Top 3 stocks recommended for today by ankush bajaj
Buy: Data Patterns (Datapattns) – Current Price: 3,123
Why it’s recommended: The stock recently broke out of a rectangle consolidation pattern on the daily chart, supported by strong Momentum and Volume Expantion. It is trading well Above its key moving averages, confirming an set up uptrend. The Daily RSI Stands at 61.80 and is Rising, Indicating Improving Momentum. The MacD, at 194, have crossed Above the signal line on lower time frames, reinforcing the short-term bullystum. If the stock sustains about the breakout zone of 2,970 it is likely to advance toward 3,200-3,300 in the short term.
Resistance level: 3,200- 3,300 (short-term target range), support level: 2,970 (Breakout Zone, Pattern Invalidation Level)
Pattern: Rectangle consolidation breakout on the daily chart
RSI: 61.80, Rising, Indicating Strengthaning Momentum
Technical analysis: The breakout Above the consolidation range is supported by volume and confirmed by macD crossover on the lower time frame. The stock is firmly Above the 20-day and 40-day moving average, which supports trend continuation. A 5% Gain on 10 June Added Further Confirmation of a Trend Reversal.
Risk factors: The stock has rallied significantly (Around 90%) over the past three months, making it susceptible to valty. A drop below 2,970 Cold Invite Quick Profit-Taking. Monitor Volume and Price Closely for Follow-Through.
Buy at: 3,120 – 3,130
Target price: 3,200- 3,300 in 4–5 days
Stop Loss: 2,900
Also Read: Valuations High, but equity deals to pick up fuelled by mega iPos: Bofa Guentardt
Buy: Zensar Technologies (Zensartech) – Current Price: 870
Why it’s recommended: On the Daily Chart, The Stock has given a head & shoulders breakout, suggesting a trend reveresal with a measured target of 980. The breakout is supported by a Rise in volume and strengthening technical indicators. The RSI Stands at 67, Indicating Strong Bulish Momentum, and the Macd at 27 Confirms Continued Strength as it trends about the signal line. The stock remains about 20-day ema, validating a strong trend setup. If it continues to hold Above 840, A Rally Toward 900–950 appears likely in the short term, with potential to Extend Toward 980.
Resistance level: 900- 950 (Initial Short-Term Target), Extended Target 980
Support level: 840 (Breakout Level and Key Support)
Pattern: Head-Rand-Shlders Breakout on the Daily Chart
RSI: 67, Rising, Indicating Solid Bulish Momentum
Technical analysis: The price has broken out of a well-formed revered backed by Volume Expantions. It remains in a higher-hight, higher-low formation Above Key Moving Average, Supported by Positive RSI and Macd Signals.
Risk factors: A Fall Bellow 840 Cold Invalidate The Breakout. Lack of Volume Continuation or Broader Market Weakness Cold Lead to Consolidation or Pullback.
Buy at: 870
Target price: 900- 950 (Initial), Extended Target 980 in 4–5 days
Stop Loss: 840
Buy: Engineers India (Engineersin) – Current Price: 232
Why it’s recommended: The stock has broken out of a 14-wheelk consolidation phase, indicating a structural trend revered. It is trading well Above its 20-day and 40-day moving average, supported by strong volumes and a bulish macd crossover. The rsi is Above 80, Signaling Strong Momentum. The breakout sugges a short-term move toward 250, with further potential If buying continues.
Resistance level: 250 (short-term target)
Support level: 220 (Recent Support and Invalidation Level)
Pattern: Base Breakout from Multi-month consolidation
RSI: Around 82, Rising, Very Strong Momentum
Technical analysis: A Solid uptrend Above All Major Moving Average with a Confirmed Breakout and Volume Strength. The Macd and RSI Align to Show Sustained Bullystum.
Risk factors: RSI is in Overbough Territory, suggesting potential for a mild pullback. A Fall Bellow 220 May invalidate the bulish setup.
Buy at: 230- 235
Target price: 250 in 4–5 days
Stop Loss: 215
How the Market Performed on 10 June
The Nifty 50 Ended Just 1.05 Points Higher to Close at 25,104.25. The BSE Sensex Slipped 53.49 points or 0.06% to close at 82,391.72. Nifty Bank Showed Relative Strength, Gaining 210.50 Points or 0.37%, to settle at 56,629.10.
Also Read: Why Jio Blackrock has potential to disrupt the asset management industry
The pharma sector was the top Gainer, Rising 0.56%, Followed by the Energy Sector, which rose by 0.45%, and healthcare sector, which Gained 0.40%. The realty sector fell the most (1.14%), followed by psu banks (down 0.52%), and the finance sector, which fell 0.47%.
Grasim Led the Gainers with A 3.81% Rise, Followed by Dr. Reddy, up 2.25%, and tata motors, which gained 2.01%. The top losers were trent, down 1.68%, asian paints, which fell 1.29%, and bajaj finance, down 1.14%
Nifty Technical Analysis: Daily & Hourly
On tuesday the nifty 50 closed at 25,104.25, marking a marginal gain of 1.05 points or 0.004%. The index tradeed in a tight intraday range between 25,055.45 and 25,199.30, Reflecting Consolidation Near the upper band of its recent range. Despite the Lack of Directional Strength, The Index Held Firm Above The Key 25,000 Level, Hinting at Resilience and Potential for a Bully in the Sessions Ahead.
View full image
Technically, Nifty Continues to Trade Above All Its Significant Moving Average. The 20-day simple moving average (SMA) Stands at 24,832.96, whose 40-day exponational moving average (EMA) is Placed at 24,446.48.
On the hourly chart, the index is comfortable Above its 20-hour Sma at 25,078 and the 40-hour ema at 24,948, reinforcing the ongoing short-term bullish structure. The Falling Wedge Breakout Pattern Visible on the Hourly Chart Remains Valid and Intact as Long as the Index Holds Above 24,950. This Setup Keeps The ImmediaTe Target Around 25,213 in Focus.
View full image
Momentum indicators continue to support the bullish undertone. The Daily RSI is at 61.80 while the hourly RSI is at 62, bot indicating moderate strength with room for further upside. The Macd indicators are also positive, with the daily macd reading 194 and the hourly macD 83, showing sustained bullish bulish bulish momentum without signs of exhaustion anniversary.
However, a contrasting view emerges from the derivatives segment. The Total Call Open Interest (OI) Stands at 17.49 Crore, While The Total Put Oi is 15.07 Crore, Resulting in a Bearish Difference of -2.42 Crore. The trend in oi is also bearish, with call oi change at 2.84 Crore Surpassing the put oi change of 1.30 Crore, Leading to a Negative differential of -1.54 Crore. The maximum call oi continues to be concentrated at the 26,000 strike, while the maximum put oi is at the 24,000 strike. Notable, the highest addition in put oi was seen at the 25,100 strike, indicating strong positioning by bulls to defend this level. The put-call ratio (PCR) at 0.86 sugges a cautious undertone, with some bearish pressure visible despite bully bullish price action.
India Vix, The Volativity Index, Declined by 4.61% to Close at 14.00, Suggering Reduced Volativity Expectations and Improved Investor Confidence, often a precursor to upward market.
Also read | Behind ICICI Lombard’s Recent SURGE: What the Headlines Won’T Tell You
Global Cues Remain Supportive. Day two of the us-china trade talks in longon continued positively, with discusations focusing on Easing Export Curbs, Especially Around Rare Earth Minerals and SemaCOCOCONDUCOTORS. Officials hinted at progress and a possible handshake agreement.
Meanwhile, global investors are eyeing the upcoming us cpi data for may, set to be released on 11 June. Forecasts sugges a 0.2-0.3% monthly Rise, and any deviation from expectations could influence fed policy and trigger market moves across global indices.
In summary, nifty’s ability to Sustain Above 25,000 AMID Tight Consolidation and Strong Technical Support Levels Suggessts Underling Strength. A Decisive Close Above 25,200 Cold Open The Path Toward The 25,300-25,400 Zone. On the downside, immediati support is placed at 24,950, followed by a broader support range between 24,600 and 24,500.
Traders Should Monitor Global Developments Closely, Especially The out the Us-China Trade Talks and Us Inflation Data, for Potanical triggers that count dictate in the NEAR Term.
Ankush bajaj is a sebi-regified research analyst. His registration number is inh000010441.
Investments in Securities are Subject to Market Risks. Read all the related documents carefully Before Investing.
Registration Granted by Sebi and Certification from Nism in No Way Guarantee Performance of the Intermediary or Provide any assuance of returns to investors.
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.
Be First to Comment