Buy Or Sell: Rajesh Palviya Recommends 3 Stocks to Buy For June 6

Stocks to Buy or Sell Today: Indian stock market is expected to consolidate on Tuesday tracking mixed global cues.

S&P BSE Sensex rose more than 200 points while the Nifty50 closed just below 18600 levels on Monday.

Nifty Outlook

Rajesh Palviya, Head -Technical & Derivative at 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 index continues to move in a Higher Top and Higher Bottom formation on the hourly chart, showcasing positive bias. The chart pattern suggests that if Nifty crosses and sustains above the 18650 level, it would witness buying, which may lead the index towards 18700-18800 levels. Crucial Support for the day is around 18550. However, if the index sustains below 18550, it may witness profit booking taking the index towards 18500-18400 levels. Nifty is trading above 20, 50, 100, and 200-day SMA, indicating positive bias in the short to medium term. Nifty remains in an uptrend for the short term, so buying on dips remains our preferred strategy.”

The daily strength indicator RSI remains flat and is below its reference line, indicating an absence of momentum on either side.

Bank Nifty Outlook

“On the daily chart, the index 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 up trend. The chart pattern suggests that if Nifty crosses and sustains above 44200 levels, it would witness buying, leading the index towards 44300-44500 levels. Crucial Support for the day is around 44000. However, if the index sustains below 44000, it may witness profit booking taking the index towards 43850-43700 levels. Banknifty is sustaining above its 20, 50, 100, and 200-day SMA, signaling bullish sentiments in the near term. Banknifty remains in an uptrend in the medium and long term, so buying on dips remains our preferred strategy,” Palviya said.

The daily strength indicator RSI remains flat and is below its reference line, indicating an absence of momentum on either side.

Stocks to buy – Rajesh Palviya recommends three stocks to buy today 

Buy JSWSTEEL Rs 713 Stop Loss: Rs 703 Target: Rs 740

Buy IPCALAB Rs 723 Stop Loss: Rs 705 Target: Rs 760

Buy ABFRL Rs 207 Stop Loss: Rs 202 Target: Rs 220