Trade Setup: Stocks To Buy Today For Intraday On 6th October, Friday

On Thursday, Indian benchmark indices climbed as the Sensex added 405 points and the Nifty closed over the 19,500 level. The S&P BSE Sensex climbed 0.62% to 65,631.57 and the NSE Nifty 50 index wrapped up 0.56% higher at 19,545.75. The Reserve Bank of India (RBI) is currently holding a three-day meeting of its Monetary Policy Committee (MPC). Today's announcement by RBI Governor Shaktikanta Das may cause market sentiment to become erratic.

Nifty Outlook Today

Rupak De, Senior Technical analyst at LKP Securities said, "The Nifty has shown an upward movement following a hammer formation on the daily timeframe. Additionally, there is a hidden positive divergence observed on the daily RSI. The strength of the trend is expected to persist as long as the index stays above 19,430. On the upper side, resistance is placed around 19,600, which may act as immediate resistance. A decisive move above 19,600 could propel the index to higher levels."

Bank Nifty Outlook

Kunal Shah, Senior Technical & Derivative analyst at LKP Securities said, "Bank Nifty bulls displayed resilience before the RBI policy announcement by maintaining support in the 44,000-43,800 range. Immediate resistance on the upside lies at the 44,400-44,500 zone. A breakthrough here could trigger short-covering, potentially driving the index towards the 45,000 mark, which currently has the highest open interest on the call side. The RBI policy decision may influence the near-term direction of the index."

Stocks To Buy Today For Intraday

AR Ramachandran from Tips2trades has recommended 3 stocks to buy today on 6th October.

Eicher Motors

Eicher motors look bearish on the Daily charts with strong resistance at 3416. A daily close below support of 3280 could lead to a target of 3145 in the near term.

Delta Corp

Delta Corp has been very bearish on the Daily charts with strong resistance at 158. Investors should buy only if the Daily close is above this resistance for a target of 176. The next strong support will be at 121.

Sheela Foam

Sheela Foam is slightly bearish on the Daily charts with strong resistance at 1128. A daily close above this resistance could lead to a target of 1213 in the near term. Support will be at 1022.

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.