Intraday Stocks To Buy Today, June 24: Top Picks By Sumeet Bagadia For Profitable Trading On Tuesday

The previous session's closing of the index barely below the crucial 25,000 level indicated that positive sentiment was in the air. In the midst of heightened geopolitical tensions, the Nifty finished the day at 24,971.90, down 140.50 points. In contrast, Nifty Bank saw a halt following a robust upward advance, closing the day at 56,059.35, down 0.34%. The India VIX surged in early trading but leveled out by the end of the session, closing 2.74% higher at 14.04. Crucially, it still trades below the crucial 15 threshold, suggesting that overall market volatility is still under control.

Nifty Outlook Today

"The index's swift intraday recovery underscores its ability to absorb negative global cues and maintain a firm base near its support zone. This resilience suggests growing strength at lower levels and lays the groundwork for an upward breakout. A convincing move above the 25,200-25,230 zone could unlock the next directional move. Support from the 10-DEMA and 20-DEMA affirms the constructive price structure, while the RSI remaining above 50 reflects positive momentum favouring the bulls. With no significant bearish signals in sight and volatility remaining subdued, the broader trend continues to support a 'buy on dips' strategy. As long as Nifty sustains above 24,700, dips remain buying opportunities. A breakout above 25,250 could trigger short-covering and propel the index swiftly toward 25,400-25,500 in the upcoming sessions," commented Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

Bank Nifty Outlook Today

"The broader sentiment remains constructive, with the index showcasing strong recovery despite external headwinds. Nifty Bank's ability to hold above key moving averages and its immediate support levels suggests that bulls continue to retain control. The RSI holding comfortably above the 50-mark reinforces this momentum bias. As long as the index trades above the 55,350 support zone, dips are likely to be absorbed and seen as opportunities to enter long positions. A sustained move beyond the 56,350 resistance level may trigger fresh long buildup and short-covering, potentially accelerating the rally towards the 57,100 region in the sessions ahead. With no visible signs of major distribution, the bias remains firmly in favour of a "buy on dips" strategy," said Dhupesh Dhameja.

Stocks To Buy Today

Choice Broking's executive director, Sumeet Bagadia, recommended buying two stocks on Tuesday, June 24, following the Nifty index's lengthy period of oscillation between 24,700 and 25,200.

Authum Investment & Infrastructure

Buy AIIL in Cash @ Rs 2599.8, Stop-loss @ Rs 2513, Target @ Rs 2800

AIIL is trading at 2599.8 and continues to exhibit strong bullish momentum, as reflected by its steadily rising price structure and consistent upward swing pattern. The stock recently approached its all-time high of 2611, and a breakout above this significant level could trigger renewed buying interest and further upside potential.

Supporting the strength of the trend, the 20, 50, 100, and 200-day Exponential Moving Averages are all trending upwards, highlighting solid demand and positive sentiment across various timeframes. With the price holding well above these key moving averages, the technical setup remains favourable.

A confirmed close above 2590 could pave the way for a swift move toward the short-term target of 2800. Market participants should closely monitor price behaviour near this resistance zone for signs of a breakout and continuation of the upward trend.

On the downside, immediate support is located at 2554. The Relative Strength Index (RSI) is currently at 72 and trending upward, reflecting growing buying momentum. To manage risk effectively, a stop-loss at 2513 is suggested to guard against any unexpected market reversals.

In conclusion, based on the technical analysis and current market conditions, AIIL presents a promising buying opportunity for those aiming for a 2800 target, provided that appropriate risk management strategies are in place.

Shipping Corporation of India

Buy SCI in Cash @ Rs 227.73, Stop-loss@ Rs 220, Target @ Rs 245

SCI is currently trading at the levels of 227.73, having recently staged a breakout from a consolidation zone that developed following a sharp uptrend. This move signifies a continuation of the broader bullish structure, as the stock resumes its upward trajectory after a brief pause.

The breakout is accompanied by renewed volume activity, suggesting fresh accumulation at higher levels. The stock remains well-positioned above its key moving averages, particularly the 20-day and 50-day EMAs, which are showing a healthy upward slope. This configuration of price and moving averages indicates strong underlying momentum and reinforces the potential for follow-through in the current trend.

The stock is now testing resistance near the 236 level, and a sustained close above this zone may open the path towards a short term target of 245.

On the downside, immediate support is located at 224. The Relative Strength Index (RSI) is currently at 62.43 and trending upward, reflecting growing buying momentum. To manage risk effectively, a stop-loss at 220 is suggested to guard against any unexpected market reversals.

In conclusion, based on the technical analysis and current market conditions, SCI presents a promising buying opportunity for those aiming for a 245 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.