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Business News/ Markets / Stock Markets/  From Axis Bank to Bajaj Auto - Chandan Taparia recommends these four stocks to buy on June 4
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From Axis Bank to Bajaj Auto - Chandan Taparia recommends these four stocks to buy on June 4

Stocks to buy: Chandan Taparia has recommended four stocks to buy on Tuesday, June 4. He says these stocks are technically placed to see a decent move. These three stocks to buy today include Axis Bank, L&T, Ultratech Cement, and Bajaj Auto.

Stocks recommendations by Chandan TapariaPremium
Stocks recommendations by Chandan Taparia

Indian stock market: On June 3, Sensex and Nifty 50 experienced notable gains not witnessed since January 2021. Investors displayed widespread buying activity across various sectors, departing from the cautious trading seen in the previous month. This surge in market momentum followed exit polls suggesting that the Lok Sabha election results might align with market projections, thereby bolstering investor confidence.

Both indices reached new all-time highs, surging nearly 4 per cent each during the session. Both indexes closed at record highs, marking more than 3 per cent gains each.

Also read: Wall Street today: US stocks mixed after weak factory activity data, megacaps lift Nasdaq higher

“Nifty index started the day with the highest gap of around 800 points in the last four years. It touched a fresh all-time high of 23338 in its opening tick and remained positive to range bound for the rest of the session. It formed a small-bodied candle on the daily frame with a longer lower shadow, indicating swift buying at any small declines. It closed with gains of around 730 points and negated its lower highs formation of the last four sessions. Now, it has to hold above 23110 zones for an upside move towards 23500, then 23700 zones. In contrast, supports are placed at 23000 then 22795 zones," said Chandan Taparia, Head – Equity Derivatives and Technicals, Broking and Distribution, MOFSL.

India's VIX crashed by 14.87% from 24.60 to 20.94 levels. Volatility cooled down to 19 zones and comforted the bulls to ride the index at lifetime high levels.

On the option front, the Weekly Maximum Call OI is at 24000, then 23500 strike, while the Maximum Put OI is at 22500, then 23000 strike. Minor Call writing is seen at 23500, then 23700 strikes, while minor Put writing is seen at 23200, then 23000. Options data suggests a broader trading range between 22800 and 24000 zones and an immediate range between 22900 and 23600 levels.

Bank Nifty

The Nifty Bank saw a 4.07 per cent surge, with the Financial Services index and the Private Bank index both experiencing jumps of 4.04 per cent and 3.34 per cent, respectively.

Also read: Lok Sabha election result tomorrow: A look back at stock market performance on last 4 vote counting days

“Bank Nifty Index opened with a massive gap of more than 1900 points at a new lifetime high near 50900 zones. However, it remained consolidative in a wider range of 500 points in the initial hour of the session, but buying momentum was seen again in the latter part of the day to hit yet another fresh lifetime high of 51133 marks. It formed a small-bodied bullish candle with a long lower shadow on the daily scale as if it were a good buy, as seen in the last hour of the day. Now it has to continue to hold above 50500 zones for a new all-time high of 51500 then 52500 zones while on the downside support is seen at 50500 then 50000 levels," Taparia added.

Chandan Taparia has recommended four stocks to buy on Tuesday, June 4. He says these stocks are technically placed to see a decent move. These three stocks to buy today include Axis Bank, L&T, Ultratech Cement, and Bajaj Auto.

Stocks to buy

Axis Bank: Buy at 1,230 | Target Price: 1,300 | Stop Loss: 1,180

Consolidation breakout on the weekly chart and buying visible across the banking space may support the ongoing move.

L&T: Buy at 3,900 | Target Price: 4,100 | Stop Loss: 3,800

L&T has given a range breakout on the daily chart and is holding gains at higher zones. It has been forming higher highs and lower lows on a weekly scale for the last three weeks and entered into new lifetime high territory. The entire sector is supporting the bullish stance, as the overall trend is positive to drive the next leg of the move towards 4100 zones.

Also read: Nifty to reach 24,500 by the end of this year: BofA Securities

Ultratech Cement: Buy at 10,450 | Target Price: 11,300 | Stop Loss: 10,050

Ultratech cement has given a box breakout on the daily chart and perfectly respects 50 DEMA, which has bullish implications. It has given consolidation breakout of last 23 weeks and holding well above 10000 zones.

Bajaj Auto: Buy at 9,335 | Target Price: 10,000 | Stop Loss: 9,000

Bajaj Auto has given a triangle breakout on the daily chart and is showing strength. Buying is visible across the Auto space, which may support the ongoing move. It has been holding well above its 50 DEMA, and stability is seen in the stock.

Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.

 

 

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Published: 03 Jun 2024, 09:27 PM IST
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