Buy or sell: Vaishali Parekh recommends three stocks to buy today — 6th June

Buy or sell stocks for today: Ahead of Reserve Bank of India (RBI) Monetary Policy Committee (MPC) meeting, Indian stock market remained range-bound on Friday but managed to finish higher for second straight session. NSE Nifty gained 59 points and closed at 18,593 levels, BSE Sensex shot up 240 points and finished at 62,787 mark while Bank Nifty index ended 163 points higher at 44,101 levels. Small-cap index rose more than the Nifty even as the advance decline ratio was up at 1.48:1.

Intraday trading strategy for Tuesday

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that overall market bias is positive and Nifty may go up to 18,800 to 18,900 levels once it breaches 18,600 to 18,650 hurdle decisively. As three days RBI MPC meeting is going to start today, Prabhudas Lilladher expert maintained that Nifty and Bank Nifty may trade cautious and remain sideways to positive. On intraday stocks for today, Vaishali Parekh recommended three stocks to buy today and those three day trading stocks are Sumitomo Chemical, BHEL and RCF.

On outlook for Nifty today, Vaishali Parekh said, "Nifty after opening with a gap up remained rangebound and closed in the green near 18,600 zone with the broader markets witnessing active participation and performing well. The index maintained overall positive is expected to achieve the target of around 18,800-18,900 zone in the coming days with 18,450 as the near-term strong support zone."

"Bank Nifty also, in a similar way, remained rangebound after opening on a positive note and hovered near the 44,200 zone for most part of the session and ended near 44,100 levels with bias overall remaining positive. As said earlier, the index has the important barrier near 44500 zone which need to be breached decisively whereas on the downside has 43,700 as the important support zone," said Parekh.

Parekh went on to add that support for NSE Nifty today is placed at 18,500 levels while the resistance is seen at 18,750 levels. Bank Nifty would have the daily range of 43,700-44,500 levels.

Stocks to buy today

As mentioned earlier, Vaishali Parekh has recommended three intraday stocks for today, here we list out full details in regard to those day trading stocks:

1] Sumitomo Chemical: Buy at ₹415, target ₹430, stop loss ₹408;

2] BHEL: Buy at ₹85.50, target ₹89, stop loss ₹84; and

3] RCF: Buy at ₹105.50, target ₹110, stop loss ₹103.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.