'BUY' or 'SELL' ideas from experts for Thursday, June 07

NEW DELHI: Indian shares are expected to move higher and test important resistance levels on the upside on Thursday backed by strong global cues.

The 50-share Nifty index may test its important psychological level of 5,050-5,080 on the upside in today’s trading session, according to analysts.

“The bottom process that was going on seems to have completed and as the Nifty index closed above 4970 and Sensex above 16400 levels. From charts perspective, the Nifty will face resistance at 5080 and than at 5150,” Rakesh Gandhi, Senior Technical Analyst at LKP Securities Ltd, said.

Gandhi further added that the current momentum could weaken only if the Nifty fails to stay above 4900 in next few trading sessions.

Mitesh Thacker of miteshthacker.com is of the view that the Nifty looks poised to retest levels of 5,010 to about 5,050 on the upside.

Most analysts expect the current momentum in the index to continue as the majority of stocks is deeply oversold and a sharp technical pullback on the back of short covering was pretty much on the cards.

“Technically, 4750 remains a very strong support for Nifty as it has formed a very strong base between 4750 and 4550 since June 2009,” S. Ranganathan-Head of Research, LKP, said.

“A close above 4970 for Nifty would be the first indicator of a completion of a short term bottom. Going forward important levels that need to be watched are 5050 and 5150,” added Ranganathan.

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ET Now spoke to various experts and here's what they have to recommend for today's trade:

Ashwani Gujral of ashwanigujral. com

State Bank of India is a ‘BUY’ call with a target of Rs 2300 and a stop loss of Rs 2100

Dena Bank is a ‘BUY’ call with a target of Rs 104 and a stop loss of Rs 91

Bank of Baroda is a ‘BUY’ call with a target of Rs 770 and a stop loss of Rs 700

IDFC Ltd is a ‘BUY’ call with a target of Rs 140 and a stop loss of Rs 123

L&T Ltd is a ‘BUY’ call with a target of Rs 1340 and a stop loss of Rs 1230

Jet Airways Ltd is a ‘BUY’ call with a target of Rs 350 and a stop loss of Rs 326

Mid-morning calls:

Hero MotoCorp Ltd is a ‘BUY’ call with a target of Rs 2050 and a stop loss of Rs 1930

Tata Steel Ltd is a ‘BUY’ call with a target of Rs 430 and a stop loss of Rs 408

CESC Ltd is a ‘BUY’ call with a target of Rs 310 and a stop loss of Rs 275

Central Bank of India is a ‘BUY’ call with a target of Rs 85 and a stop loss of Rs 74

BF Utilities Ltd is a ‘BUY’ call with a target of Rs 420 and a stop loss of Rs 395

Mitesh Thacker of miteshthacker.com

Essar Oil Ltd is a ‘BUY’ call with a target of Rs 59 and a stop loss of Rs 51

Hindalco Ltd is a ‘BUY’ call with a target of Rs 129 and a stop loss of Rs 117

Balrampur Chini Mills Ltd is a ‘SELL’ call with a target of Rs 42 and a stop loss of Rs 49

OBS Ltd is a ‘BUY’ call with a target of Rs 252 and a stop loss of Rs 231

CESC is a ‘BUY’ call with a target of Rs 295 and a stop loss of Rs 272

Sandeep Wagle, Founder & MD, APTART Technical Advisory Services

Essar Oil Ltd is a 'BUY' call with a target of Rs 58 and a stop loss of Rs 52

REC Ltd is a 'BUY' call with a target of Rs 175 and a stop loss of Rs 165.50

Syndicate Bank Ltd is a 'BUY' call with a target of Rs 163 and a stop loss of Rs 93

Jyoti Structures Ltd is a 'BUY' call with a target of Rs 46 and a stop loss of Rs 39

Reliance Power Ltd is a 'BUY' call with a target of Rs 102 and a stop loss of Rs 93
(The views and recommendations expressed in this section are the analysts' and do not represent those of EconomicTimes.com)