Top three stocks to buy today, 23 June, as recommended by ankush bajaj

Top 3 stocks for today, recommended by ankush bajaj

Buy: Indus Towers Ltd. (Industower) – Current Price: 404.30

Why it’s recommended:Indus towers have broken out of a Falling Wedge Pattern on the Daily Chart – a Bully Reversal Structure that indicates potential for trend revered. Additional, on the 45-minute chart, the stock has confirmed a triangle breakout, adding to the bulish conviction. The Relative Strength Index (RSI) on the daily chart is at 62.90, suggesting strengthening momentum.

Key metrics:

Resistance level: 419 (short-term target)

Support level: 397 (Pattern Invalidation Level)

Pattern: Falling Wedge Breakout on the Daily Chart; triangle breakout on the 45-minute chart.

RSI: 62.90 on Daily Chart, Indicating Bully

Technical analysis:The confluence of breakouts on both daily and intraday timeframes strengthens the bullish view. The rsi in the 60+ zone reflects Solid Momentum, and the Breakout Structure is Clean. A move agreement 419 Cold Open Up Further UPSide in the Short Term, Provided the Breakout Sustains with Volume Confirmation.

Risk factors:Failure to hold Above 397 would invalidate the bulish pattern and may lead to selling pressure. A Lack of Volume Follow-Through May Weaken The Breakout Signal.

Buy at: 404.30

Target price: 419

Stop Loss: 397

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Buy: Bharat Electronics Ltd. (BEL) – Current Price: 408.25

Why it’s recommended:BEL HAS Closed at a new all-time high, indicating Strong Bully. The rsi is Above 72 on the Daily Chart, Showing Strong Momentum and Sugging the trend may continue. On the 15-minute chart, a rectangle breakout has been confirmed, supporting a continuation of the uptrend in the life term.

Key metrics:

Resistance level: 426- 430 (short-term target range)

Support level: 396 (Pattern Invalidation Level)

Pattern: Rectangle breakout on the 15-minute chart; Breakout to new life-time high on daily chart

RSI: Above 72 on Daily Chart, suggesting overbough strength and trend continuation

Technical analysis: Bel is showing strong price action with volume support at higher levels. The breakout Above Its Previous High, Combined with Short-Term Consolidation Breakout, Makes it a high-conviction trap. While the RSI is in the overburgt zone, this can persist during strong trends.

Risk factors: High RSI may lead to brief consolidations or minor pullbacks. A drop below 396 would negate the current bulish structure.

Buy at: 408.25

Target price: 426- 430

Stop Loss: 396

Buy: Aeroflex Industries Ltd. (Aeroflex) – Current Price: 204.45

Why it’s recommended: Aeroflex has delivered two culture strong green sessions accounted by high volume, indicating strong buying interest. The stock is showing positive related strength and is currently in a healthy pullback mode, which offers a good entry point in the broader uptrend.

Key metrics:

Resistance level: 235- 240 (short-term target range)

Support level: 189 (Pattern Invalidation Level)

Pattern: High-Volume Continuation with Positive Relative Strength and Pullback Support

RSI: Not overbough; Momentum Building with Volume Support

Technical analysis:The stock is showing signs of sustained strength after a recent correction, with increasing volume lending credit to the bounce. Positive Relative Strength Sugges It is outperforming its peers, and the setup indicates potential for continued upside toward 235- 240.

Risk factors:Any Dip Bellow 189 Blad Sugged a Failed Pullback and May Invite Selling. Volume needs to remain elevated to confirm the current momentum.

Buy at: 204.45

Target price: 235- 240

Stop Loss: 189

Also Read: Paint Industry’s First Dip in 20 Years – is a rebound next?

How the Market Performed on Friday

The nifty 50 ended the session 319.15 points or 1.29% Higher to Close at 25,112.40. The BSE Sensex also close in the green, gaining 1,046.30 points or 1.29% to Finish at 82,408.17. NIFTY Bank also Saw Weakness Early on but Recovered Ground, Ending 675.40 points or 1.22% Higher at 56,252.85.

The realty index gained 2.11%, infrastructure rose 1.73%, and psu banks was up 1.64%, showing strength in domestic-decision segments. No Sector Ended in the Red, Underscoring The Recovery Mood Accross The Market.

Among Individual Gainers, Jio Finance Led with A 3.57% Gain, Backed by Strong Institute Buying. Bharti Airtel Climbed 3.18%, and Trent Added 3.04%, Indicating Continued Strength in Select Auto and Consumer Names.

On the flipside, bajaj auto fell 2.52%, while Hero Motocorp Declined 2.01%, and Dr. Reddy’s Slipped 1.57% as Profit-Booking Set in after Recent Rallies.

Nifty Technical Analysis: Daily & Hourly

The nifty open flat but maintained a steady upward trajectory through the session, ultimately closing with Robust Gains of Around 319 Points. This move marked a significant breakout Above the recent consolidation zone of 24,700–25,000 on the daily charts, indicating a likely continuration of the ongoing up. Notable, the index ended the day Above the key psychological level of 25,000, reinforcing the bulish sentiment. With this breakout, the next UPSIDE TARGET Appears to be Around 25,600, which coincides with the upper bollinger band on the weekly chart.

From a technical standpoint, the outlook remains positive. Both the daily and hourly Momentum indicators have registered a bullyn crossover, typically interpreted as a boy signal. The 20-day moving average, positioned at 24,860, is expected to serve as a key support level in the near term.

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Additional Technical observations show that the nifty is trading comfortable Above bot its 20-day and 40-day exponential moving averages, which are currently at 24,8662 and 24,597 positively. However, the daily Momentum Indicator (MACD) Still Reflects a Negative Crossover, with the Daily Macd Reading at 121, Suggesting Some Cuity. On the hour chart, the index remains about the 20-hour and 40-hour moving average at 24,873 and 24,896 respectly, and the hourly macD is at 55, supporting contrasting strength. The Relative Strength Index (RSI) Also Reflects Bullysts Momentum, with a daily rsi at 59 and house at 65.

Options Data Further Confirms The Bully Undertone. The put-call ratio (PCR) stands at 1.12, indicating more aggressive put written relative to calls. Total Put Open Interest (OI) is at 16.10 Crore, Exceding The Call OI of 14.21 Crore, with a Net Difference of 1.90 Crore in Favor of Puts. This sugges a bulish position in the options space. The maximum call oi is concentrated at the 26,000 strike, while the highhest call Oi change was observed at the 27,000 strike. On the put side, the 25,000 strike holds bot the maximum oi and the largest change in oi, indicating strong support at this Level.

The Total Change in Put OI (6.15 Crore) outpaced that of calls (3.38 Crore), Resulting in a 2.77 Crore Difference – Again Highlighting Bullying Bullying Bully. The overall Oi and change in oi trends are both marked as bullish.

Lastly, India Vix, The Volativity Index, declined by 4.10% to settle at 13.67, suggesting reduced market uncertain and supporting the stability of the current up the current.

In Summary, The Technical Structure, Momentum Indicators, Options Data, and Declining Volativity all points a strong and sustained bulish trend, with 25,600 as the next IMMISTATE RESSTANCE LeVelle.

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

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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.