Stock Market Recommendations for June 1-5, 2026
Sudeep Shah, Head of Technical Research and Derivatives at SBI Securities, has identified Nuvama Wealth Management Ltd and R R Kabel Ltd as the top stocks to buy for the week of June 1 to June 5, 2026. Here is a detailed analysis of these recommendations along with the technical outlook for Nifty and Bank Nifty.
Nuvama Wealth Management Ltd (NUVAMA)
Nuvama Wealth Management has staged an impressive recovery after finding support near its 20-day Exponential Moving Average (EMA) on May 18. The stock has rallied nearly 10.5% from its lows, demonstrating strong bullish characteristics. The Relative Strength Index (RSI) remains above the 60 mark, indicating healthy momentum and sustained buying interest. On the weekly chart, rising MACD histogram bars, coupled with the MACD line trading above both the signal line and the zero line, further strengthen the positive outlook. Additionally, the stock is firmly positioned above its key short-term and long-term moving averages on both daily and weekly charts, reflecting trend strength. As long as momentum sustains, the stock is likely to extend its upward trajectory. Therefore, the recommendation is to accumulate the stock in the zone of 1550-1560 with a stop-loss at 1505. On the upside, it is likely to test the level of 1665 in the short term.
R R Kabel Ltd (RRKABEL)
RRKABEL delivered a strong consolidation breakout on May 29 after trading within the 2049-1886 range since May 8. The breakout was supported by a sharp rise in volumes, indicating strong buying participation at higher levels. Momentum indicators remain firmly positive, with the RSI sustaining above the 60 mark on both daily and weekly charts, reflecting robust bullish momentum. Adding to the strength, the Average Directional Index (ADX) has crossed above 25 on the weekly chart, signaling improving trend strength and stronger buyer dominance. The stock has also closed above the highs of the previous two weeks, indicating sustained bullish intent. Overall, the price structure suggests the stock is well-positioned to continue its upward trajectory in the near term. Hence, the recommendation is to accumulate the stock in the zone of 2050-2060 with a stop-loss at 1995. On the upside, it is likely to test the level of 2200 in the short term.
Nifty Technical View
In May, the benchmark index Nifty traded within a narrow range of 1,219 points, marking its tightest monthly range since December 2025. A notable feature throughout the month was the frequent occurrence of gap-up or gap-down openings, followed by largely range-bound intraday movements. Despite these gaps, trading opportunities for intraday and short-term participants remained limited. What stood out even more was the underlying message reflected in the broader monthly price structure. On the monthly chart, Nifty has formed a bearish candle with shadows on both sides, highlighting indecision among market participants amid persistent geopolitical uncertainties. A closer look at the final week of May shows that the index remained range-bound for most of the period before witnessing a sharp sell-off in the last hour of Friday's session, which shifted the bias slightly in favor of the bears. This late decline raises an important question—whether it was simply profit booking or the beginning of a more meaningful directional move.
Technically, Nifty continues to trade below its key moving averages, which have now flattened, indicating the absence of a strong trend. Momentum indicators further reinforce this view, with the daily RSI hovering in a sideways zone as per the RSI Range Shift framework and the Stochastic oscillator moving within a narrow band. Additionally, the Daily ADX, currently near the 15 mark and trending lower, suggests weak trend strength. While these signals point towards a lack of clear direction, Friday's sell-off has introduced a fresh layer of uncertainty. From a levels perspective, the 20-day EMA zone of 23,750-23,800 is expected to act as an immediate resistance on the upside. On the downside, the 23,300-23,250 zone remains a key support area. A breakdown below 23,250 may intensify selling pressure and lead to a potential decline towards the crucial psychological level of 23,000. With the index nearing important support levels, the next move will be critical in shaping the near-term market direction.
Bank Nifty Technical View
In May, the banking benchmark index Bank Nifty traded within a relatively narrow range of 3,550 points, marking its tightest monthly range since January 2026. On the monthly chart, the index has formed a High Wave candle, which reflects indecision among market participants and highlights a lack of conviction in either direction. Over the past week, Bank Nifty witnessed a strong up move during the first half; however, it struggled to sustain above the 55,500 mark and eventually faced a sharp correction. This price action resulted in the formation of a bearish candle with a long upper shadow, indicating selling pressure at higher levels and rejection near resistance. From a technical standpoint, the index is currently trading below its key moving averages, all of which are sloping downward, indicating a weak undertone. Momentum indicators also reinforce this view, as the daily RSI remains range-bound in line with the RSI Range Shift framework, suggesting the absence of clear directional momentum.
Going ahead, the 53,500-53,400 zone is expected to act as a crucial support for the index. A sustained break below 53,400 could trigger further downside, dragging the index towards the next key support at around 52,700. On the upside, the 50-day EMA zone of 55,300-55,200 is likely to act as an immediate hurdle, capping any recovery in the near term.
Disclaimer: Recommendations and views on the stock market, other asset classes, or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India.
