Intraday Stocks To Buy Today, May 6: Top Picks By Sumeet Bagadia For Profitable Trading On Tuesday

While Nifty Bank fell 0.36% to close at 54,919.50, creating a bearish candle on the daily chart, Nifty closed the previous session with a modest rise of 0.47%, closing at 24,461.15, creating a small-bodied candle. The India VIX showed a modest rise in implied volatility, rising 0.44% to 18.33. The high VIX, which remains well over the 15-mark, highlights the current uncertainty brought on by global geopolitical unrest and macroeconomic challenges. The broader markets outperformed the benchmark index Nifty, with the Nifty Midcap 100 and Nifty Smallcap 100 gaining 1.81% and 1.02%, respectively. With firms like Godrej Consumer, BSE, HPCL, CG Power, Polycab, Paytm, and Bank of Baroda, among others, releasing earnings today, traders will likely be engaged with stock-specific movements, whereas the market will stay volatile ahead of the US Fed's interest rate announcement on Wednesday.

Nifty Outlook Today

"Despite a technical breakout, Nifty remains locked in a sideways drift, failing to overcome its immediate resistance band convincingly. The daily candlestick formations reflect hesitation and repeated rejection at higher levels, indicating that the bulls are yet to take firm control. As long as the index holds above the 24,000-24,200 support zone, the overall trend structure remains positive. However, a decisive move above 24,500 is imperative to unlock a rally toward 25,000. On the flip side, slipping below 24,350 could tilt the balance in favor of the bears and invite swift selling. In summary, the index appears to be forming a base through consolidation, gearing up for its next significant directional move, which will likely be dictated by a strong breakout or breakdown from its current range," commented Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

Bank Nifty Outlook Today

"Nifty Bank is currently navigating a tightrope between bullish aspirations and bearish resistance, confined within a narrow range. As long as the index holds above the 54,000-54,300 zone, the broader structure retains a constructive bias. However, bulls need a decisive breakout above the 56,000 barrier to unleash upward momentum toward 56,500 and beyond. On the downside, any breach of 54,700 could hand the reins to the bears, sparking a swift fall toward lower supports. With volatility inching up and no clear leadership from either camp, the index appears to be quietly building up energy for its next directional move. Traders are advised to stay nimble and alert for a breakout cue, as the current compression phase could soon give way to a sharp trending leg," commented Dhupesh Dhameja.

Stocks To Buy Today

Sumeet Bagadia, executive director of Choice Broking, recommended buying two stocks on Tuesday, May 6, after the Nifty lingered just below the 24,500 resistance mark.

CE Info Systems

Buy MAPMYINDIA in Cash @ Rs 1874, Stop-loss @ Rs 1808, Target @ Rs 2005

MAPMYINDIA is currently trading at ₹1874 and is exhibiting strong upward momentum. The stock has rebounded from lower levels, forming a higher high and higher low pattern along with a robust bullish candlestick-indicating sustained strength in the prevailing uptrend.

It has also broken out of a short-term consolidation zone, signaling renewed buying interest. The recent breakout above the ₹1865 resistance level confirms bullish sentiment and opens the possibility of a near-term move toward the ₹2005 mark, provided the momentum continues.

Technically, the stock is trading well above its 20-day, 50-day, and 200-day Exponential Moving Averages (EMAs), further reinforcing the bullish outlook. The Relative Strength Index (RSI) is at 66.94 and is trending upwards, reflecting strong buying momentum.

On the downside, immediate support is seen at ₹1850, while a stop-loss at ₹1808 is advised to manage risk. Considering the favorable technical setup and strong market indicators, MAPMYINDIA presents a compelling long opportunity. Traders may consider buying at ₹1874, aiming for a target of Rs 2005.

M&M

Buy M&M in Cash @ Rs 3021.50, Stop-loss @ Rs 2915, Target @ Rs 3233

M&M is currently trading at ₹3021.5 and displaying strong bullish momentum. The stock has decisively rebounded from lower levels, forming a classic higher high-higher low structure-a positive technical indicator of a sustained uptrend. A strong bullish candlestick on the daily chart reinforces the ongoing rally, and a breakout above the immediate resistance level of ₹3100 could open the path for a near-term move toward ₹3233.

The stock is trading comfortably above its 20-day, 50-day, and 200-day Exponential Moving Averages (EMAs), underscoring the strength of the bullish trend. Additionally, the Relative Strength Index (RSI) is at 69.95 and continues to rise, reflecting growing buying interest and a strong positive sentiment. The recent breakout above the key ₹3000 resistance level further enhances the bullish outlook.

Immediate support lies at ₹2970, and a stop-loss at ₹2915 is advised to mitigate short-term risks. Given the strong technical structure and momentum indicators, traders may consider initiating long positions at current levels, with a target of ₹3233. As always, disciplined risk management remains critical to navigating market volatility effectively.

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.