those levels being the confluence of 50 days EMA and the lower band of the recent consolidation range. On the higher side 56,000 remains a key hurdle, only a move above the same will signal a pause in the current corrective decline," said the research analysts of Bajaj Broking.

Stocks To Buy Today

Choice Broking's executive director, Sumeet Bagadia, recommended buying two stocks on Monday, June 16 following the India VIX's over 7% surge, which indicated heightened investor fear and volatility.

Narayana Hrudayalaya

Buy NH in Cash @ Rs 1913, Stop-loss @ Rs 1840, Target @ Rs 2050

NH, is currently trading at 1913 has shown a remarkable breakout in recent sessions, Recent price action indicates the stock gradually moved higher, forming higher highs and higher lows-a classic sign of a bullish reversal. The bullish alignment of EMAs confirms that the broader trend remains firmly positive, with the 20-day EMA now acting as immediate dynamic support.

Price has respected the 50-EMA multiple times in the past, indicating its significance for swing traders. This technical alignment suggests the potential beginning of a medium- to long-term uptrend. If this trend continues, NH could reach a short-term target of 2050.

On the downside, immediate support is located at 1888. The Relative Strength Index (RSI) is currently at 72.03 and trending upward, reflecting growing buying momentum. To manage risk effectively, a stop-loss at 1840 is suggested to guard against any unexpected market reversals.

In conclusion, based on the technical analysis and current market conditions, NH presents a promising buying opportunity for those aiming for a 2050 target, provided that appropriate risk management strategies are in place.

Strides Pharma Science

Buy STAR in cash @ Rs 882.45, Stop-loss @ Rs 855, Target @ Rs 940

STAR is exhibiting strong bullish momentum, currently trading at an all-time high of 889.8 levels. STAR surged nearly 4%, indicating firm buying interest throughout the session.

STAR has convincingly broken past a multi-month consolidation zone, decisively crossing its resistance zone around ₹800. The price action indicates strength, with candles exhibiting a strong bullish body and minimal upper wick-suggesting buyers remained in control throughout the day.

Additionally, STAR is trading above key moving averages, including the short-term (20 Day), medium-term (50 Day), and long-term (200 Day) EMAs, further affirming its bullish stance. The momentum indicator, Relative Strength Index (RSI), is at 76.66 levels.

For traders, keeping an eye on the strong support near 860 levels is advisable, as a breach of this level could signal a shift in sentiment. Overall, STAR current technical setup suggests a favourable environment for further upside potential, provided traders and investors remain vigilant to potential reversals and closely monitor key support and resistance levels.

Based on the above analysis we recommend buying STAR and the CMP of 882.45 with a stop loss of 855 for the target of 940.

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.