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On Wednesday, 4 June, the Indian stock market opened with a minor gap-up and traded sideways for most of the session. The Nifty 50 struggled to cross the 24,500 mark, which acted as a strong intraday resistance. Despite multiple attempts, the market lacked momentum and stayed range-bound throughout the day. However, select buying in key stocks helped indices close in the green.

The Nifty 50 ended 77.70 points higher, up 0.32%, to close at 24,620.20. The BSE Sensex also added 260.74 points or 0.32%, finishing at 80,998.25. Bank Nifty outperformed slightly, gaining 76.90 points or 0.14%, settling at 55,676.85.

Why Nava is recommended: The stock has recently given a reverse head and shoulders breakout on the daily chart, indicating a bullish reversal. On the lower time frame, the stock is also poised to give a falling wedge breakout on the upside, suggesting strong momentum and potential continuation towards higher targets.

Key metrics: Resistance level: ₹565-572 (short-term target range); support level: ₹515 (pattern invalidation level)

Pattern: Reverse head and shoulders breakout with falling wedge setup on lower time frames

RSI: Trending bullish on both daily and intraday charts, signaling strength in the ongoing move

Technical analysis: Nava Ltd is trading with positive bias and has confirmed a bullish breakout pattern. The current price action near ₹529.80, supported by strong RSI and potential falling wedge breakout, suggests the stock could test the ₹565-572 zone in the coming sessions if it sustains above the breakout level.

Risk factors: A breakdown below ₹515 could invalidate the bullish setup and attract profit booking. Any sharp correction in the midcap segment or broader indices may impact the expected move.

Buy at:  ₹529.80

Target price: ₹565-572 in 4-5 days

Stop-loss:  ₹515

Why Zen Technologies is recommended: The ZENTEC stock is showing strong bullish structure and is sustaining above key support levels with steady buying interest. Recent price action suggests momentum buildup, and the stock is well-positioned to continue its upward trajectory towards higher resistance zones.

Key metrics: Resistance level: ₹2,340-2,360 (short-term target range); support level: ₹2,179 (pattern invalidation level)

Pattern: Bullish continuation with price holding above breakout support

RSI: Trending bullish on both daily and intraday charts, indicating sustained strength

Technical analysis: ZENTEC is trading with a positive bias and has maintained its uptrend with higher highs and higher lows. The current price action near ₹2,229.60, backed by bullish RSI signals and consistent volume support, suggests that the stock could test the ₹2,340-2,360 zone in the coming sessions if it holds above the support.

Risk factors: A breakdown below ₹2,179 could invalidate the bullish setup and trigger profit booking. Any broader market weakness or sectoral rotation may also influence short-term price movement.

Buy at:  ₹2,229.60

Target price:  ₹2,340-2,360 in 4-5 days

Stop-loss:  ₹2,179

Why Radico Khaitan is recommended: The stock exhibits strong bullish momentum with sustained buying interest after a recent consolidation. Price structure shows strength as it trades near recent highs, supported by volume expansion, indicating potential for further upside towards key resistance levels.

Key metrics: Resistance level: ₹2,835 (short-term target); support level: ₹2,634 (pattern invalidation level)

Pattern: Bullish continuation after consolidation with volume confirmationRSI: Trending bullish on both daily and intraday charts, signaling ongoing strength

Technical analysis: Radico Khaitan is trading with a positive bias, having recently broken above short-term resistance. The current price action near ₹2,723.40, supported by bullish RSI and healthy volume, suggests the stock could move towards ₹2,835 in the coming sessions if it sustains above the breakout zone.

Risk factors: A breakdown below ₹2,634 could invalidate the bullish setup and lead to near-term weakness. Broader market volatility or profit booking at higher levels may affect price action.

Buy at:  ₹2,723.40

Target price:  ₹2,835 in 4-5 days

Stop-loss:  ₹2,634

Why RVNL is recommended: Railway stocks had some undercurrent in the last few days, and this counter had a challenging task until the fortunes turned around in May 2025. From the charts, we can observe that the strong upside was reinforced on Wednesday. Currently, there is a strong push above the value resistance zone around 420. Post surpassing this level, the rise in momentum supported by steady volumes is highlighting the possibility of more upward traction.

Key metrics: P/E: 75.45 | 52-week high: ₹647 | Volume: 41.13M.

Technical analysis: Support at ₹320, resistance at ₹550.

Risk factors: Market volatility and sector-wide fluctuations in geopolitical news could impact returns.

Buy at: CMP and dips to ₹405.

Target price: ₹470-485 in 1 month.

Stop loss: ₹390.

Why INDOCO is recommended: Indoco Remedies has secured final approval from the USFDA for its Abbreviated New Drug Application (ANDA) for Allopurinol Tablets USP, 200 mg. After a strong consolidation seen in the last few months, the stock is showing some encouraging signs and can look to move higher as trends demonstrate a strong upward drive. Investors can look to go long.

Key metrics: 52-week high: ₹385.75 | Volume: 119.49K.

Technical analysis: Support at ₹215, resistance at ₹350.

Risk factors: Structural issues on the domestic front and regulatory setbacks on the export front.

Buy at: CMP and dips to ₹264.

Target price: ₹315-340 in 1 month.

Stop loss: ₹258.

Why GSFC is recommended: With monsoon appearing early, we can look at the trends emerging that can stage a strong run in the fertiliser stocks. As this sector picks up, we can look at some notable names that are showing some promise. This counter, after the initial build-up, is seen building some strong push to the upside. As the potential to generate upward momentum improves, one can consider some long-term.

Key metrics: P/E: 14.74 | 52-week high: ₹274.50 | Volume: 6.31 M.

Technical analysis: Support at ₹175, resistance at ₹320.

Risk factors: Sluggish growth, negative quarterly results, and reduced institutional investor participation.

Buy at: above 215 and dips to ₹200.

Target price: ₹240-260 in 1 month.

Stop loss: ₹195.

Ankush Bajaj is a Sebi-registered research analyst. His registration number is INH000010441.

Raja Venkatraman is co-founder, NeoTrader. His Sebi-registered research analyst registration no. is INH000016223.

Investments in securities are subject to market risks. Read all the related documents carefully before investing. Registration granted by Sebi and certification from NISM in no way guarantees performance of the intermediary or provide any assurance of returns to investors.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.

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