Intraday Stocks To Buy Today, June 5: Top Picks By Sumeet Bagadia For Profitable Trading On Thursday

The Nifty index showed tenacity after dropping and recovered somewhat on Wednesday, concluding the day with a little gain of 0.32%, or 77.70 points, to close at 24,620.20. The RSI is lingering close to the neutral 50 range, suggesting that the bulls are losing pace, although momentum indicators are still tepid. Nifty Bank added 76.90 points to close at 55,676.85, a tiny rise of 0.14% for the day. From a momentum perspective, the RSI is hovering around 60, indicating that there is currently considerable underlying strength, and the Bank Nifty is still displaying buying activity close to its 10-day EMA on the daily chart. Ahead of Friday's monetary policy decision, the India VIX further weakened, falling 4.89% to 15.74, or over 10% over two sessions. This drop in volatility suggests reduced market volatility, which might be a precursor to the emergence of optimism of investors.

Nifty Outlook Today

"The Nifty index stands at a crucial inflection point. While easing VIX suggests calmer waters, the lack of follow-through buying and the index trading below its 20-Day EMA highlights the waning momentum. A sustained move above 24,850 is essential to revive bullish sentiment. Until then, the market is expected to remain range-bound with a negative undertone. On the downside, a clean break below 24,475 could lead to intensified selling, dragging the index down toward 24,300. With the FPI long-short ratio in oversold territory, some short-term profit booking can't be ruled out. However, without a decisive breakout or breakdown, sideways movement with heightened volatility and limited conviction is likely to persist," commented Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

Bank Nifty Outlook Today

"Structurally, the Nifty Bank index remains mildly bullish, holding above its short-term moving average. However, price action continues to lack momentum, with buyers hesitating to chase highs ahead of the RBI monetary policy outcome later this week. This upcoming event is likely to act as a catalyst for directional resolution, potentially bringing sharp moves and volatility spikes. Unless the index decisively breaks below 55,300, the overall structure favors buying-on-dips, and the downside risk appears limited for now. A sustained move above the resistance of 56,150 could attract aggressive buying interest, but until that happens, the range trading strategy may remain valid. In conclusion, Nifty Bank is poised at a crucial juncture, with technical levels clearly defined. Traders are advised to stay nimble, as any policy-induced surprises could tilt the balance sharply in either direction," Dhupesh Dhameja stated.

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Stocks To Buy Today

Sumeet Bagadia, executive director of Choice Broking, recommended buying two stocks on Thursday, June 5, as investors tend to exercise caution in anticipation of the weekly expiry today.

Apl Apollo Tubes

Buy APLAPOLLO in Cash @ Rs 1894.4, Stop-loss @ Rs 1828, Target @ Rs 2027

APLAPOLLO is currently trading at 1894.4, maintaining a robust upward trajectory characterized by the consistent formation of higher highs and higher lows, a classic sign of sustained bullish momentum. The stock recently marked a new all-time high at 1900, and a decisive breakout above this level could ignite fresh buying interest, potentially accelerating the rally.

Supporting this bullish sentiment, the Exponential Moving Averages for the 20, 50, 100, and 200-day periods are all trending upward, with the stock price comfortably positioned above each of them. This alignment underscores strong underlying strength and broad investor confidence.

A sustained close above the key resistance of 1900 could pave the way for a swift move toward the next short-term target of 2027. Traders are advised to closely monitor price action at these levels for confirmation of the breakout and to align their strategies accordingly.

On the downside, immediate support is located at 1850. The Relative Strength Index (RSI) is currently at 78.57 and trending upward, reflecting growing buying momentum. To manage risk effectively, a stop-loss at 1828 is suggested to guard against any unexpected market reversals.

In conclusion, based on the technical analysis and current market conditions, APLAPOLLO presents a promising buying opportunity for those aiming for a 2027 target, provided that appropriate risk management strategies are in place.

IRFC

Buy IRFC in Cash @ Rs 144.95, Stop-loss @ Rs 139, Target @ Rs 155

IRFC is currently trading at ₹144.95 and is exhibiting strong bullish momentum, as indicated by the consistent formation of higher highs and higher lows on the chart. The stock has recently broken out of a rangebound phase, confirmed by a robust bullish candle on the daily chart.

This breakout reflects a clear shift in market sentiment and reinforces the prevailing uptrend. A sustained move above the immediate resistance level at ₹147 could ignite a fresh leg of the rally, potentially driving the stock toward a short-term target of ₹155.

The breakout is further supported by a notable surge in trading volumes, signaling increased participation and buying interest from market participants. Technically, the stock is trading above its 20-day, 50-day, and 200-day Exponential Moving Averages (EMAs), all of which are sloping upwards-affirming the strength and sustainability of the current trend.

The Relative Strength Index (RSI) stands at 66.89 and is trending higher, suggesting strengthening bullish momentum without entering overbought territory.

Given this favorable technical setup, investors may consider initiating fresh long positions at the current market price, with a protective stop-loss placed at ₹139 to manage downside risk. While the outlook remains positive, it is crucial to apply prudent position sizing and maintain disciplined risk management to effectively navigate any short-term volatility.

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.