Marketsmith India’s Best Stock Recommendations for Today, 2 June

Two stock recommendations for today, 2 June, by marketsmith india:

Apar Industries Ltd (Current Price: 8,114)

Why it’s recommended: Consistent Financial Growth, Diverse Business Segments

Key metrics: P/E: 39.13 | 52-wheek high: 11,779.90 | Volume: 59.71 Crore

Technical analysis: Trendline Breakout

Risk Factors: Raw Material Price Volativity, Cyclicity of End-Ruser Industries

Buy at, 8,114

Target price, 9,450 in three months

Stop Loss, 7,420

ITC Hotels Ltd (Current Price: 216.50)

Why it’s recommended: Strong Post-Demerger Performance, Asset-Light Expansion Strategy.

Key metrics: P/E: 169.76 | 52-wheek high: 223 | Volume: 224.78 Crore

Technical analysis: RETEST of Trendline Breakout

Risk Factors: Cyclic Nature of the Hospitality Industry, Intense Competition

Buy at, 216.50

Target price, 255 in three months

Stop Loss, 199

Nifty 50: How the Benchmark Index Performed on 29 May

On Friday, the nifty 50 open on a mutated note and tradeed with Volativity through the session, ending the day with a loss of approximately 0.33%. It formed a small bearish candlestick on the daily chart. Barring the nifty bank, all major sectoral indices closed flat to negative. Nifty Metal, IT, Pharma, and FMCG Underpaerformed Notable. The advance-decline ratio remained Near 1: 1, Reflecting Broad-Based Market Indecision.

On a weekly Basis, The Index Remained Volatile and Posted Losses for the Second CONSECUV Week. However, on a monthly scale, it registered gains and formed a bullish candle for the third straight month. Barring FMCG and Pharma, All Major Sectoral and Broader Market Indices Closed in Positive Territory on a monthly closing Basis.

The Index Continues to Trade Above All Its Key Moving Average Across Multiple Timeframes. However, it has been consolidating with a broad range of 24,400–25,200 over the past few weeks. Both the daily and weekly RSI has recently flattened but continue to follow a bully a bullish trajectory. Meanwhile, The Macd, A Trend-Following Indicator, is trending upward on the weekly chart. However, it has shown a negative crossover on the daily timeframe, suggesting the possible short-term consolidation in the market.

According to o’neil’s methodology of market direction, nifty50 transitioned from a “rally attempt” to a “confirmed uptrend.”

The nifty 50 has been facing strong resistance in 25,000-25,200 over the past few weeks, which coincides with a previous Estable Estables Supply Area. This has been to a period of sides consolidation. Recent price action indicates that a decisive breakout and sustained move this resistance range is essential to confirm the continuration of the bully. In the absence of such a breakout, the index is likely to remain range-bound in the middle term. On the downside, key support levels are placed at 24,600, followed by 24,400.

How did the nifty bank performance yesterday?

On Friday, the nifty bank sustained its bullish momentum through The Index Consistently Traded Above All Its Key Moving Average, Reflecting Strong Underling Strength. It Opened at 55,615.55, Moved Within A Range of 55,356.60–55,813.30, and Eventually settled at 55,749.70.

On a weekly basis, the nifty bank exhibited sustained bullys momentum, recording three cultural bully bulish candles characterized by Higher-Higher-Higher-Low. Similarly, on the monthly timeframe, the index advanced approximately 1.2% in May, Forming a Third Consecurable Bully Bully and Closing Near Its All-Time High.

Technically, The Index Continues to Trade Above All Its Key Moval Momentum indicators, rsi and macD, are trending positively on most timeframes, although the daily macD is exhibiting a negative crossover, indicating some-term consolidation.

According to o’neil’s methodology of market direction, the nifty bank transitioned from an “UPTREND Under Pressure” to a “Confirmed uptrend”.

The nifty bank is currently consolidating Near its all-time high, encountering resistance Around 56,000. A Sustained Move and Close Above This resistance is essential to reinforce bullym in the coming sessions. In the absence of such a breakout, the index is likely to continue its consolidation phase. If the breakout Occurs, it could potentially Advance Toward 57,500–58,000. On the downside, immediati support is Seen Around 55,000, with a secondary support level near 54,500.

Marketsmith India is a Stock Research Platform and Advisory Service Focused on the Indian Stock Market.

Trade Name: William O’neil India Pvt. Ltd. (Sebi Registered Research Analyst Registration No.: Inh000015543)

Disclaimer: The Views and recommendations giving in this article are there that of individual analysts. These do not represent the views of Mint. We Advise Investors to Check With Certified Experts Before Making Any Investments Decisions.