Intraday Stocks To Buy Today, June 18: Top Picks By Sumeet Bagadia For Profitable Trading On Wednesday

Global uncertainty and escalating geopolitical concerns caused equity markets to settle lower in the previous session. While Nifty Bank concluded the session at 55,714.15, down 0.41%, Nifty ended the session at 24,853.40, down 0.37%, with the RSI dropping to 53 from higher zones, indicating a lack of strength. The benchmark was outperformed by the Nifty Midcap and Smallcap Indices, with the Nifty Smallcap 100 Index correcting 0.69% and the Nifty Midcap 100 Index declining 0.66%.With the exception of the IT group, which closed 0.7% higher, sectoral performance was mostly poor. Due to intense selling pressure, pharmaceutical and healthcare stocks saw a decline of more than 1.5%. The fact that the India VIX cooled off by more than 2.5% to 14.47 suggests that market players may have already factored in the continuing geopolitical tremors and are not expecting sudden volatility surges anytime soon.

Nifty Outlook Today

"Index formed a bear candle signaling profit booking around 25,000 levels on account of the acceleration of the geo-political tension in the middle east. The index on expected lines is seen extending its ongoing five-week range-bound consolidation within the broader zone of 24,400-25,200. Only a decisive breakout beyond this range would trigger a directional move and signal a potential pickup in momentum. On the upside, the index faces immediate supply pressure near the 25,000 mark, a sustained breakout above this level could trigger a short-term pullback rally towards the upper boundary of the consolidation zone, pegged around 25,200. Failure to do so will lead to consolidation in the range 25,000-24,400. Key support is anchored in the 24,500-24,400 zone, which marks a confluence of the 50-day EMA and the lower boundary of the five-week consolidation range, making it a crucial demand zone for the index," said the technical research analysts of Bajaj Broking Research.

Bank Nifty Outlook Today

"Bank Nifty formed a bear candle on the daily chart signaling profit booking around 56,000 levels amid acceleration of the geopolitical tension in the middle east. Going ahead only a sustained close above the 56,000 marks could pave the way for further upside towards the 56,600 and 57,000 levels. However, inability to surpass this hurdle may result in continued range-bound price action between 56,000 and 55,000, with a likely shift in focus to stock-specific moves. On the downside, a decisive break down below the 55,000 marks would invalidate the current consolidation structure and open the gates for a retest of the key support zone in the 54,500-54,000 region in the coming sessions. Key supports are placed around 54,500-54,000 levels being the confluence of the 50 days EMA and the key retracement area of the previous up move (53483-57049)," commented the technical research analysts of Bajaj Broking.

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Stocks To Buy Today

On Wednesday, Choice Broking's executive director, Sumeet Bagadia, recommended buying two stocks ahead of the US Fed meeting scheduled for June 18.

Aditya Birla Capital

Buy ABCAPITAL in cash @ Rs 255, Stop-loss @ Rs 245, Target @ Rs 270

ABCAPITAL is continued its sharp upward momentum in Monday's session, currently trading at an all-time high of 255.75 levels. ABCAPITAL marking yet another bullish session. The stock is clearly showcasing strength with persistent buying interest across both institutional and retail categories.

The breakout above ₹250 was significant from a psychological and technical standpoint. Unless there's sudden broad-market weakness or profit-booking pressure, the stock is well-placed to test ₹270 in the near term.

Additionally, ABCAPITAL is trading above key moving averages, including the short-term (20 Day), medium-term (50 Day), and long-term (200 Day) EMAs, further affirming its bullish stance. The momentum indicator, Relative Strength Index (RSI), is at 76.66 levels.

For traders, keeping an eye on the strong support near 250 levels is advisable, as a breach of this level could signal a shift in sentiment. Overall, ABCAPITAL is in a clear uptrend with strong price-volume action. The bulls are in command, and any minor pullbacks could offer buying opportunities.

Based on the above analysis we recommend buying ABCAPITAL and the CMP of 255 with a stop loss of 245 for the target of 270.

CSB Bank

Buy CSBBANK in Cash @ Rs 392.2, Stop-loss @ Rs 377, Target @ Rs 420

CSBBANK, is currently trading at 392.2 has shown a remarkable breakout in recent sessions, surging to a fresh multi-month high of ₹400.8 on the daily chart, supported by its consistent position above key exponential moving averages (EMAs). Recent price action indicates the stock gradually moved higher, forming higher highs and higher lows-a classic sign of a bullish reversal., with the stock maintaining levels near the 20-Day EMA.

The reclaim of the 20-day EMA is especially noteworthy, as it often signifies a shift from bearish to bullish sentiment. This technical alignment suggests the potential beginning of a medium- to long-term uptrend. If this trend continues, CSBBANK could reach a short-term target of 420.

On the downside, immediate support is located at 384. The Relative Strength Index (RSI) is currently at 70.03 and trending upward, reflecting growing buying momentum. To manage risk effectively, a stop-loss at 377 is suggested to guard against any unexpected market reversals.

In conclusion, based on the technical analysis and current market conditions, CSBBANK presents a promising buying opportunity for those aiming for a 420 target, provided that appropriate risk management strategies are in place.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.