Top stock picks for today, June 9: Arkade Developers, ABREL and more

Stocks to buy: Arkade Developers, Aditya Birla Real Estate and Ujjivan Small Finance Bank are the top technical picks for Kunal Kamble of Bonanza Portfolio

Stock recommendations: 

Arkade Developers 

Buy: ₹196.27

Stop loss: ₹178

Target price: ₹220

 

Arkade Developers has witnessed a breakout from a rounding formation on the daily timeframe, signalling accumulation and a strong bullish setup. The breakout is supported by higher volume on buying days compared to selling days, indicating sustained demand.

 

Technically, the stock is comfortably trading above its 20 EMA, which is expected to act as a dynamic support. Based on the current structure, the stock looks poised to move toward the 220 mark, with immediate support placed at ₹178.   Track LIVE Stock Market Updates Here

Aditya Birla Real Estate 

Buy: ₹2,355.80

 

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Stop loss: ₹2,285

Target price: ₹2,457

 

Aditya Birla Real Estate (ABREL) has formed a strong bullish candlestick on the daily chart, supported by the highest volume seen in the past six months, indicating strong buying interest. On the indicator front, RSI is placed above 60, confirming positive momentum and aligning with the broader bullish trend in the real estate sector.

 

Considering the price action and volume confirmation, the stock appears well-positioned for further upside toward ₹2,457 and ₹2,500 as long as it sustains above the support level of ₹2,285. 

Ujjivan Small Finance Bank

Buy: ₹47.83

Stop loss: ₹44

Target price: ₹55

 

Ujjivan Small Finance Bank on the daily timeframe, the stock surged nearly 7 per cent, forming a strong bullish candlestick, accompanied by a breakout from an ascending triangle pattern, typically a bullish continuation setup indicating renewed upward momentum.

 

On the indicator front, the Relative Strength Index (RSI) is heading north, reinforcing the strength of the current move and supporting the positive price action.

 

Based on this technical setup, the stock is likely to move towards a target of 55, with a stop loss placed at 44 to manage downside risk effectively. 

 

Disclaimer: This article is by Kunal Kamble, Senior Technical Research Analyst at Bonanza. Views expressed are his own