Stocks To Buy Today For Intraday: Day Trading Picks By Sumeet Bagadia On Tuesday, 11th June

The domestic benchmark indices began the day with a bullish tone, but the Nifty saw consolidation within a narrow band following a sharp run, and it ended the day with a negative note at 23,259. The Bank Nifty index saw profit booking in the second half of the day, but it ended the day on a flat to negative note at 49,781 levels. The index began the day on a flat note and held strength throughout the first half. The record-breaking inflows of Rs 34,697 crore into equity mutual funds in May 2024 indicate a favourable outlook for market observers.

Nifty Outlook

"Technically, the index registered a record high of 23,411.90 and found trend line resistance, leading to profit booking. Thus, as long as the index remains below 23,412, profit booking can't be ruled out. If the index sustains above 23,412, then the rally could extend to 23,700-23,800 levels. On the downside, immediate support for the Nifty is placed near 23,000, followed by 22,600, where the 34-Day Exponential Moving Average (DEMA) support is placed. Traders are advised to take some profit off the table," said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd.

Bank Nifty Outlook

"Technically, on the weekly scale, the index has formed a hanging man candlestick pattern. As per this pattern, 51,130-51,140 will act as resistance for the index. On the downside, immediate support for the index is placed near 49,000 levels followed by 48,580 levels, where 34-DEMA support is placed," Hrishikesh Yedve added.

Stocks To Buy Today

The NSE-listed stocks listed below are what Sumeet Bagadia, executive director of Choice Broking, recommended buying during the Tuesday, June 11 day trading session.

Narayana Hrudayalaya

Buy NH in cash @ Rs 1305, stop-loss: Rs 1257, target: Rs 1400

The current trading price of NH is Rs 1305. The stock has recently ready for breakout of Range on the daily chart with a significant increase in trading volume, indicating a potential breakout. If the price manages to close above the Rs 1320 level, it may have the potential to reach short-term targets of Rs 1400. On the other hand, immediate support levels are located at Rs 1280. These levels can be considered as opportunities to buy on dips.
The Relative Strength Index (RSI) currently stands at 61 and is trending upward, indicating increasing buying momentum.

To prudently manage risk, it is advisable to set a stop-loss (SL) at Rs 1257. This precaution will help protect your investment in case of an unexpected market reversal. In summary, considering the technical analysis and the current market conditions, NH appears to present an appealing buying opportunity for those aiming for a Rs 1400 price target, provided that appropriate risk management measures are in place.

Dabur India

Buy DABUR in cash @ Rs 619.85, stop-loss @ Rs 595, target @ Rs 670

DABUR is currently trading at 619.85 levels, showcasing a strong technical setup. The stock has multiple strong supports in the range of 595-610 levels, which aligns with its short-term (20 Day), medium-term (50 Day), and long-term (200 Day) EMA levels. This alignment above key moving averages indicates sustained bullish sentiment and strength in the stock.

On the charts, a smaller resistance is noted near the 633 levels. Once DABUR surpasses this resistance, it has the potential to move towards the target price of 670 and beyond. The stock's recent formation of higher highs and higher lows over the past four days further signifies an uptrend and growing strength.

Additionally, the momentum indicator RSI is moving higher and is currently trading at 75.85, indicating strong buying momentum. An RSI above 70 generally suggests that the stock is in an overbought condition, which in a strong bullish trend, can indicate the continuation of upward movement.

Given these technical indicators, DABUR appears to be well-positioned for further gains. Investors should monitor the 633 resistance level for a potential breakout, which could pave the way for the stock to reach 670 and higher.
Based on the above technical analysis, we recommend purchasing DABUR at the current market price of 619.85, for a target price of 670. If the stock closes below 595, our analysis will be invalid.

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.