Stocks To Buy Today For Intraday: Day Trading Picks By Sumeet Bagadia of Choice Broking On Wednesday, 5th June

Tuesday's worst decline in Indian equity markets since March 2020 was caused by the surprising results of the general election. At 21,884.5, Nifty ended the day lower than it started. At 31.71, the volatility index (VIX) reached its highest point since February 2022. Conversely, the Bank Nifty index began the day down and continued to decline throughout the day, closing the day lower at 46,928.60.

Market Outlook Today

"The election result is likely to lead to a more balanced market; risk-reward in large caps and underperforming sectors like banking and consumer appears more favourable. On the other hand, there is likely to be greater scrutiny and valuation discipline in the performing sectors like capital goods, power, defence and manufacturing. The macro parameters are likely to remain largely stable and hence provide downside support to valuations. However, the key data points to watch going forward would be the tilt of government policy and the Union Budget. More specifically any moderation in the capital spending outlook in favour of consumption support can further drive sectoral preferences going toward," said Rahul Singh, CIO - Equities, Tata Asset Management.

"The broader market may turn volatile as sentiments get hit, but a major trend of the Indian Equity market is expected to revive after the cooldown of volatility over the next couple of days. The latest numbers suggest that the NDA government could return to power with a lesser than last time seats. We expect the volatility around the outcome to reduce over the next few days and market focus to return on macro and fundamentals which continue to remain strong. Once the new government is formed, it will present its first and full budget for FY25 in the next few weeks, where themes like capex, manufacturing, rural, consumption, and credit lending will be back in focus. The rural and consumption theme would also pick up pace with the onset and progress of Monsoon, which is predicted to be above normal this year. While the market volatility may continue in the near term, retail investors should take this correction as an opportunity to accumulate quality names in 3-4 tranches. Over the next few days, the narrative around government formation and RBI monetary policy would take centre stage," said Ajay Menon, MD & CEO, Broking & Distribution, Motilal Oswal Financial Services.

Nifty Prediction

"Technically, the index confirmed a hanging man candle and remained below it, indicating weakness. The index will find immediate support around 21,800 levels, followed by 21,250, where the 200-DEMA is located. Conversely, in the near run, the levels 22,800 and 23,340 will serve as significant obstacles," said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd.

Bank Nifty Prediction

"Technically, the Bank Nifty has sustained below a low of hanging man candlestick pattern, leading to weakness. On the downside, 100-DEMA is placed near 46,350, which will act as key support, with resistance near 51,130 levels," Hrishikesh Yedve added.

Stocks To Buy Today

On Wednesday, June 5, Choice Broking's executive director Sumeet Bagadia made suggestions on buying or selling of 2 stocks during the intraday session.

Marico

Buy MARICO in Cash @ Rs 614.55, stop-loss: Rs 589, target: Rs 665

The stock is currently trading at 614.55 levels. The stock has bounced back from the strong support of 590 levels which is also close to its 20 Day EMA levels. Currently stock is trading above all the important moving averages. On daily charts the stock has formed a strong green candle which indicates bullishness in the stock. Now any dip in the stock around 605 levels will be a buying opportunity. A small resistance can be witnessed near 620 levels, and once stock crosses the mentioned level MARICO can now further move towards 665 levels and higher. The investors holding from lower levels should keep trailing stop loss.

According to the aforementioned technical analysis, we advise buying MARICO at a CMP of 614.55 for the target of 665. If the stock closes below 589, our analysis will be invalid.

Hero Motocorp

Buy HEROMOTOCO in cash @ Rs 5310.7, stop-loss: Rs 5130, target: Rs 5650

HERO MOTOCORP is currently valued at Rs 5310.7. It recently consolidated within the range of 4950 to 53300 levels and is exhibiting signs of a bullish trend, indicating a potential bullish breakout accompanied by robust trading volume. Buying on dips is recommended within the range of 5200 levels.

The Relative Strength Index (RSI) is presently at 71.6, suggesting that the stock is overbought and presenting an opportunity to buy on dips. The overall trend for HERO MOTOCORP is bullish, with various technical indicators reinforcing this optimistic outlook. Based on these signals, there is potential for the stock to reach target prices of Rs 5650 in the near term.

It is advisable to consider buying on dips, particularly around specific price points, to take advantage of potential retracements in the stock price. To prudently manage risk, implementing a stop-loss (SL) at Rs 5130 is recommended. This precautionary measure is crucial to safeguard investments in the event of an unexpected market reversal.

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.