Latest version: June 06, 2023, 10:18 AM IST
These stocks can help you make money in the current market boom.
Stocks to buy or sell today: Indian stock markets are expected to rally on Tuesday, tracking mixed global cues.
Stocks bought or sold today: Indian stock markets are expected to rally on Tuesday, tracking mixed global signals.
The S&P BSE Sensex rose over 200 points while the Nifty 50 closed below the 18600 level on Monday.
Nifty Outlook
Rajesh Palvia, Head-Technical & Derivatives Axis Securities, said: “On the daily chart, the index has formed a bearish candle with an upper shadow indicating selling pressure and resistance at higher levels. The indicator continues to advance in the formation of a higher top and higher bottom on the hourly chart showing a positive bias. The chart pattern suggests that if the Nifty moves above 18650 level and sustains, it will witness buying, which may take the index towards 18700-18800 level. Important support for the day is around 18550. However, if the index sustains below 18550, it could be profit booking taking the index towards 18500-18400 levels. Nifty is trading above the 20, 50, 100, and 200-day SMAs, indicating a positive bias in the short to medium term. In the short term Nifty is in an uptrend, so buying dips is our preferred strategy.”
The daily strength indicator RSI remains flat and below its reference line, indicating the absence of momentum in either direction.
Bank Nifty Outlook
“On the daily chart, the indicator has formed a bearish candle with a long upper shadow indicating selling pressure and resistance at higher levels. The index is moving in a higher top and higher bottom formation on the daily chart, indicating a short-term uptrend. The chart pattern suggests that if Nifty crosses above 44200 levels and sustains, it will witness buying, taking the index towards 44300-44500 levels. Important support for the day is around 44000. However, if the index sustains below 44000, it could be profit booking taking the index towards 43850-43700 levels. BankNifty is holding above its 20, 50, 100, and 200-day SMAs, indicating bullish sentiment in the near term. BankNifty remains in an uptrend over the medium and long term, so buying on dips remains our preferred strategy,” Palvia said.
The daily strength indicator RSI remains flat and below its reference line, indicating the absence of momentum in either direction.
Stocks to buy – Rajesh Palvia recommends three stocks to buy today
bought JSWSTEEL 713 Rs Stop Loss: 703 Rs Aim: 740 Rs
bought IPCALAB 723 Rs Stop Loss: 705 Rs Aim: 760 Rs
bought ABFRL 207 Rs Stop Loss: 202 Rs Goal: 220 Rs
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