Buy or sell stocks: The Indian stock market returned to the red on Wednesday, 3 June, after a brief one-day pause in its recent decline. However, the benchmarks recovered considerably from their intraday lows, indicating some buying interest at lower levels.
The BSE Sensex ended at 74,346.17, down 304 points or 0.41%, after rebounding nearly 850 points from the day’s low. The index had fallen by more than 1,000 points during intraday trading. Similarly, the NSE Nifty 50 recovered from its intraday low of 23,151 to close at 23,406, a decline of 78 points or 0.33%.
With this, India’s benchmark indices have recorded losses in five of the past six trading sessions.
Stock market today
Nifty 50
On 3rd June 2026, the Nifty 50 opened with a gap-down of 67.60 points at 23,415.95, reflecting weak sentiment at the start of the session. Selling pressure dominated the first half of the day, dragging the index to an intraday low of 23,151.50. However, strong buying interest emerged during the latter half of the session, helping the index recover sharply from lower levels. The recovery gathered pace through the second half, pushing the index to an intraday high of 23,459.65. The index eventually settled at 23,405.60, ending the day with a decline of 77.95 points or 0.33% compared to the previous close.
According to Sumeet Bagadia, Executive Director at Choice Broking, on the daily timeframe, the formation of a Dragonfly Doji candlestick pattern indicates strong buying support emerging from lower levels after an initial phase of weakness. The long lower shadow reflects rejection of lower levels and suggests that buyers actively defended the lower support zone during the session.
“From a technical perspective, immediate support is placed in the 23,100–23,150 range, while resistance is observed between 23,650 and 23,700 levels. The Relative Strength Index (RSI) stands at 41.41, indicating weak momentum though signs of recovery emerged during the latter half of the session. In the derivatives segment, notable call writing was seen at the 23,500 strike, followed by 23,700, while significant put writing was observed at 23,300 and 23,400 levels, indicating immediate support around lower levels while resistance remains positioned near higher strikes,” said Bagadia.
Bank Nifty
The Bank Nifty index opened with a gap-down of 173.55 points at 53,541.10, indicating weakness in the banking space at the start of the session. Selling pressure persisted during the first half, dragging the index to an intraday low of 53,027.15. However, robust buying interest emerged thereafter, helping the index stage a sharp recovery. The buying momentum remained strong through the second half, pushing the index to an intraday high of 54,299.35 before eventually settling at 54,185.95, registering a gain of 471.30 points or 0.88% over the previous close.
Bagadia noted that on the daily timeframe, the formation of a bullish candlestick pattern reflects strong buying support at lower levels. The sharp recovery from intraday lows and close near the day’s high suggests that bulls regained control as the session progressed.
“From a technical standpoint, immediate support is placed in the 53,200–53,300 range, while resistance is seen in the 55,050–55,150 zone. The Relative Strength Index (RSI) stands at 47.57, indicating improving momentum though it remains below the stronger bullish threshold. Sustaining above immediate support zones will remain important for continuation of the recovery momentum,” he added.
He further suggested recommended traders to closely monitor immediate resistance levels, as sustained movement above these zones will be crucial for confirming a stronger recovery and improving overall market sentiment in the near term, as the recent price action suggests a highly volatile trading session with both benchmark indices opening lower and witnessing sustained selling pressure during the first half.
However, strong buying interest from lower levels helped the indices recover significantly during the latter half of the session. Bank Nifty managed to close firmly in positive territory, while Nifty ended marginally lower despite a sharp intraday rebound. Rising India VIX levels and weak broader market breadth indicate that caution continues to persist among market participants, he said.
Sumeet Bagadia’s stocks to buy
Amid ongoing tensions in the US-Iran war uncertainty, Sumeet Bagadia recommends five shares to buy on Thursday, 4 June: Sandhar Technologies, Jindal Saw, TD Power Systems, Federal Bank, and Aeroflex Industries.
1] Sandhar Technologies: Buy at ₹718, Target ₹770, Stop Loss ₹685
Sandhar Technologies is witnessing strong bullish momentum and is currently trading around ₹718 after delivering a decisive breakout above the crucial ₹600 resistance zone. The breakout was accompanied by a significant increase in volumes, indicating strong participation from market participants and confirming the strength of the ongoing uptrend.
Over the last two weeks, the stock has rallied nearly 46%, highlighting sustained buying interest and robust price action. Technically, Sandhar continues to maintain a well-defined higher-high, higher-low formation, which is a classic sign of a strong bullish trend. The stock is also trading comfortably above its key moving averages, reinforcing the positive outlook. As long as it holds above ₹685, the trend is expected to remain favorable. A sustained move higher could drive the stock towards the ₹770 target in the near term.
2] Jindal Saw: Buy at ₹250, Target ₹270, Stop Loss ₹237
Jindal Saw has displayed impressive strength in recent weeks after rebounding sharply from lower levels and consolidating for nearly a month. The stock has now delivered a fresh breakout above the important ₹250 resistance zone, signaling the resumption of its upward trend. Technically, the stock remains firmly bullish, supported by improving momentum and rising volumes around breakout levels.
The 50-day EMA continues to act as a strong support area from a medium-term perspective, while the overall structure suggests buyers remain in control. The recent breakout indicates the possibility of further upside as the stock enters a fresh leg of its rally. As long as Jindal Saw sustains above ₹237, the bullish setup remains intact. A continuation of the current momentum could lead the stock towards the ₹270 target over the short term.
3] TD Power Systems: Buy at ₹1286, Target ₹1390, Stop Loss ₹1222
TD Power Systems has been one of the strongest performers within its segment, maintaining a sustained uptrend over the past several months. The stock has delivered a remarkable rally from the ₹765 region and continues to trade close to its lifetime high levels, reflecting strong investor confidence. After reaching record highs, the stock witnessed a healthy pullback towards its 20-day EMA, where it found support and attracted fresh buying interest.
In the latest session, TD Power Systems gained over 4%, indicating that the corrective phase may have ended and the primary uptrend is resuming. The stock continues to trade above all major moving averages, reinforcing the bullish outlook. The ₹1,222 level remains a key support and stop-loss zone, while sustained strength could propel the stock towards the ₹1,390 target in the coming weeks.
4] Federal Bank: Buy at ₹301, Target ₹322, Stop Loss ₹289
Federal Bank has entered a strong bullish phase after registering a fresh all-time high and successfully crossing the psychological ₹300 mark. The stock has been consolidating within a rising structure for several months and has now delivered a breakout from this formation, supported by healthy trading volumes.
Technically, the trend remains positive as the stock continues to trade above all major moving averages. The 50-day EMA has consistently acted as a strong support zone during recent corrections, highlighting the strength of the underlying trend. The latest breakout indicates renewed buying momentum and suggests the possibility of further upside in the near term. The ₹289 level, which coincides closely with the 20-day EMA, should act as an important support and stop-loss level. If the stock sustains above ₹300, it may advance towards the ₹322 target.
5] Aeroflex Industries: Buy at ₹434, Target ₹465, Stop Loss ₹413
Aeroflex Industries continues to remain in a strong uptrend and has emerged as one of the notable momentum stocks in recent weeks. During the month of May, the stock delivered an exceptional rally of nearly 50%, reflecting aggressive buying interest and strong market participation. After registering a fresh all-time high around ₹458, the stock witnessed a healthy pullback, which helped cool off overbought conditions.
Importantly, the correction found support near the 20-day EMA, from where the stock staged a sharp recovery from the ₹350 zone to the current levels. This rebound highlights the presence of strong demand at lower levels and reinforces the prevailing bullish structure. With the stock once again approaching its lifetime highs, a fresh breakout could trigger further upside towards ₹465, while ₹413 should be maintained as a strict stop-loss level.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
