📷 Image Credits: Mint
In the Indian stock market, the Sensex and the Nifty 50 have maintained their upward trend, reaching new closing highs on Friday, June 7. Despite a minor setback on June 4, both market benchmarks have shown significant gains in June, with the Sensex rising by 3.7% and the Nifty 50 by 3.4% in the first week. The Sensex hit an all-time high of 76,795.31 during the session before closing at 76,693.36, up 2.16%. The Nifty 50 closed 469 points higher at 23,290.15, with only two stocks in the red.
Following the positive market momentum, Ganesh Dongre, Senior Manager – Research at Anand Rathi, provided expert analysis and stock recommendations. For day trading, he suggested three shares to buy – Bank of Baroda, Sarvotech, and HCL Tech. Dongre highlighted the technical analysis and price levels for each stock, emphasizing key support and resistance levels for traders to consider.
For Bank of Baroda, Dongre recommended buying at ₹270 with a target price of ₹283 and a stop loss at ₹263. He noted a major support level around ₹263 and potential rally towards the resistance level. Sarvotech was advised to be bought at ₹84 with a target price of ₹90 and a stop loss at ₹78, as a bullish reversal pattern was observed. Similarly, HCL Tech was identified as a buy at ₹1430 with a target price of ₹1485 and a stop loss at ₹1390, indicating a potential upward movement.
The overall market sentiment, as analyzed by Dongre, indicated a bullish trend supported by stabilizing volatility and positive chart patterns. While individual stock recommendations were provided, it is essential for investors to consult certified experts before making any investment decisions. The recent market developments and expert recommendations suggest a favorable outlook for day trading stocks in India, aligning with the positive momentum observed in the stock market indices.
