Stock Market Today: Nifty 50 Outlook, Modi Cabinet Update, and Top Stocks to Watch for June 11

The Indian stock market concluded Monday on a lower note, influenced by weaker global cues and hotter-than-expected US job data. The Nifty 50 index decreased by 30 points, closing at 23,259. Similarly, the BSE Sensex dropped by 203 points, ending at 76,490. The Bank Nifty index also saw a minor decline, finishing 22 points lower at 49,780. Despite the overall downward trend, the broad market indices remained positive, with a healthy advance-decline ratio of 1.92:1.

Trade Setup for Tuesday

As traders gear up for Tuesday, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, shared his insights on Nifty’s trajectory. “Nifty is currently positioned at a resistance point around 23,250, following last week’s bearish hanging man candlestick pattern,” he explained. Shetti pointed out that although the market has reached all-time highs, it lacks the momentum for further upward movement. He anticipates a potential downward correction with immediate support at the 23,100 level.

For the Bank Nifty, Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C Mehta, noted that the index ended flat to negative after profit booking in the second half of Monday’s session. “Technically, the Bank Nifty has formed a hanging man candlestick pattern on the weekly scale,” Yedve stated. He identified resistance between 51,130-51,140 and immediate support near 49,000, with additional support at 48,580.

Expert Stock Picks: Buy or Sell Recommendations

Stock market experts Sumeet Bagadia of Choice Broking and Ganesh Dongre of Anand Rathi have identified five stocks to watch for potential buying opportunities on Tuesday.

Sumeet Bagadia’s Picks:

  1. Zensar Technologies: Buy at ₹688.40, target ₹730, stop loss ₹665.
    • Zensar Technologies has shown a strong bullish trend with a Bullish Engulfing Pattern and increased trading volumes, suggesting a positive outlook.
  2. VA Tech Wabag: Buy at ₹1153.35, target ₹1222, stop loss ₹1111.
    • VA Tech Wabag is trading at an all-time high, with substantial volume backing its recent breakout above ₹1100, indicating continued bullish momentum.

Ganesh Dongre’s Picks:

  1. Punjab National Bank (PNB): Buy at ₹126, target ₹135, stop loss ₹120.
    • PNB has major support at ₹120 and shows a reversal price action at ₹126, making it a good candidate for a rally towards ₹135.
  2. AWL: Buy at ₹345, target ₹365, stop loss ₹338.
    • AWL has demonstrated a bullish reversal pattern, suggesting a potential rise to ₹365, supported by the level at ₹338.
  3. Larsen & Toubro (LT): Buy at ₹3542, target ₹3650, stop loss ₹3480.
    • LT has significant support around ₹3480, and with a reversal action at ₹3542, it is poised for a rally towards ₹3650.

As the market navigates through mixed signals and technical patterns, these expert recommendations provide valuable guidance for traders. With key support and resistance levels identified, investors can strategically plan their trades while keeping an eye on the broader market trends and global cues.

Leave a Reply

Your email address will not be published. Required fields are marked *

7 Stress Relief Techniques for Anywhere, Anytime 7 Surprising Eid ul-Adha Facts You Didn’t Know 6 Amazing Father’s Day Gifts He’ll Absolutely Love Top Summer Loving Vegetable Plants Must-Visit National Parks in India How to Identify Chemically Ripened Mangoes in Seconds! White Eggs VS Brown Eggs 7 Easy Steps to Grow Fresh Mushrooms at Home Top 7 Tips to Ageless, Glowing Skin 6 Benefits of Matka Water in Summer Top 10 Heartwarming Mother’s Day Gifts She’ll Love Indian Tomato Varieties You Must-Try 7 Facts About Rabindranath Tagore You Didn’t Know 6 Must Try India’s Top Coffee Varieties 7 Health Benefits of Consuming Mango Leaves
7 Stress Relief Techniques for Anywhere, Anytime 7 Surprising Eid ul-Adha Facts You Didn’t Know 6 Amazing Father’s Day Gifts He’ll Absolutely Love Top Summer Loving Vegetable Plants Must-Visit National Parks in India How to Identify Chemically Ripened Mangoes in Seconds! White Eggs VS Brown Eggs 7 Easy Steps to Grow Fresh Mushrooms at Home Top 7 Tips to Ageless, Glowing Skin 6 Benefits of Matka Water in Summer Top 10 Heartwarming Mother’s Day Gifts She’ll Love Indian Tomato Varieties You Must-Try 7 Facts About Rabindranath Tagore You Didn’t Know 6 Must Try India’s Top Coffee Varieties 7 Health Benefits of Consuming Mango Leaves Indian States with Largest Forest Covers Profitable Business Ideas with Dried Flowers Top 5 Coldest Places on Earth Will Freeze Your Mind 5 Natural Hacks to Banish Blackheads Fast 5 Must Try Mouthwatering Mango Recipes