Similarly, the Nifty 50 commenced at 23,319.15, higher than its previous close of 23,290.15, and achieved a fresh all-time high of 23,411.90.
It formed a Doji sort of candle on daily scale but is forming higher lows from the last four sessions.
Also read: Stock market today: Nifty 50, Sensex snap 3-day winning run amid weak global cues; mid, smallcaps outperformChandan Taparia has recommended three stocks to buy on June 11.
The three stocks to buy on June 11 are - Hero Motocorp, Ultratech Cement and Cipla.
Stocks to buyHero Motocorp: Buy at ₹ 5,710 | Target Price: ₹ 6,000 | Stop Loss: ₹ 5,550Hero Motocorp has given narrow range breakout on daily chart and trading above all key moving averages.
Indian stock market: Market indices, Sensex and the Nifty 50, snapped their three-day gaining streak on Monday, due to profit-taking at elevated levels amidst negative global indicators. After initially rising, both the Sensex and the Nifty 50 reached new intraday peaks but eventually declined due to profit-taking, in line with weak global cues.
The Sensex began trading at 76,935.41, surpassing its previous close of 76,693.36, and reached a new record high of 77,079.04 during the session. However, it concluded the day with a loss of 203 points, or 0.27%, closing at 76,490.08. Similarly, the Nifty 50 commenced at 23,319.15, higher than its previous close of 23,290.15, and achieved a fresh all-time high of 23,411.90. Nevertheless, it ended the day down by 31 points, or 0.13%, settling at 23,259.20.
Also read: IT stocks: Sector rotation, demand recovery hopes may support; Infosys, Wipro, Cyient among Emkay Global’s top picks
“Nifty index opened positive and went on to touch a fresh all time high of 23411 zones and remained in the range of its opening tick throughout the day. It took support at 23227 and closed with marginal losses near 23260. It formed a small bodied Bearish candle but has been making higher lows from the last four sessions. Now it has to hold above 23200 zones for an upside move towards 23500 then 23700 zones whereas supports are placed at 23100 then 23000 zones," said Chandan Taparia, Head – Equity Derivatives and Technicals, Broking and Distribution, MOFSL.
India VIX was down by 2.84% from 16.88 to 16.40 levels. Volatility has cooled off from its significant highs and comforting the bulls. Call writing is seen at 23500 then 23400 strike while Put writing is seen at 23000 then 22900 strike. Option data suggests a broader trading range in between 22700 to 23700 zones while an immediate range between 23000 to 23500 levels.
Bank Nifty
On the Bank Nifty outlook, Taparia said, “Bank Nifty Index opened on a flattish note and gradually extended the momentum towards 50250 zones in the initial hour of the session. Later the Index remained choppy in a wider range in between 49750 to 50100 zones and ended on a flattish note near 49800 zones. It formed a Doji sort of candle on daily scale but is forming higher lows from the last four sessions. Now it has to continue to hold above 49500 zones for an up move towards 50000 then 50500 zones while on the downside support shift higher at 49500 then 49250 levels."
Also read: Stock market today: Nifty 50, Sensex snap 3-day winning run amid weak global cues; mid, smallcaps outperform
Chandan Taparia has recommended three stocks to buy on June 11. According to him, these stocks are technically placed to see a decent upmove. The three stocks to buy on June 11 are - Hero Motocorp, Ultratech Cement and Cipla.
Stocks to buy
Hero Motocorp: Buy at ₹ 5,710 | Target Price: ₹ 6,000 | Stop Loss: ₹ 5,550
Hero Motocorp has given narrow range breakout on daily chart and trading above all key moving averages. Momentum indicator RSI is positively placed which may support the ongoing up move.
Ultratech Cement: Buy at ₹ 10,804 | Target Price: ₹ 11,400 | Stop Loss: ₹ 10,500
Ultratech cement has given range breakout of last 25 weeks and given a box breakout on daily chart. It has formed a strong bullish candle on daily chart and supports are gradually shifting higher.
Cipla: Buy at ₹ 1,529 | Target Price: ₹ 1,630 | Stop Loss: ₹ 1,480
Cipla has given head & shoulder pattern breakout on daily chart and holding the gains at higher levels. Buying is visible across Pharma stocks which may support the ongoing up move.
HERO MOTOCORP More Information
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