Stocks To Buy Today For Intraday: Day Trading Picks By Sumeet Bagadia On Wednesday, 12th June

The latest trading session saw the Nifty conclude at 23,264.85, almost flat, while the Bank Nifty shows weakness ahead of expiry. The Bank Nifty completed the day at 49,705.75, down by 0.15%. India VIX had a 10% decline, concluding below the 16 mark. The market saw mixed results sectorally as investors are waiting warily for the US Fed's policy decision and the US CPI data, which might affect the outlook for the domestic stock market as well.

Nifty Outlook Today

"Nifty continues to consolidate with a positive bias, sustaining above the upper band of its rising channel. The immediate support remains at 22,200, and if this level is breached, the index could slip towards the 23.6% Fibonacci retracement level situated at 21,900. The daily RSI remains neutral at 58 level. Moving above 23,350 will resume the uptrend," said Om Mehra, Technical Analyst, SAMCO Securities.

Bank Nifty Outlook

"The index failed to surpass the 50,000 level but remains above its short-term moving average. There could be slight weakness if the index slips below 49,600, which might lead to a test of the 49,300-49,100 levels. However, the primary trend remains strong as long as the 49,000 level is sustained. Bank Nifty might continue to consolidate for a few more days," Om Mehra added.

Stocks To Buy Today

Sumeet Bagadia, executive director of Choice Broking, recommended buying the two BSE 100 and BSE 500 stocks that are listed below during the Wednesday, June 12 day trading session.

Jubilant FoodWorks

Buy JUBLFOOD in cash @ Rs 528.60, stop-loss: Rs 514, target: Rs 555.

The stock is currently trading at 528.60 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 555 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 67.02. This suggests that there is strength in the stock's current trend.

With a short to medium term outlook one can buy JUBLFOOD at CMP of 528.60 with a SL of 514 for a target price of 555.

VST Industries

Buy VSTIND in cash @ Rs 4360.35, stop-loss: Rs 4222, target: Rs 4599

VSTIND is currently trading at a price of Rs 4360.35. On the daily chart, a price formed Higher High and Higher Low candle stick pattern with good volume has occurred. The pattern suggests a target price of Rs 4599 in the short term.

Furthermore, VSTIND exhibits a promising technical outlook. It has successfully closed above its short-term, mid-term, and long-term moving averages, including the 50-day, 100-day, and 200-day Exponential Moving Averages (EMA). This underscores the stock's strength across various timeframes. The Relative Strength Index (RSI) currently stands at 71.54 signifying strong momentum with room for further price appreciation.

To effectively manage risk, it is advisable to implement a stop-loss (SL) at Rs 4222 to protect your investment in case of an unexpected market reversal. In summary, considering the technical analysis and prevailing market conditions, VSTIND appears to present an attractive buying opportunity for those aiming for a Rs 4599 price target, provided that prudent risk management measures are in place.

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.