by Mr. Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities
🕗 Last Updated: 4 June 2026, 8.00 PM
Analysis for 5 June 2026
Nifty continued with recovery from the crucial lower support of around 23150-23200 levels (previous opening upside gap of 8th April) and closed the day marginally higher on Thursday. After opening on a weak note, the market showed recovery amidst range movement which continued for better part of the session.
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A long bull candle was formed on the daily chart, after the doji type candle formation on Wednesday. Technically, this market action indicates emergence of buying from near the key lower supports. Lower tops and bottoms is observed on the daily chart. Having formed a new lower bottom around 23150 levels recently, Nifty is expected to bounce back further towards 23900 by next week. Immediate support is placed at 23300.
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Stock recommendations by Nagaraj Shetti
Stock Recommendations by Nagaraj Shetti (HDFC Securities)
Senior Technical Analyst Nagaraj Shetti has identified a select group of stocks showing strong chart setups and momentum for short-term traders.
According to him, the near-term market structure remains supportive for selective long positions, especially in scrips showing breakouts above key resistance levels and higher-high formations on the daily chart.
Shetti recommends traders focus on stocks with rising volumes and bullish crossover patterns on the short- and medium-term moving averages.
He advises maintaining strict stop-loss levels and booking partial profits near resistance bands.
These recommendations are part of his latest weekly outlook published in Chanakya Ni Pothi, providing guidance on potential outperformers for the coming sessions.