Stocks To Buy Today For Intraday: Day Trading Picks By Sumeet Bagadia On Friday, 7th June

For the second day in a row, the Nifty50 and Sensex closed higher on Thursday ahead of the Monetary Policy Committee meeting, which is set to take place from June 5-June 7. RBI governor Shaktikanta Das is anticipated to stick with the existing repo rate. Nifty started the day higher and gained steadily to end at 22,821, up 201 points. The India VIX closed at 16.80 after further breaking 11.04% on an intraday basis. With a gain of 0.48%, the Bank Nifty closed the day at 49,291.90.

Nifty Outlook Today

"Technically, on daily scale, the index has formed a small bullish candles. On the upside, the immediate resistance for the index is placed near the 23,000 level, followed by 23,340. The 34-Day Exponential Moving Average (34-DEMA) is positioned near 22,520, which will act as immediate support for the index, followed by the 22,000 level," said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd.

Bank Nifty Outlook Today

"Technically, the index has formed a tiny red candle on the daily scale, indicating a pause after strong upward momentum. The 34-Day Exponential Moving Average (34-DEMA) is positioned near 48,190, which will act as immediate support for the index, followed by 47,500, where the 100-DEMA is placed. On the upside, the immediate resistance for the index is placed near the 50,000 level, followed by 51,000," Hrishikesh Yedve added.

Market Outlook Today

"The Foreign Portfolio Investors' (FPIs) Long Short ratio rose from 12.75% on 4th June to 17.49% on 5th June as the FPIs covered some short positions and built long positions in Index futures. Call writers (Bears) exiting and additional put writing was observed at all strikes from 22,000 until 22,500 which kept the Index steady throughout the day. Strong put writing was observed at the 22,600 & 22,700 Strikes in the Index. The call & put writers fought fiercely at the 22,800 Strike and the option activity at this strike will provide cues about Nifty's Intraday direction," said Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities.

Stocks To Buy Today

During the intraday session on Friday, June 7, Choice Broking's executive director Sumeet Bagadia gave recommendations on buying or selling of two stocks.

Kotak Mahindra Bank

Buy KOTAKBANK in cash @ Rs 1734.70, stop-loss @ Rs 1685, target: Rs 1840

The technical analysis of KOTAKBANK stock reveals several positive indicators. The stock recently rebounded from a significant support level at 1685 and surpassed the initial resistance at 1720, currently trading at 1734.70. This demonstrates strength in the stock's price action, as its overcoming key price barriers.

Additionally, the formation of a bullish candlestick pattern on the daily chart suggests a potential for further up move. Also, the stock is trading above its short term (20 Day) and Medium term(50 Day) EMA levels.

Looking forward, there is a minor resistance level near 1760 which is also its long term (200 Day) EMA level. Once the stock manages to close above these levels, it may have the potential to move higher, with a target set at 1840 and beyond. The Relative Strength Index (RSI) indicator, currently at 56.39, indicates a level of strength in the stock's momentum.

Based on the above analysis we expect KOTAKBANK to move higher towards 1840 and hence we recommend buying KOTAKBANK at a CMP of 1734.70 with a SL of 1685.

Zensar Technologies

Buy ZENSARTECH in cash @ Rs 667.75, stop-loss: Rs 645, target: Rs 700

ZENSARTECH is currently trading at Rs 667.75. After a period of small falls and sideways consolidation, the stock has lately broken the neckline levels of Rs 645 and is rising quickly on the upside with substantial volume... There are expectations of further upward movement, potentially reaching Rs 700 levels. On the downside, substantial support is evident near Rs 645.

Furthermore, ZENSARTECH is trading above key Exponential Moving Averages (EMAs), including the 20-day, 50-day, 100-day, and 200-day EMAs. This suggests a strong bullish momentum, indicating the potential for continued upward price action. The Relative Strength Index (RSI) stands at 63.6, signalling an upward trajectory and confirming an increase in buying momentum.

To manage risk effectively, it is advisable to set a stop-loss (SL) at Rs 645 to protect the investment in case of an unexpected market reversal.

In summary, considering the technical analysis and prevailing market conditions, ZENSARTECH appears to present a promising buying opportunity for those targeting a Rs 700 price objective, contingent upon the implementation of prudent risk management measures.

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.