Top 3 stocks to buy today, 11 June, as recommended by Ankush Bajaj
Market expert Ankush Bajaj recommends these three stocks to buy today.
On Tuesday the Indian stock market had a gap-up opening, signaling early optimism. However, the bullish momentum did not continue as profit-booking emerged, causing the indices to gradually give up their gains. They traded in a tight range and eventually ended flat, reflecting indecision and consolidation after recent rallies.
Top 3 stocks recommended for today by Ankush Bajaj
Buy: Data Patterns (DATAPATTNS) — current price: ₹3,123
Why it’s recommended: The stock recently broke out of a rectangle consolidation pattern on the daily chart, supported by strong momentum and volume expansion. It is trading well above its key moving averages, confirming an established uptrend. The daily RSI stands at 61.80 and is rising, indicating improving momentum. The MACD, at 194, has crossed above the signal line on lower time frames, reinforcing the short-term bullish momentum. If the stock sustains above the breakout zone of ₹2,970 it is likely to advance toward ₹3,200-3,300 in the short term.
Resistance level: ₹3,200– ₹3,300 (short-term target range),Support level: ₹2,970 (breakout zone, pattern invalidation level)
Pattern: Rectangle consolidation breakout on the daily chart
RSI: 61.80, rising, indicating strengthening momentum
Technical analysis: The breakout above the consolidation range is supported by volume and confirmed by MACD crossover on the lower time frame. The stock is firmly above the 20-day and 40-day moving averages, which supports trend continuation. A 5% gain on 10 June added further confirmation of a trend reversal.
Risk factors: The stock has rallied significantly (around 90%) over the past three months, making it susceptible to volatility. A drop below ₹2,970 could invite quick profit-taking. Monitor volume and price closely for follow-through.
Buy at: ₹3,120– ₹3,130
Target price: ₹3,200– ₹3,300 in 4–5 days
Stop loss: ₹2,900
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Buy: Zensar Technologies (ZENSARTECH) — current price: ₹870
Why it’s recommended: On the daily chart, the stock has given a head & shoulders breakout, suggesting a trend reversal with a measured target of ₹980. The breakout is supported by a rise in volume and strengthening technical indicators. The RSI stands at 67, indicating strong bullish momentum, and the MACD at 27 confirms continued strength as it trends above the signal line. The stock remains above its 20-day EMA, validating a strong trend setup. If it continues to hold above ₹840, a rally toward ₹900–950 appears likely in the short term, with potential to extend toward ₹980.
Resistance level: ₹900– ₹950 (initial short-term target), extended target ₹980
Support level: ₹840 (breakout level and key support)
Pattern: Head-and-shoulders breakout on the daily chart
RSI: 67, rising, indicating solid bullish momentum
Technical analysis: The price has broken out of a well-formed reversal pattern backed by volume expansion. It remains in a higher-high, higher-low formation above key moving averages, supported by positive RSI and MACD signals.
Risk factors: A fall below ₹840 could invalidate the breakout. Lack of volume continuation or broader market weakness could lead to consolidation or pullback.
Buy at: ₹870
Target price: ₹900– ₹950 (initial), extended target ₹980 in 4–5 days
Stop loss: ₹840
Buy: Engineers India (ENGINERSIN) — current price: ₹232
Why it’s recommended: The stock has broken out of a 14-week consolidation phase, indicating a structural trend reversal. It is trading well above its 20-day and 40-day moving averages, supported by strong volumes and a bullish MACD crossover. The RSI is above 80, signaling strong momentum. The breakout suggests a short-term move toward ₹250, with further potential if buying continues.
Resistance level: ₹250 (short-term target)
Support level: ₹220 (recent support and invalidation level)
Pattern: Base breakout from multi-month consolidation
RSI: Around 82, rising, very strong momentum
Technical analysis: A solid uptrend above all major moving averages with a confirmed breakout and volume strength. The MACD and RSI align to show sustained bullish momentum.
Risk factors: RSI is in overbought territory, suggesting potential for a mild pullback. A fall below ₹220 may invalidate the bullish setup.
Buy at: ₹230– ₹235
Target price: ₹250 in 4–5 days
Stop loss: ₹215
How the market performed on 10 June
The Nifty 50 ended just 1.05 points higher to close at 25,104.25. The BSE Sensex slipped 53.49 points or 0.06% to close at 82,391.72. Nifty Bank showed relative strength, gaining 210.50 points or 0.37%, to settle at 56,629.10.
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The pharma sector was the top gainer, rising 0.56%, followed by the energy sector, which rose by 0.45%, and healthcare sector, which gained 0.40%. The realty sector fell the most (1.14%), followed by PSU banks (down 0.52%), and the finance sector, which fell 0.47%.
Grasim led the gainers with a 3.81% rise, followed by Dr. Reddy, up 2.25%, and Tata Motors, which gained 2.01%. The top losers were Trent, down 1.68%, Asian Paints, which fell 1.29%, and Bajaj Finance, down 1.14%
Nifty technical analysis: Daily & hourly
On Tuesday the Nifty 50 closed at 25,104.25, marking a marginal gain of 1.05 points or 0.004%. The index traded in a tight intraday range between 25,055.45 and 25,199.30, reflecting consolidation near the upper band of its recent range. Despite the lack of directional strength, the index held firm above the key 25,000 level, hinting at resilience and potential for a bullish breakout in the sessions ahead.
Technically, Nifty continues to trade above all its significant moving averages. The 20-day simple moving average (SMA) stands at 24,832.96, while the 40-day exponential moving average (EMA) is placed at 24,446.48.
On the hourly chart, the index is comfortably above its 20-hour SMA at 25,078 and the 40-hour EMA at 24,948, reinforcing the ongoing short-term bullish structure. The falling wedge breakout pattern visible on the hourly chart remains valid and intact as long as the index holds above 24,950. This setup keeps the immediate target around 25,213 in focus.
Momentum indicators continue to support the bullish undertone. The daily RSI is at 61.80 while the hourly RSI is at 62, both indicating moderate strength with room for further upside. The MACD indicators are also positive, with the daily MACD reading 194 and the hourly MACD 83, showing sustained bullish momentum without signs of exhaustion yet.
However, a contrasting view emerges from the derivatives segment. The total call open interest (OI) stands at 17.49 crore, while the total put OI is 15.07 crore, resulting in a bearish difference of -2.42 crore. The trend in OI is also bearish, with call OI change at 2.84 crore surpassing the put OI change of 1.30 crore, leading to a negative differential of -1.54 crore. The maximum call OI continues to be concentrated at the 26,000 strike, while the maximum Put OI is at the 24,000 strike. Notably, the highest addition in put OI was seen at the 25,100 strike, indicating strong positioning by bulls to defend this level. The put-call ratio (PCR) at 0.86 suggests a cautious undertone, with some bearish pressure visible despite bullish price action.
India VIX, the volatility index, declined by 4.61% to close at 14.00, suggesting reduced volatility expectations and improved investor confidence, often a precursor to upward market moves.
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Global cues remain supportive. Day two of the US-China trade talks in London continued positively, with discussions focusing on easing export curbs, especially around rare earth minerals and semiconductors. Officials hinted at progress and a possible handshake agreement.
Meanwhile, global investors are eyeing the upcoming US CPI data for May, set to be released on 11 June. Forecasts suggest a 0.2-0.3% monthly rise, and any deviation from expectations could influence Fed policy and trigger market moves across global indices.
In summary, Nifty’s ability to sustain above 25,000 amid tight consolidation and strong technical support levels suggests underlying strength. A decisive close above 25,200 could open the path toward the 25,300-25,400 zone. On the downside, immediate support is placed at 24,950, followed by a broader support range between 24,600 and 24,500.
Traders should monitor global developments closely, especially the outcome of the US-China trade talks and US inflation data, for potential triggers that could dictate market direction in the near term.
Ankush Bajaj is a Sebi-registered research analyst. His registration number is INH000010441.
Investments in securities are subject to market risks. Read all the related documents carefully before investing.
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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 making any investment decisions.
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