Top Stocks to Buy/Sell Today - 05 June, 2024

During the current session, the Indian stock market experienced significant volatility in response to the recent election outcomes. The Nifty commenced with a notable decline at the open and encountered intense selling pressure in the initial hours. Subsequently, it partially recovered from its lows during the afternoon but remained in the red, ultimately closing with a substantial loss.

The Nifty Midcap 100 index trailed the Nifty 50, registering a significant drop.

Among various sectors, FMCG and IT stood out as beacons of strength, demonstrating resilience. However, PSU Banks and Energy grappled with challenges and underperformed throughout the trading day.

An analysis of the options market suggests a preponderance of open interest in the call options at the 23000/24000 level, while the put options exhibited higher open interest at 20500/21000. This pattern, alongside the greater volume of call writing compared to put writing, indicates bearish sentiments among market participants.

Based on the Volume Weighted Average Price (VWAP), the anticipated trading range for today is projected between 21650 and 22325. The Max Pain is observed at the 22300 spot level, with a combined residual premium/pain value of 2634.92 Crores.

In the cash market, Foreign Institutional Investors (FIIs) adopted a net selling stance, liquidating stocks worth 12436.22 crore, while Domestic Institutional Investors (DIIs) also engaged in net selling, exiting positions valued at 3318.98 crore.

Top Stocks to Buy Today:

1) BDL

Buy BDL shares in intraday timeframe at CMP Rs. 1293.2

2) HINDALCO

Buy HINDALCO shares in intraday timeframe at CMP Rs. 618

3) SUNTECK

Buy SUNTECK shares in intraday timeframe at CMP Rs. 457.75

4) PIIND

Buy PIIND shares in intraday timeframe at CMP Rs. 3534.05

Top Stocks to Short Today:

1) VAIBHAVGBL

Sell VAIBHAVGBL shares in intraday timeframe at CMP Rs. 288.8

2) FLUOROCHEM

Sell FLUOROCHEM shares in intraday timeframe at CMP Rs. 2850.75

3) VIPIND

Sell VIPIND shares in intraday timeframe at CMP Rs. 476.2

4) HFCL

Sell HFCL shares in intraday timeframe at CMP Rs. 86.75

Disclaimer: Remember, the market is a living beast, and even the most informed predictions can be devoured by unforeseen events. While this analysis is based on a thorough rule-based research, the ultimate decision to buy or sell rests with you. Do your own due diligence, consider your risk tolerance, and craft a strategy that aligns with your financial goals. Stratzy provides insights, not guarantees, and cannot be held responsible for any gains or losses incurred in your trading activities. Invest wisely, trade responsibly, and may the market gods favor you!