Intraday Stocks To Buy Today, July 23: Top Picks By Sumeet Bagadia For Profitable Trading On Wednesday

On July 22, Indian equity markets saw sideways trading all day before closing flat to negative. The Sensex closed at 82,186.81, down 13.53 points, or 0.02%, and the Nifty down 29.80 points, or 0.12%, to 25,060.90. 988 stocks rose and 1,492 fell, indicating poor market breadth that was influenced by widespread selling pressure across all sectors. Low volatility and a steady to slightly positive market mood are indicated by the India VIX's 4.02% drop to 10.7525. Traders continued to pay attention to developments on the trade deal between the United States and India. IT, auto, PSU banks, pharma, media, and real estate all had declines of 0.4% to 2% from the closing of all sectoral indices.

Nifty Outlook Today

"On the daily chart, Nifty formed a bear candle as it reacted lower from the 20 days EMA signaling selling pressure at higher levels around 25,200-25,250. Index is seen consolidating in the range of 24,900-25,250 in the last 5 sessions. Nifty has strong hurdle around 25,200-25,250 levels being the confluence of the 20-day EMA and the previous week's high. Only a decisive breakout above 25,250 would be required to signal a potential end to the recent corrective phase and could unlock further upside towards the 25,500-25,600 levels in the near term. On the downside, a breakdown below 24,900 on a closing basis would indicate an extension of the last three weeks' corrective decline," commented the research analysts of Bajaj Broking Research.

Bank Nifty Outlook Today

"Bank Nifty formed a bear candle signaling profit booking at higher levels around the last week high and the trendline resistance drawn from recent swing highs. A decisive breakout above the resistance area of 57,300 would open the door for a further rally towards the 58,000 marks in the coming weeks. On the downside, immediate support is seen in the 56,000-55,700 zone - a crucial area marked by the confluence of the 50-day EMA and key Fibonacci retracement levels from the prior uptrend," stated the research analysts of Bajaj Broking Research.

Stocks To Buy Today

Sumeet Bagadia, executive director of Choice Broking, recommended buying two stocks on Wednesday, July 23, in light of the intense attention leading up to the crucial August 1st deadline of the U.S. trade deal.

One 97 Communications

Buy PAYTM in Cash @ Rs 1051.05, Stop-loss @ Rs 1014, Target @ Rs 1125

PAYTM is currently trading at 1051.05 and maintaining a strong upward trajectory. The stock has been forming a series of higher highs and higher lows, indicating sustained bullish momentum. A breakout from the rounding bottom formation has confirmed a bullish Rounding Bottom pattern, signalling a transition from accumulation to an upward trend.

This breakout is further validated by the stock marking a fresh 52-week high at 1060, supported by consistent volume activity. The price action remains well above key exponential moving averages, indicating strong alignment across short- and long-term trends. Immediate resistance is seen near 1060, and a breakout above this level could pave the way for a short-term target of 1125.

On the downside, immediate support lies around 1030. The Relative Strength Index (RSI) is currently at 78.05 and trending higher, suggesting strengthening buying interest. For effective risk management, a stop-loss near 1014 is advisable to safeguard against any potential market pullbacks.

In conclusion, PAYTM exhibits a favourable technical setup and presents a compelling buying opportunity, particularly for traders targeting 1125, as long as disciplined risk controls are maintained.

Ambuja Cements

Buy AMBUJACEM in Cash @ Rs 620.55, Stop-loss @ Rs 598, Target @ Rs 665

AMBUJACEM is currently trading at 620.55, the chart indicates a bullish trend in the short term, but a larger rising wedge pattern is clearly forming, which typically signals a potential trend reversal or consolidation. The stock has recently broken above the upper boundary of the wedge, trading at 620.55 after touching a high of 624.95. This breakout may appear strong, but given the nature of the rising wedge, caution is advised.

The price remains well-supported above its 20, 50, 100, and 200-day Exponential Moving Averages, all of which are sloping upwards, confirming the strength of the prevailing trend. A decisive close above 637 could act as a catalyst for the next leg of the rally, with a near-term upside potential toward 665.

On the downside, immediate support is seen at 610, offering a potential accumulation zone if minor pullbacks occur. The Relative Strength Index is currently at 77.29 and continues to trend upward, indicating strong momentum but also suggesting that the stock is entering overbought territory. A stop-loss at 598 is recommended to protect against any sudden market corrections or profit booking.

In summary, AMBUJACEM technical setup is firmly bullish with momentum and trend indicators aligning in favour of further gains. Traders and investors may look to accumulate on dips or wait for a confirmed breakout, targeting for 665 in the short term, while adhering to disciplined risk management.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium 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.