Equity benchmarks recouped their opening losses in the second half and snapped a four-day losing streak, with the Nifty 50 rising 0.4 percent on June 2. According to reports from Moneycontrol, market breadth also turned positive, with about 1,797 shares advancing against 1,176 declining shares on the NSE. The market is expected to consolidate further while taking support at Tuesday's low, presenting opportunities for selective stock picking. However, ongoing geopolitical uncertainties continue to keep investors' sentiment cautious, as noted by market analysts. Indian benchmark indices ended higher in volatile trading on June 2, with the Sensex up 382.50 points or 0.52 percent at 74,649.84 and the Nifty closing at 23,483.55, up 100.95 points or 0.43 percent. The GIFT Nifty was trading largely unchanged at around 23,481, indicating a flat to slightly negative start for Wednesday's session.
Amol Athawale, VP Technical Research at Kotak Securities, recommends Tata Consumer Products at ₹1,154.7 with a buy strategy targeting ₹1,240 and stop-loss at ₹1,115. For Federal Bank at ₹293.05, the target is set at ₹315 with stop-loss at ₹283. Sun Pharmaceutical Industries at ₹1,789.9 has a buy recommendation with targets at ₹1,920 and stop-loss at ₹1,730. According to Ashish Kyal, CMT, Founder and CEO of Waves Strategy Advisors, KPIT Technologies at ₹809.25 shows bullish breakout potential with targets at ₹867 and ₹908.
Parag Milk Foods at ₹241.08 has broken out of a cup-and-handle formation with a 7 percent gain in the previous session, showing early trend reversal signs. As reported by Aditya Thukral, Founder & Analyst of AT Research & Risk Managers, PTC Industries at ₹19,380 exhibits strong buying momentum with targets at ₹21,300 and stop-loss below ₹18,300. Route Mobile at ₹536.1 is taking support near the 50 percent Fibonacci retracement level with targets at ₹581 and stop-loss at ₹524.
According to Aditya Thukral's analysis, CG Power and Industrial Solutions at ₹907.7 has breakout momentum with expansion in volumes and targets at ₹1,000 with stop-loss at ₹860. The technical indicators show mixed signals across different stocks, with some oscillators entering overbought zones after recent sharp movements. Market analysts emphasize the importance of volume confirmation and pattern breakouts for maintaining bullish momentum in the current market environment.
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, recommends three stocks for Wednesday trading: Data Patterns at ₹4,025 with target ₹4,200 and stop loss ₹3,930, RCF at ₹126.90 targeting ₹133 with stop loss ₹124, and Praj Industries at ₹348.55 with target ₹366 and stop loss ₹340. She notes that the Nifty 50 has crucial support at 23,200 which needs to remain sacrosanct for the key benchmark to reach 24,000 in the near term, with resistance near the 50-EMA zone at 24,000 level. The Gift Nifty is signalling a gap-down opening as it trades below Tuesday's spot Nifty close, with the index opening marginally higher at 23,498 but touching an intraday low of 23,457.
