Day trading guide for Thursday: 6 stocks to buy today — 2nd June
Premium- Nifty showing minor weakness down to previous upside breakout area could be considered as an important support for the market, say stock market analysts
The Sensex and Nifty nursed losses for the second straight session on Wednesday, pressured by steep declines in IT, FMCG and pharma counters amid a mixed trend overseas. The 30-share BSE Sensex declined 185.24 points to settle at 55,381. On similar lines, the Nifty dipped 0.37% to close at 16,522.7 after swinging between gains and losses.
In the broader market, the BSE smallcap gauge rose 0.6%, while the midcap index declined marginally on Wednesday. Most major Nifty sub-indexes settled lower, with the IT and pharma indexes leading declines to end down 1.4% and 1.3%, respectively.
Nestle India was the top loser among the Sensex components, followed by Tech Mahindra, Bajaj Finserv, Sun Pharma, HCL Tech, HUL, PowerGrid and UltraTech Cement. The market breadth was negative, with 20 of the 30 Sensex stocks closing in the red.
Day trading guide for stock market today
"The near term uptrend status remains intact for Nifty on the daily chart and the smaller degree of higher tops and bottoms is also active. After the upside breakout of hurdle at 16400 levels on Monday, Nifty showing minor weakness down to the previous upside breakout area (16400 levels) could be considered as an important support for the market. Other supports like daily 10 and 20 period EMA are also placed around 16400 levels," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Stocks to buy today as recommended by analysts -
Nehul Kothari, AVP - Research at Anand Rathi
HPCL: Buy Hindpetro, stop loss ₹224, target ₹242
MINT PREMIUM See All
GAIL: Buy Gail, stop loss ₹142, target ₹155
Rajesh Bhosale, Technical Analyst, Angel One
Voltas: Buy VOLTAS, stop loss ₹1,018, target ₹1,110
Bandhan Bank: Buy BANDHAN BANK, stop loss ₹326, target ₹344
Avinash Gorakshkar, Head of Research at Profitmart Securities
BEL: Buy BEL, stop loss ₹236, target ₹263
ICICI Bank: Buy ICICIBANK, stop loss ₹738, target ₹785
The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.