Stocks To Buy For Intraday: Day Trading Picks By Sumeet Bagadia For Monday, 10th June

Despite the turbulence, the market ended the week strongly as the Sensex climbed by 1,619 points, hitting 76,693-a record high. The Nifty gained by 469 points to close at a record 23,290. The publication of India's industrial production and inflation rate data on June 12, 2024, as well as the country's trade balance data on June 14, 2024, might potentially impact market sentiment in the next week amid global cues. Investors should be aware that the key domestic and global economic data will determine the market's outlook for the week that follows. The UK GDP data, the US core CPI and CPI data, the US PPI data, the US WPI and China CPI data, and the US Fed's interest rate decision will all influence the market the following week.

Market Outlook This Week

"Now the Lok Sabha elections and the RBI policy decision are settled, attention now turns to global factors. Key areas to watch include the US FED interest rate decision, the rupee's movement against the dollar, Crude oil prices and commodity prices. Additionally, investments by foreign portfolio investors (FPIs) and domestic institutional investors (DIIs) will remain under close observation," said Pravesh Gour, Senior Technical Analyst at Swastika Investmart Ltd.

"Domestically, India's economic calendar is also marked with key releases. On June 12, 2024, both India's industrial production data and inflation rate data will be unveiled. These figures are crucial indicators of the country's economic health and can influence market sentiment and policy decisions. Furthermore, on June 14, 2024, India's balance of trade data will be released, providing insights into the nation's trade dynamics and external sector performance. This data is closely watched by investors and policymakers for its implications on currency movements, export-import trends, and overall economic stability," the analyst further added.

Nifty Outlook

"In Nifty, following the emergence of a bullish candlestick pattern on the daily timeframe, the Nifty index has maintained its upward trajectory. As we assess the near-term outlook, it appears probable that the index will continue to adhere to this range-bound behavior, with movements expected to hover within the boundaries of 22,600 to 23,400.22800-23000 will act as short-term support, while, 23400-23500 will act as the hurdle for further upside," said Arvinder Singh Nanda, Senior Vice President, of Master Capital Services Ltd.

Bank Nifty Outlook

"For Banknifty, the key support levels are positioned at 49000 and 48500, while significant resistance lies within the 50,200 to 50,600 zone. Currently, the market appears to be consolidating, with 50,200 serving as an immediate resistance and 49,200 as a nearby support level. Moreover, the prices are currently trading above the 55-day EMA, indicating a continuation of bullish sentiment in the short term," stated Arvinder Singh Nanda.

Stocks To Buy On Monday

For the day trading session on Monday - 10th June, Sumeet Bagadia, executive director of Choice Broking, recommended the below NSE-listed stocks to buy.

V-Mart Retail

Buy VMART in cash @ Rs 2634.1, stop-loss: Rs 2550, target: Rs 2800

VMART daily chart analysis offers a favourable view for the following week, indicating a steady higher advance. Notably, the stock has produced a notable higher high and higher low pattern, and the company's recent upward swing has effectively violated the neckline, establishing a new week high. This breakthrough indicates the possibility of a significant follow-through upward increase in the stock price.

Adding to the positive momentum, there has been an increase in trading volume, indicating growing market interest. The stock formed a strong bullish candle that engulfed the preceding three-month candle signifying a potential continuation of the uptrend following and the daily strength indicator RSI (14) is moving upwards and positioned above its reference line indicating a positive bias. Furthermore, VMART is currently trading above its crucial 20-day, 50-day, and 100-day Exponential Moving Average (EMA) levels, reinforcing the bullish trend. Given the overall chart pattern, the analysis suggests a favourable long trading opportunity for investors.
Based on the above analysis we recommend buying VMART in cash at CMP of 2634.1 for the target of 2800 with a stop loss of 2550.

Universal Cables

Buy UNIVCABLES in cash @ Rs 732.95, stop-loss @ Rs 705, target @ 775

UNIVCABLES, which is presently trading at an all-time high of 743.7 levels, is displaying significant bullish momentum. Strong trading volumes have backed the recent breakout above the critical resistance at 700 levels, which is an important technical development that highlights the strength of the stock. The discovery raises the possibility that the upward trend would continue, providing investors with a positive outlook.

To further support its bullish outlook, UNIVCABLES is also trading above important moving averages, such as the short-term (20 Day), medium-term (50 Day), and long-term (200 Day) EMAs. Relative Strength Index (RSI), a momentum indicator, is currently at 73.98 points.

It is advisable for traders to monitor the strong support level around 705 levels, as a breach of this level may indicate a change in market attitude. UNIVCABLES present technical configuration overall shows a favourable atmosphere for potential upside growth going forward, so long as traders and investors keep a careful eye on important support and resistance levels and are alert to any possible reversals.

We advise purchasing UNIVCABLES at the CMP of 732.95 and a stop loss of 705 in order to reach the target of 775, based on the analysis above.

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.