Stocks to buy today, June 5: Glenmark Pharma, M&M among analyst top picks

Stocks to buy today, June 5: Analyst at Religare Broking has recommended buying Glenmark Pharma, M&M and one more stock with upside potential

Nifty share price:

Markets traded range-bound but managed to close marginally in the green, taking a breather after Tuesday’s decline. Following an initial uptick, the Nifty oscillated within a narrow range and eventually settled at 24,612. A mixed trend across sectors kept traders engaged, with metals and energy ending higher, while realty and financials closed in the red. The highlight of the session was the strength in the broader market, as both midcap and smallcap indices posted gains in the range of 0.7 per cent to 0.8 per cent.

 

This pause in the index can largely be attributed to the stability in banking stocks and a noticeable cool-off in the India VIX. However, participants are advised not to read too much into this move and should maintain a cautious stance ahead of the weekly expiry on Thursday. Additionally, focus should remain on a stock-specific trading approach, given the rotational buying observed across various themes.  Catch Stock Market Updates Today LIVE

 

Stocks to buy today: 

Glenmark Pharmaceuticals Limited |LTP: ₹1,512.80 | Buy | Target: ₹1,610 | Stop-loss: ₹1,460

Glenmark Pharma has ended its eight-month-long corrective phase with a breakout above a declining trendline, accompanied by a noticeable surge in volumes. Additionally, it has reclaimed its key moving averages, which further reinforces the positive view. Participants may consider initiating long positions as per the mentioned levels.

Mahindra & Mahindra Limited |LTP: ₹3,053.40 | Buy | Target: ₹3,275 | Stop-loss: ₹2,950

We are witnessing decent traction in the rate-sensitive space, particularly in auto stocks, and M&M is offering a fresh buying opportunity. The stock has broken out of a flag pattern, suggesting a continuation of the uptrend. The momentum indicator has also registered a bullish crossover, supporting the positive stance. Considering the price pattern and indicator readings, traders may look to initiate long positions as per the given levels.  ALSO READ | Motilal Oswal recommends these three stocks to buy today; Check out target

SBI Cards and Payment Services Limited | LTP: ₹942.05 | Buy | Target: ₹1,010 | Stop-loss: ₹905

SBICARD has been gradually trending higher over the past four months, following nearly four years of a corrective phase. It has recently witnessed a breakout from a buying pivot while holding firmly above its short-term moving average (20-DEMA). The noticeable rise in volumes further supports the continuation of the uptrend. Traders may consider long positions as per the suggested levels.

 

(Disclaimer: This article is by Ajit Mishra, SVP-research, Religare Broking. Views expressed are his own.)