Stocks To Buy Today For Intraday: Day Trading Picks By Sumeet Bagadia On Thursday, 6th June

Following a sharp decline on Tuesday, Indian stock markets rebounded strongly on Wednesday. The VIX dropped about 30% to close at 18.89 levels, while Nifty ended the day higher at 22,620. Despite the turbulence, the Bank Nifty index started the day well and maintained its bullishness throughout, ultimately closing the day at 49,055 levels. The overall market sentiment has been trending upward on the news that the NDA is establishing the government for a third straight term after winning 293 seats in the 2024 Lok Sabha election.

Nifty Outlook

"Technically, the index has crossed the hurdle of the 100-Day Exponential Moving Average (100-DEMA) and formed an insider bar candlestick pattern on a daily scale. The 100-DEMA is placed near 22,050 levels. As long as the index holds above 22,050, bullish momentum will continue. On the upside, 23,000 and 23,350 will act as resistance in the short term," said Neeraj Sharma, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd.

"Impressively, Nifty managed to close above the 50-day moving average, which remains around 22,430 levels. With yesterday's high of 23,179.50, Nifty retraced more than 61.8% in today's session. We anticipate large swings in the coming sessions. A slip below 22,400 could trigger a short-term sell-off while sustaining above 22,680 would likely resume the uptrend," Om Mehra, Technical Analyst, SAMCO Securities commented.

Bank Nifty Outlook

"Technically, the index has crossed the hurdle of the 100-DEMA and formed an insider bar candlestick pattern on a daily scale. The 100-DEMA is placed near 48,500 levels. The ongoing bullish move can stretch towards 49,700-50,000 levels as long as it holds above 47,500 levels," Neeraj Sharma further added.

"The index formed a bullish inside bar on the daily timeframe. The index concluded above its 20-day and 50-day moving averages. On the hourly chart, support is indicated at 47,300 levels, while resistance is placed at 49,650, followed by 50,050. A pullback towards the 48,500 zone presents a good buying opportunity for the short term traders," Om Mehra predicted.

Stocks To Buy Today

Sumeet Bagadia, executive director of Choice Broking, presented recommendations on buying or selling two stocks on Thursday, June 6, throughout the intraday session.

Glenmark Pharmaceuticals

Buy GLENMARK in cash @ Rs 1184.50, stop-loss: Rs 1140, target: Rs 1260

GLENMARK is presently trading at 1184.50 levels, demonstrating a robust upward movement. The stock's positioning above all significant moving averages underscores its current strength. The momentum indicator, Relative Strength Index (RSI), further validates the positive sentiment, presently trading at 66.29 and indicating strength in the stock.

A minor resistance is observed around 1205 a level which is today's high. A sustained breakthrough above this level could potentially propel GLENMARK towards the target price of 1260 and beyond, suggesting further potential upside.

We recommend buying GLENMARK at a CMP of 1184.50 based on the trend of the chart with a short to medium-term target price of 1260. Our analysis will be deemed invalid if the price closes below 1140.

Jubilant FoodWorks

Buy JUBLFOOD in cash @ Rs 530.60, stop-loss: Rs 510, target: Rs 570

The stock is currently trading at 530.60 and has exhibited some encouraging signs for potential investors. It successfully breached the 520 level on a closing basis, a key technical level and did so with robust trading volumes, suggesting underlying strength in the stock.

Furthermore, the stock is currently trading above its 20-day, 50-day, and 200-day Exponential Moving Averages (EMAs). This indicates a positive trend in the short, medium, and long-term, respectively.

There is a minor resistance level at 540, but if the stock can overcome this barrier, it may have the potential to reach 570 and potentially higher. This breakout could signify a bullish move in the stock.

Additionally, the Relative Strength Index (RSI), a momentum indicator, is hovering around 70.68. This suggests that there is strength in the stock's current trend.

With a short to medium-term outlook, one can buy JUBLFOOD at a CMP of 530.60 with a SL of 510 for a target price of 570.

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.