Intraday Stocks To Buy Today, June 23: Top Picks By Sumeet Bagadia For Profitable Trading On Monday

At 25,112.40, up 319.15 points, the Nifty index ended the previous week on a high note. Nifty Bank ended the week on an upbeat note, closing with substantial gains at 56,252.85, up 675.40 points, in addition to regaining its critical 56,000 milestone. Despite global geopolitical headwinds, the India VIX fell by 4.09% to settle at 13.67, well below the crucial 15 level. An upward trend is usually supported by a declining level of volatility, which indicates waning worry and rising investor confidence. Focus will be on geopolitical tensions between Iran and Israel, U.S. economic data, upcoming U.S. GDP and PCE data, and India's PMI data amid geopolitical concerns subsiding and foreign institutional investors (FIIs) showing a growing interest.

Nifty Outlook Today

"Having reclaimed its psychological level and held key supports, the Nifty continues to trade just below the major resistance zone of 25,200-25,250. A convincing break above this area could set the tone for the next directional leg. The index closing above its key moving averages reinforces the positive trend, while the RSI holding above 50 reflects momentum in favour of the bulls. With no significant signs of bearish pressure, the broader setup remains constructive and continues to favour a 'buy on dips' approach. The steady decline in India VIX adds to the overall positive sentiment, laying the foundation for another upward leg. As long as the index maintains above 24,700, every dip remains a buying opportunity. A breakout above 25,250 could trigger short covering and fuel a swift rally toward the 25,400-25,500 zone in the coming sessions," said Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

Bank Nifty Outlook Today

"Nifty Bank has staged a clean breakout from its recent sideways range while reclaiming its 56,000 mark - a level that has now turned into a solid support zone. Despite facing headwinds near 57,000, the index remains on firm ground, buoyed by its hold above key short-term moving averages and an RSI reading above 50. Even after recent sharp corrections, there are no concrete signs of distribution pressure, and the broader structure still favours a buy-on-dips strategy. As long as the index holds above 55,400, the upward structure remains intact. A breakout above the 56,350 mark could pave the way for a swift move toward the 56,800-57,000 resistance zone, with short-covering potentially fuelling the momentum in the upcoming sessions," commented Dhupesh Dhameja.

Stocks To Buy Today

Sumeet Bagadia, the executive director of Choice Broking, suggested buying two stocks on Monday, June 23, after the Nifty finally saw a fantastic breakout by closing over the 25,000 mark.

Pearl Global Industries

Buy PGIL in Cash @ Rs 1489.1, Stop-loss @ Rs 1433, Target @ Rs 1600

PGIL, is currently trading at 1489.1, 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, PGIL could reach a short-term target of 1600.

On the downside, immediate support is located at 1444. The Relative Strength Index (RSI) is currently at 64.03 and trending upward, reflecting growing buying momentum. To manage risk effectively, a stop-loss at 1433 is suggested to guard against any unexpected market reversals.

In conclusion, based on the technical analysis and current market conditions, PGIL presents a promising buying opportunity for those aiming for a 1600 target, provided that appropriate risk management strategies are in place.

Garden Reach Shipbuilders & Enginers

Buy GRSE in Cash @ Rs 3287.6, Stop-loss @ 3150, Target @ Rs 3500

GRSE, is currently trading at 3287.6, exhibits a strong uptrend and bullish breakout on the daily chart, supported by its consistent position above key exponential moving averages (EMAs). The stock witnessed a breakout from consolidation in early May and has since shown a uptrend with higher highs and higher lows.

The recent short-term pullback around ₹3,050-3,100 was well-supported near the 20 EMA, reaffirming the strength of the uptrend and acting as a healthy correction within the broader bull run. The reclaim of the 20-day EMA is especially noteworthy, as it often signifies a shift from bearish to bullish sentiment. This technical alignment suggests the potential beginning of a medium- to long-term uptrend. If this trend continues, GRSE could reach a short-term target of 3500.

On the downside, immediate support is located at 3200. The Relative Strength Index (RSI) is currently at 66.03 and trending upward, reflecting growing buying momentum. To manage risk effectively, a stop-loss at 3150 is suggested to guard against any unexpected market reversals.

In conclusion, based on the technical analysis and current market conditions, GRSE presents a promising buying opportunity for those aiming for a 3500 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.