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Stock market recommendations: According to Bajaj Broking Research, Idea Forge Technology, and Avantel are the top stock picks for today. Here’s its view on Nifty, Bank Nifty and the top stock picks for June 6, 2025:Bank NIFTYBenchmark indices extended their consolidation phase for the third consecutive week, reflecting a lack of directional conviction amid a backdrop of profit-taking at higher levels and macroeconomic event risk ahead of the RBI monetary policy outcome on Friday.The broader markets exhibited notable resilience, with the Nifty Midcap 100 and Small cap 100 indices climbing 1.3% and 3% respectively, signaling renewed risk appetite and accumulation in high-beta pockets of the market.From a technical standpoint, the Nifty continues to oscillate within a well-defined 17-session consolidation band, demarcated by support at 24,400–24,500 and resistance near the 25,050–25,080 zone. The 24,400–24,500 region remains pivotal, being both the site of the prior breakout and recent swing lows. This area has repeatedly attracted buying interest, indicating strong demand absorption and a possible accumulation zone.A decisive breach below the 24,400–24,500 support cluster could act as a bearish trigger, potentially exposing the index to deeper corrective downside. Conversely, sustained trade above 25080 levels will open upside towards 25,300 levels in the coming weeks.With the RBI monetary policy decision scheduled for Friday, the outcome of the policy, particularly commentary on liquidity, inflation trajectory, and growth forecasts, will be closely scrutinized for directional cues.NIFTY BANK
- Bank Nifty continues to consolidate in the broad range of 56,000-53,500 in the last 6 weeks.
- A key technical observation on the daily chart is that the index has already taken 6 weeks to retrace just 38.2% of the prior 2 weeks rally (49,157–56,098), indicating a shallow pullback that suggests underlying strength and potential higher bottom formation.
- The Index is currently placed around the upper band of the last 6 weeks consolidation area 56,000-53,500. We believe closing above the 56,000 area will signal extension of the up move towards the 56,700 zone in the near term.
- Failure to do so will signal extension of the last five weeks’ consolidation. The short-term structure remains constructive with immediate support is placed at 55,000–55,200 levels, while key short-term support is seen at 54,000–53,500
Stock Recommendations:Idea Forge TechnologyBuy in the range of Rs 600-617
The stock has generated a breakout above last 3 weeks broader range of 585-501 signaling resumption of up move thus offers fresh entry opportunityThe daily 14 periods RSI has generated a buy signal moving above its nine periods average thus validating positive bias. We expect the stock to head towards 670 levels in the coming months being the measuring implication of the recent range breakout (585-501)AvantelBuy in the range of Rs 178-182
The stock is currently trading above the short- and long-term moving averages signaling strength and overall positive bias. It has recently generated a breakout above the falling supply line joining the highs of August and December 2024 signaling resumption of up move.The daily ADX is in an up trend thus supports the positive bias in the stock. We expect the stock to head towards the all-time high placed around 200 levels in the coming months Disclaimer: The opinions, analyses and recommendations expressed herein are those of brokerage and do not reflect the views of The Times of India. Always consult with a qualified investment advisor or financial planner before making any investment decisions.
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