Stock market today: Trade setup for Nifty 50 to US dollar; 8 stocks to buy or sell on Wednesday — 4 June 2025

Mint

3 days ago

Stock market today: The Indian stock market crashed on Tuesday, 3 June 2025, due to weak global cues and rising concerns over stretched valuations and foreign capital outflow. The Nifty 50 index closed 0.70 per cent lower at 24,542.50 points, compared to 24,716.60 points at the previous market session.
The BSE Sensex closed 0.78 per cent lower at 80,737.51 points, compared to 81,373.75 points at the previous stock market session.
Shrikant Chouhan, Head of Equity Research at Kotak Securities, said, 'Today, the benchmark indices witnessed profit booking at higher levels. The Nifty ended 174 points lower, while the Sensex was down by 636 points. Among sectors, the Private Bank index lost the most, shedding 1.25 per cent, whereas despite the weak market sentiment, the Reality and Defence indices outperformed, rallying over 1 per cent.'
'Technically, after a positive open, the market slipped below the 20-day SMA (Simple Moving Average) or 24,700/81,300, and thereafter, selling pressure intensified. On daily charts, a long bearish candle has formed, and on intraday charts, a lower top formation is holding, which is largely negative,' said the stock market expert.
'We believe that the intraday market texture is weak, but a fresh sell-off is possible only if the level of 24,450/80,500 is breached. Below this, the index could decline to 24,320–24,300/80,100-80,000. On the upside, if the index moves above 24,600/81,000, a quick pullback rally towards the 20-day SMA or 24,700/81,300 could occur. Further upside may also continue, potentially lifting the market up to 24,760/81,500,' said Chouhan.
The United States Dollar Index Spot was trading 0.53 per cent higher at 99.226 as of 1:16 p.m. (EDT) on Tuesday, 3 June 2025, according to the Bloomberg Dollar Index.
According to a Reuters report, the US Dollar gained as gold dropped due to pressure from a firmer dollar. Investors became cautious ahead of a potential call between U.S. President Donald Trump and China's Xi Jinping.
Sumeet Bagadia, Executive Director at Choice Broking, has recommended two stock picks for today. Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, has suggested three stocks for Wednesday.
Shiju Kuthupalakkal, Senior Manager of Technical Research at Prabhudas Lilladher, also recommended three stocks for 3 June 2025.
These include Rashtriya Chemicals and Fertilizers, BSE, Bajaj Finserv, PB Fintech, Chambal Fertilisers & Chemicals, Ideaforge Technology, Graphite India, and Kaveri Seed Company.
1. Rashtriya Chemicals and Fertilizers Ltd. (RCF): Buy at ₹ 160.32; Target Price at ₹ 173; Stop Loss at ₹ 154.
RCF is currently trading at ₹ 160.32 and continues to exhibit a strong upward trajectory, characterized by a consistent formation of higher highs and higher lows—an indication of sustained bullish momentum. The stock has recently broken above a key resistance level at ₹ 160, reinforcing the continuation of its uptrend. This breakout may attract increased buying interest and could accelerate the ongoing momentum.
From a technical standpoint, RCF is trading above its 20, 50, 100, and 200-day Exponential Moving Averages (EMAs), all of which are trending upwards. This alignment confirms underlying strength and further supports the prevailing bullish sentiment. A sustained move above the ₹ 165 resistance zone may pave the way for a short-term rally toward the next target of ₹ 173.
On the downside, immediate support is seen at ₹ 157, while the Relative Strength Index (RSI) stands at 68.75 and is rising—indicating strengthening buying momentum without yet entering overbought territory. To manage risk effectively, a stop-loss is recommended at ₹ 154 to protect against potential reversals.
In summary, RCF presents a technically strong buying opportunity, supported by positive price structure and momentum indicators. However, traders are advised to implement strict risk management strategies and monitor price action closely near the ₹ 165 level for confirmation of further upside potential.
2. BSE Ltd. (BSE): Buy at ₹ 2,764.9; Target Price at ₹ 2,986; Stop Loss at ₹ 2,668.
BSE is currently trading at 2,764.9, maintaining a strong upward trajectory. The stock has consistently formed higher highs and higher lows, reflecting sustained bullish momentum. It recently reached its all-time higher levels of 2,787.8. A breakout above this levels could further accelerate buying interest. The Exponential Moving Averages (EMAs) for the 20, 50, 100, and 200-day periods are all trending upwards, reinforcing the bullish outlook. The price is trading above all major EMAs, indicating strong positive sentiment and continued strength in the stock. If BSE manages to close above its level, it could gain further traction toward a short-term target of 2,986. Traders should monitor price action around this resistance zone for confirmation of a breakout.
On the downside, immediate support is located at 2,720. The Relative Strength Index (RSI) is currently at 74.49 and trending upward, reflecting growing buying momentum. To manage risk effectively, a stop-loss at 2,668 is suggested to guard against any unexpected market reversals.
In conclusion, based on the technical analysis and current market conditions, BSE presents a promising buying opportunity for those aiming for a 2,986 target, provided that appropriate risk management strategies are in place.
3. Bajaj Finserv Ltd. (BAJAJFINSV): Buy at ₹ 1,992; Target Price at ₹ 2,100; Stop Loss at ₹ 1,950.
In the latest short-term technical analysis, stock has shown a strong and consistent bullish trend, indicating the potential for an extended upward move. The stock is currently trading at ₹ 1,992 and holding above a key support level at ₹ 1,950.
This support zone serves as a critical point for risk management. Given the bullish momentum, traders are advised to consider a buying opportunity with a stop-loss placed strategically at ₹ 1,950 to manage downside risk. The target for this trade is set at ₹ 2,100, suggesting a favorable risk-to-reward ratio and a continuation of the prevailing upward trend.
In the latest short-term technical analysis, stock has shown a strong and consistent bullish trend, indicating the potential for an extended upward move. The stock is currently trading at ₹ 1,992 and holding above a key support level at ₹ 1,950.
This support zone serves as a critical point for risk management. Given the bullish momentum, traders are advised to consider a buying opportunity with a stop-loss placed strategically at ₹ 1,950 to manage downside risk. The target for this trade is set at ₹ 2,100, suggesting a favorable risk-to-reward ratio and a continuation of the prevailing upward trend.
4. PB Fintech Ltd. (POLICYBZR): Buy at ₹ 1,740; Target Price at ₹ 1,800; Stop Loss at ₹ 1,710.
Stock has exhibited a strong notable continue bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹ 1,740 and maintaining a strong support at ₹ 1,710.
The technical setup indicates the potential for a price retracement towards the ₹ 1,800 level. With the stock reversing from a support base and showing signs of renewed strength, entering at the current market price with a stop-loss at ₹ 1,710 offers a prudent approach to capturing the anticipated upside.
5. Chambal Fertilisers & Chemicals Ltd. (CHAMBLFERT): Buy at ₹ 562; Target Price at ₹ 590; Stop Loss at ₹ 550.
Stock is currently trading at ₹ 562 and appears to be in bullish zone for short term. A bullish reversal pattern has emerged on the daily chart, indicating a potential upmove.
The critical support level lies at ₹ 550, which also acts as a key stop-loss point for this trade. With bullish cues signaling a possible retracement towards the ₹ 590 target, this setup provides a favorable entry opportunity for traders looking to capitalize on a technical rebound.
6. Ideaforge Technology Ltd. (IDEAFORGE): Buy at ₹ 561; Target Price at ₹ 600; Stop Loss at ₹ 548.
The stock has once again gained strength with a positive candle formation moving past the 200 period MA at 542 level and with overall trend maintained strong, we anticipate further rise in the coming sessions with volume participation also indicating a significant rise.
The RSI has corrected from the highly overbought zone and currently is well placed to anticipate for another fresh round of momentum to carry on with the positive move further ahead. With the chart technically looking good, we suggest buying the stock for an upside target of 600 keeping the stop loss of 548 level.
7. Graphite India Ltd. (GRAPHITE): Buy at ₹ 555; Target Price at ₹ 590; Stop Loss at ₹ 542.
The stock after indicating a flag pattern on the daily chart has shown signs of improvement with the price on the verge of a breakout above 560 levels accompanied with rising volume participation visible.
The RSI is currently well positioned and has strength to anticipate for further upward move in the coming sessions. With the chart technically well positioned, we suggest buying the stock for an upside target of 590 level keeping the stop loss of 542 level.
8. Kaveri Seed Company Ltd. (KSCL): Buy at ₹ 1,455; Target Price at ₹ 1,520; Stop Loss at ₹ 1,425.
The stock has been consolidating with a little dip witnessed in the last 3-4 sessions, with currently improving the bias with a positive candle formation and significant volume participation indicated and can anticipate for further rise in the coming sessions.
The RSI is better placed and with a revival indicated has shown strength with much upside potential visible from current rate. With the chart technically looking attractive, we suggest buying the stock for an upside target of 1,520 level keeping the stop lossof1,425level.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies and not of Mint. We advise investors to check with certified experts before making any investment decisions.