Buy/Sell/Hold: Day Trading Picks By Sumeet Bagadia On Friday, 21st June

The Indian benchmark index, Nifty, started the day strongly on Thursday, steadied within a narrow band, and ended the day higher at 23,567. The Bank Nifty index had a strong start to the day and kept up its pace. Consequently, Bank Nifty closed the day at a record-breaking 51,783 closing. The majority of the sector ended the day higher thanks to transactions in real estate, metals, oil and gas and fertilizer stocks. FII inflow and macroeconomic factors will drive the domestic market going forward.

Nifty Outlook

Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd said, "Technically, on a daily basis, the index has formed an inside bar candlestick pattern. However, the index has managed to close above 23,500 levels, indicating strength. As long as the index holds 23,330 levels, it may test 23,800-24,000 levels in the short term. Thus, a buy-on-dips strategy should be used in the Nifty, with support at 23,330."

Bank Nifty Outlook

"Technically, on a daily scale, the Bank Nifty has managed to sustain above the previous barrier of 51,134. Thus, 51,100-51,000 will act as immediate support for the index. As long as Bank Nifty holds 51,000 levels, it could test the 52,000-52,500 levels in the short term," Hrishikesh Yedve added.

Stocks To Buy Today

Sumeet Bagadia, the executive director of Choice Broking, recommended buying 2 stocks during the intraday trading session on Friday, June 21.

Aurobindo Pharma

Buy AUROPHARMA in cash @ Rs 1243.20, stop-loss: Rs 1185, target: Rs 1340

AUROPHARMA is exhibiting resilience, having rebounded from the support range and also passed a small resistance of 1230 levels which is also close to its 20 Day EMA levels, indicating underlying strength in the stock. Currently trading at 1243.20 levels, it maintains positions above crucial moving averages, including the short-term (20-day), medium-term (50-day), and long-term (200-day) EMAs, signalling a bullish sentiment.

The momentum indicator has also rebounded, with the Relative Strength Index (RSI) currently at 55.63 levels and trending higher, further affirming positive momentum in the stock.

Looking ahead, a minor resistance is anticipated near 1268 levels. Upon surpassing this level, AUROPHARMA is poised to move towards the target price of 1340 and beyond.

Investors may consider accumulating positions in AUROPHARMA, capitalizing on the recent bounce from support levels. However, prudent risk management practices entail setting stop-loss levels to mitigate potential downside risks. Monitoring price movements around the resistance level of 1268 will be crucial in gauging the stock's ability to sustain its upward momentum and validate the bullish outlook.

With a short to medium term outlook one can buy AUROPHARMA at a CMP of 1243.20 with a SL of 1185 for a target price of 1340.

Marico

Buy MARICO in Cash @ Rs 628.40, stop-loss: Rs 615, target: Rs 660

Currently trading at 628.40 levels, the stock has demonstrated a strong rebound from the robust support level of 615, which lies just below its 20-Day Exponential Moving Average (EMA). This recovery indicates a bullish sentiment. The stock is now trading above all key moving averages, signalling strength and potential for further gains.

On the daily charts, a strong green candle has formed, reinforcing the bullish outlook. This suggests that any dip around 620 levels presents a good buying opportunity for investors. While a small resistance can be observed near 630 levels, surpassing this resistance could propel the stock towards the 660 level and potentially higher.

Investors holding the stock from lower levels should consider maintaining their positions, employing a trailing stop loss strategy to lock in profits and mitigate risk. This approach allows investors to capitalize on the stock's upward momentum while protecting against any potential downturns.

According to the aforementioned technical analysis, we advise buying MARICO at a CMP of 614.55 for the target of 665. If the stock closes below 589, our analysis will be invalid.

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.