Stock market recommendations : According to Bajaj Broking Research, Idea Forge Technology , and Avantel are the top stock picks for today. Here’s its view on Nifty, Bank Nifty and the top stock picks for June 6, 2025:
Bank NIFTY
Benchmark indices extended their consolidation phase for the third consecutive week, reflecting a lack of directional conviction amid a backdrop of profit-taking at higher levels and macroeconomic event risk ahead of the RBI monetary policy outcome on Friday.
The broader markets exhibited notable resilience, with the Nifty Midcap 100 and Small cap 100 indices climbing 1.3% and 3% respectively, signaling renewed risk appetite and accumulation in high-beta pockets of the market.
From a technical standpoint, the Nifty continues to oscillate within a well-defined 17-session consolidation band, demarcated by support at 24,400–24,500 and resistance near the 25,050–25,080 zone. The 24,400–24,500 region remains pivotal, being both the site of the prior breakout and recent swing lows. This area has repeatedly attracted buying interest, indicating strong demand absorption and a possible accumulation zone.
A decisive breach below the 24,400–24,500 support cluster could act as a bearish trigger, potentially exposing the index to deeper corrective downside. Conversely, sustained trade above 25080 levels will open upside towards 25,300 levels in the coming weeks.
With the RBI monetary policy decision scheduled for Friday, the outcome of the policy, particularly commentary on liquidity, inflation trajectory, and growth forecasts, will be closely scrutinized for directional cues.