Intraday Stocks To Buy Today, June 20: Top Picks By Sumeet Bagadia For Profitable Trading On Friday

While Nifty Bank ended the previous session at 55,577.45, down 0.45 percent, with MACD remaining in a downward trend. Nifty ended the previous session at 24,793.25, down 18.80 points, or 0.08 percent, with the daily RSI remaining muted at 51, failing to reach the bullish 60 mark, which demonstrates the current range-bound traction. Growing geopolitical tensions in the Middle East highlighted the ongoing downward trend, and the US Federal Reserve's most recent FOMC policy decision to maintain the federal funds rate at 4.25%-4.50% did not come as a surprise element for investors.

Nifty Outlook Today

"Index formed a high wave candle with shadows in either direction signaling continuation of the consolidation amid ongoing geo-political tension. The index continues to oscillate within a well-defined consolidation band of 24,400-25,200 for the fifth consecutive week, reflecting a phase of time-wise correction and range-bound price action. On the upside, the 25,000 level remains a key supply zone; a decisive close above the same will open upside towards the upper band of the range at 25,200. However, failure to surpass this zone could keep the index in a sideways grind. Conversely, the immediate support base is placed at 24,700. A breach below this pivotal level may accelerate downside momentum, dragging the index toward the lower end of the consolidation range and key support area situated in the 24,500-24,400 levels," commented the technical research analysts of Bajaj Broking Research.

Bank Nifty Outlook Today

"Bank Nifty formed a bear candle with a small upper shadow signaling consolidation amid ongoing geo-political tension. From a structural standpoint, a sustained breakout and close above the 56,000 psychological marks would be essential to unlock further upside potential, with the index likely to gravitate towards the 56,600-57,000 resistance zone. However, failure to clear this overhead supply zone could result in continued range-bound action, with price oscillating between 56,000 and 55,000, shifting market attention to stock-specific alpha generation," the technical research analysts of Bajaj Broking Research added.

"On the flip side, a decisive break down below the 55,000 levels would negate the ongoing consolidation structure and trigger a corrective move towards the critical support cluster at 54,500-54,000. This zone represents a confluence of the 50-day Exponential Moving Average (EMA) and the key Fibonacci retracement zone of the prior impulse leg (53,483-57,049)," they further highlighted.

Stocks To Buy Today

The executive director of Choice Broking, Sumeet Bagadia, advised purchasing two stocks on June 20 after the India VIX fell close to the 14 mark. The market appears to be volatile amid geopolitical concerns, as indicated by the decline below the 15 level.

Kotak Mahindra Bank

Buy KOTAKBANK in Cash @ Rs 2146.4, Stop-loss @ Rs 2072, Target @ Rs 3300

KOTAKBANK is currently trading at ₹2,146.4, having recently rebounded from a key support zone. The stock has broken out of a prolonged range-bound pattern on the weekly timeframe and has since retested the breakout level, signaling the potential formation of a bullish reversal pattern. This move is supported by a noticeable increase in trading volumes, indicating strong buying interest and renewed market participation.

A decisive breakout above the immediate resistance at ₹2,173 could further strengthen bullish sentiment and potentially drive the stock towards the next significant upside target of ₹3,300. The Relative Strength Index (RSI) is currently at 57.94, reflecting improving momentum with scope for additional upside.

From a technical perspective, KOTAKBANK is trading comfortably above its 20-day, 50-day, and 200-day Exponential Moving Averages (EMAs), reinforcing the strength and sustainability of the ongoing uptrend. On the downside, immediate support is placed at ₹2,100, offering a buffer in case of minor pullbacks.

Traders may consider initiating long positions at the current market price of ₹2,146.4, with a target of ₹3,300 and a stop-loss at ₹2,072 to manage risk effectively. While the technical outlook is promising, it is crucial to stay alert to short-term market volatility and adhere to strict risk management practices for optimal trade execution.

M&M

Buy M&M in Cash @ Rs 3094.8, Stop-loss @ Rs 2986, Target @ Rs 3311

M&M is currently trading at ₹3094.8 and has been consolidating in a narrow range, showing signs of strength as it approaches a breakout. The stock is forming a flag and pole pattern on the daily chart, which is typically a bullish continuation pattern. Rising trading volumes are indicating increasing investor interest and support the likelihood of a breakout in the short term.

A close above the key resistance level of ₹3100 would confirm the breakout and further strengthen the bullish momentum. The Relative Strength Index (RSI) is at 57.60, suggesting positive momentum while still offering room for further upside. On the downside, immediate support is placed at ₹3040, which could act as a good entry point for traders looking to buy on dips.

To manage risk effectively, traders should consider placing a stop-loss at ₹2986. If the breakout is successful and momentum continues, M&M could potentially move towards short-term targets of ₹3311.

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.