Intraday Stocks To Buy Today, 8th July: Top Picks By Sumeet Bagadia For Profitable Trading On Tuesday

The Nifty continued its poor performance from the previous session, which was characterized by low market activity and muted volumes. The index ended the day essentially flat, rising just 0.30 points to close at 25,461.30. As the index continued its present consolidation phase, Nifty Bank closed the session down 0.15% at 56,949.20. The India VIX closed at 12.56, up 1.99%, but still well below its psychological barrier of 15. The consistently low volatility, which usually favors a slow upward crawl over abrupt movements, indicates a steady market condition and implies a lack of worry. The stock market could continue to be in a range-bound condition as the Q1 earnings season accelerates and amid the continued uncertainty surrounding U.S. trade policies.

Nifty Outlook Today

"Nifty continues to hold above its key short-term moving averages. The 9 EMA and 20 SMA are trending upward and are now positioned around 25,350 offering immediate intraday support while 25,250 as an important cushion for any deeper pullback. On the hourly chart, the index is attempting to form a base around the 25,350 level, which aligns with the 23.6 percent Fibonacci retracement. The daily RSI is hovering near 60, reflecting neutral to positive momentum. The MACD remains above the signal line, suggesting a continuation of the consolidation phase unless a breakout triggers fresh momentum. A sustained move above the 25,590 to 25,610 zone is likely to unlock the next leg of the uptrend," commented Om Mehra, Technical Research Analyst, SAMCO Securities.

Bank Nifty Outlook Today

"The index remains near its 9 EMA while holding above the 20-day SMA, indicating that the short-term trend structure continues to lean upward. The recent decline in the index has been measured and has respected the 50 percent Fibonacci retracement level at 56,380, highlighting this zone as a key support base. The daily RSI is hovering near 58, reflecting neutral momentum, while MACD remains in positive territory with a steady alignment above the signal line," Om Mehra stated.

"To resume the uptrend; Nifty Bank needs a decisive close above the 57,200 mark. A breakout beyond this level could unlock further upside toward 57,500 and eventually 57,700. Until a directional move emerges, the index is expected to remain range-bound, while the primary trend continues to hold a positive outlook," he further added.

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Stocks To Buy Today

On Tuesday, July 8, Sumeet Bagadia, executive director of Choice Broking, suggested buying two stocks after the India VIX, a measure of fear reached at 12.56 and is still safely below the 14 mark, maintaining a volatile environment that is favorable for bulls.

Thyrocare Technologies

Buy THYROCARE in cash @ Rs 1072.1, Stop-loss @ Rs 1035, Target @ Rs 1144

THYROCARE is exhibiting strong bullish momentum, currently trading at an all-time high of 1085 levels marking its highest closing level of the calendar year. This decisive move came after several days of sideways consolidation, suggesting that bullish sentiment is returning with strength.

The stock also formed a large bullish candle, clearly breaking above the short-term range resistance of 1,050, which now acts as an immediate support. The price action indicates strength, with candles exhibiting a strong bullish body and minimal upper wick-suggesting buyers remained in control throughout the day.

Additionally, THYROCARE is trading above key moving averages, including the short-term (20 Day), medium-term (50 Day), and long-term (200 Day) EMAs, further affirming its bullish stance. The momentum indicator, Relative Strength Index (RSI), is at 66.66 levels.

For traders, keeping an eye on the strong support near 1035 levels is advisable, as a breach of this level could signal a shift in sentiment. Overall, THYROCARE current technical setup suggests a favourable environment for further upside potential, provided traders and investors remain vigilant to potential reversals and closely monitor key support and resistance levels.

Based on the above analysis we recommend buying THYROCARE and the CMP of 1072.1 with a stop loss of 1035 for the target of 1144.

Swaraj Engines

Buy SWARAJENG in cash @ Rs 4245.7, Stop-loss: Rs 4090, Target: Rs 4585

SWARAJENG has an impressive breakout in today's session, this move came on the back of a strong bullish candle that engulfed the past few sessions signalling renewed buying momentum. After witnessing a brief sideways phase in the ₹3900-₹4200 zone, the stock has broken out on the higher side, signalling a fresh round of buying interest.

This breakout was backed by strong price action, confirming higher highs and higher lows structure. This shows conviction in the move and increases the likelihood of follow-through in upcoming sessions. Traders and investors may consider accumulating the stock on minor dips near 4200 with a stop-loss below 4090. A decisive move above 4,300 could open up room for the stock to test fresh 52-week highs.

Momentum oscillators like RSI and MACD are likely in bullish zones given the sharp rally and volume behaviour. Price is riding the upper Bollinger Band, reflecting strong trend intensity and characteristics of a sustained uptrend. Traders and investors may find this analysis indicative of potential continued upward momentum in the stock.

Based on the above analysis we recommend buying SWARAJENG in cash at CMP of 4245.7 for the target of 4585 with a stop loss of 4090.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor GoodReturns. The author, nor the brokerage firm nor GoodReturns would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.