Stocks to Buy: Ajit Mishra of Religare Broking Recommends Three Shares to Buy on Wednesday - 3 June 2026

Why It Matters

The recommendations give investors concrete entry points in a volatile Indian market, targeting sectors poised for upside despite geopolitical headwinds. Selecting these stocks could capture gains as the broader index seeks to break its near‑term resistance.

Key Takeaways

• Nifty 50 closed at 23,483.55, up 0.43%.
• Federal Bank buy at $3.53, target $3.77.
• NMDC buy at $1.15, target $1.25.
• Varun Beverages buy at $6.47, target $7.03.
• Nifty resistance expected near 23,800–24,000.

Pulse Analysis

The Indian equity market entered a tentative recovery on June 3, with the Nifty 50 clawing back from a 3% decline that was fueled by heightened Iran‑related geopolitical risk and sustained foreign institutional outflows. Weekly expiry dynamics added a layer of volatility, but short covering and opportunistic buying in heavyweight names helped the index close in the green. This rebound underscores the market’s sensitivity to both macro‑political cues and technical triggers, making disciplined trade management essential for investors navigating the choppy environment.

From a technical standpoint, the Nifty’s bounce off the 23,250 swing low suggests a potential short‑term trend reversal, yet the index faces a formidable resistance corridor between 23,800 and 24,000. Traders are advised to watch price action around this zone for breakouts or pullbacks, as it will likely dictate the next leg of market direction. In such a scenario, stock selection becomes paramount; equities that exhibit strong momentum, solid fundamentals, and clear technical setups stand to outperform the broader index.

Mishra’s three picks each meet those criteria. Federal Bank, trading near $3.53, is riding a bullish pivot with RSI crossing into positive territory, offering a modest upside to $3.77. NMDC Limited, a metal‑focused player, has broken out on volume, positioning it for a move toward $1.25 as demand for iron ore steadies. Varun Beverages, priced at $6.47, has cleared a long‑term descending trendline and is gaining traction above its 200‑week moving average, supporting a target of $7.03. Together, these stocks provide diversified exposure to banking, metals, and consumer beverages, aligning with the market’s tentative optimism while preserving a disciplined risk‑reward profile.