Stocks to buy: Ajit Mishra of Religare Broking recommends three shares to buy on Wednesday - 3 June 2026

Stock market today: Indian benchmark indices snapped a four-session losing streak on Tuesday, 3 June, aided by bargain buying at lower levels and sustained gains in IT stocks.

The rebound followed a nearly 3% decline in the market over the previous four trading sessions, driven by concerns surrounding the Iran conflict and persistent foreign institutional investor outflows. The Nifty 50 advanced 0.43% to settle at 23,483.55, while the Sensex climbed 0.52% to close at 74,649.84.

“Markets remained volatile on the weekly expiry day but managed to end in the green amid mixed cues. After an initial decline, the Nifty traded subdued during the first half of the session; however, a sharp rebound in the latter half changed the market tone and helped the index close with gains of nearly half a percent at 23,483.55,” said Ajit Mishra, SVP - Research, Religare Broking Limited.

Mishra further said that the the rebound was primarily driven by buying in heavyweight stocks across sectors despite persistent geopolitical uncertainty in the Middle East and continued foreign institutional selling. Additionally, short covering ahead of the weekly expiry provided further support to sentiment and accelerated the recovery in the latter half of the session.

On the technical outlook, Mishra added that the Nifty rebounded after retesting its previous swing low around the 23,250 mark, and the closing pattern suggests the possibility of a further recovery. However, the upside is likely to remain capped by the key resistance zone of 23,800–24,000.

“Given the prevailing choppy market conditions, we maintain a cautious stance and recommend focusing on stock selection and disciplined trade management,” he said.

Ajit Mishra's stocks to buy

1] Federal Bank: Buy at ₹293.05 | Target price: ₹313| Stop Loss: ₹283

Federal Bank share price continues to outperform within the banking space, holding firm near its record highs. Following a brief consolidation phase, the stock appears poised for a fresh upward move, supported by the formation of a buying pivot. It remains comfortably above its key moving averages, while the RSI has delivered a bullish crossover and is trending in positive territory, indicating strengthening momentum. Given the favorable risk-reward profile and constructive technical setup, traders may consider accumulating the stock as per the given levels.

2] NMDC Limited: Buy at ₹95.31 | Target price: ₹104 | Stop Loss: ₹90

We are seeing selective participation in the metal space and NMDC is among the top performer. It has been maintaining a robust bullish structure, trading consistently above its key moving averages, reinforcing the prevailing positive trend and strong momentum profile. The recent breakout is accompanied by increased trading volumes, reflecting sustained participation and accumulation at elevated levels. Momentum indicators continue to support further upside potential, provided the stock remains above its near-term support zone.

3] Varun Beverages Limited: Buy at ₹537 | Target price: ₹583 | Stop Loss: ₹514

VBL has shown signs of structural trend reversal with a decisive breakout from a declining trendline, marking the end of its year-long corrective phase. The stock staged a strong recovery from its 200-week moving average, supported by a notable rise in volumes, reflecting renewed buying interest from lower levels. Currently, the stock has formed a buying pivot while sustaining above its important short-term weekly averages, highlighting improving price strength and momentum. The price action indicates the beginning of a renewed upward trend, with the broader structure favouring continuation on the prevailing uptrend.

Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.