Expert ankush bajaj’s picks for 3 june

Top three stocks recommended by ankush bajaj for 3 June

Buy Bank of India (Current Price: 125.25)

• Why it’s recommended: The stock has recently shown Strong Upward Momentum and is Trading Near Breakout Levels with Increasing Volume, Indicating Buying Interest and Potential Continuation TOWARDS Higher Targets.
• Key metrics: Resistance Level: 133–135 (short-term target range); support level: 121 (pattern invalidation level); Pattern: Bully Continuation with Strong Momentum and Volume Confirmation
• RSI: Trending bulish on bot daily and intraday charts, signaling strength in the ongoing move
• Technical analysis: Bank of India is trading with positive bias and has mained Higher highs and higher lows on the lower time frames. The current price action near 125.25, supported by Strong RSI, sugges the stock count test the 133–135 zone in the coming sessions if it sustains about the breakout level.
• Risk factors: A breakdown beLow 121 Cold Invalidate the Bulish Setup and Attract Profit Booking. Any sharp correction in the psu banking space or broader indices may impact the expected move.
• Buy at, 125.25
• Target price: 133–135 in 4–5 days
• Stop Loss: 121

Also read: Apollo Hospitals’ Healthy Capacity Addition to Drive Future Growth

Buy Cholamandalam Investment & Finance Company Ltd (Current Price: 1581)

• Why it’s recommended: After making a new lifetime high, the stock witnessed seling pressure and has now bounced back from the demand zone between 1580- 1545. This sugges a potential pullback move, supported by price action and recover from key support levels.
• Key metrics: Resistance level: 1650–1670 (short-term target range. Support level: 1547 (pattern invalidation level); Pattern: Bullish Pullback Setup from Demand Zone
• RSI: Bully on both daily and intraday time frames, supporting the possibilities of a short-term upside move
• Technical analysis: Cholafin has shown strength by rebounding from its demand zone, and the current price structure indicates a likely pulback towards the 1650–1670 zone. Sustaining Above 1581 with improving Momentum supports a bullish Outlook in the Near Term.
• Risk factors: A breakdown beLow 1547 may invalidate the expected pullback. Broader Market Weakness or Negative Cues from the Financial Sector Could also Weigh on Price Action.
• Buy at, 1581
• Target price: 1650–1670 in 4–5 days
• Stop Loss: 1547

Buy Au Small Finance Bank Ltd (Current Price: 718.65)

• Why it’s recommended: On the daily chart, the stock has closed Above a recent trendline, confirming a breakout. Additionally, on the 45-minute time frame, Aubank has given a triangle breakout at 700, Projecting a Potential Target Around 745. The setup indicates that ongoing rally is likely to continue.
• Key metrics: Resistance Level: 738–745 (short-term target range); Support level: 708 (pattern invalidation level); Pattern: Trendline Breakout on Daily Chart and Triangle Breakout on 45-minute
• RSI: Bully on both daily and lower time frames, supporting strength in the break
• Technical analysis: Aubank has confirmed a breakout on Multiple Time Frames, Showing Strong Bully. The price action Above 718.65, Backed by Volume and Momentum, Supports Further UPSIDE TOWARD The Projected Targets.
• Risk factors: A Fall Bellow 708 Cold Invalidate the Breakout Structure. Broader Banking Sector Weakness or Negative News Flow May Affect Short-Term Sentimen.
• Buy at, 718.65
• Target price: 738–745 in 4–5 days
• Stop Loss, 708

Also read: AU Small Finance is in Repair Mode, But Net Interest Margin Could Be a Challenge

Market Wrap

On Monday, The Indian Stock Market Opened With A Minor Gap-Down and Continued to face seling pressure in the early hours, with the nifty slipping to an into an into an into an intraday low of 24,526. Although there was some recovery later in the day, overall Senior Remained Subdued, and the Market Lacked Strong Buying Interest.

The Nifty 50 Ended The Session 34.10 Points Lower, Down 0.14%, to Close at 24,716.60. The BSE Sensex also remained weak through the day and ended almost flat at 81,373. On the other hand, the bank nifty outperformed the broader indices, gaining 103 points or 0.18% to settle at 55,903, supported by strength in banking stocks.

Among sector, the realty index was the top perform, Rising 2.3%, Reflecting Strong Investor Interest in the Real Estate Space. PSU banks continued their positive momentum and gained 2.31% during the session.

On the flip side, the metal and it sectors were under pressure, with bot indices declining by 0.70% Each.

In terms of stock-specific action, Adani Ports LED the Gainers with a Rise of 2.56%, Followed by Britannia, Which Gained 1.70%, and Mahindra and Mahindra which Moved Moved Up 1.65%. Among the top losers were hero motocorp, which fell 1.79%, tech mahindra down 1.58%, and JSW Steel, Which Lost 1.48%AMID Weakness in the Metals Segment.

Nifty technical analysis

The nifty witnessed another day of range-bound action but close slightly in the green, ending with a minor loss of 34 points at 24,716.60.

Despite the closing being positive, the index when a sharp During the session, touching a low of 24,526.15 before before. It Continues to Trade Within a Narrow Consolidation Band of 24,500 to 25,000 for the 11th Consective Session.

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The 20-day moving average, currently placed at 24,705, is acting as a strong near-term support. The index respected this level once against today, reinforcing its importance. A Decisive Breach Below This Cold Open the Door for a Further Decline towards 24,400.

On the UPSIDE, Immediate Resistance Remains in the 24,850–24,900 zone, and a breakout above this band may push the index towards 25,100.

From a technical percective, nifty is still trading about bot the 20-day moving average (24,705) and the 40-day exponical moving average (24,297.30), which is a positive sign. However, caution remains warranted as the daily momentum indicator continues to hover the equilibrium line, showing no clear direction, and suggesing this consolidation this consolidation from mey only May only May only Breakout.

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On the hour chart, the index is currently trading below the 20-herour (24,732) and 40-Hour (24,757) Exponantial moving average, which indicates short-term weakness. However, if nifty sustains Above the 24,700 mark, there is a possibility of an upward shift in Momentum in the coming sessions.

Ankush bajaj is a sebi-regified research analyst. His registration number is inh000010441.

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