Buy/Sell/Hold: Day Trading Stock Recommendations By Sumeet Bagadia On Friday, 28th June

Indian benchmark indices saw substantial gains on the F&O expiry day on Thursday, reaching new all-time highs. The Nifty reached 24,044 levels after breaking above the 24,000 mark for the first time. The Nifty IT index had a significant upswing, rising 2.03% to close at 36,124. At 53,180.75, Bank Nifty set a new record high by having a gap-up opening. After that, the index saw profit booking and ended the day at 52,811.30, down from the previous day's close. Ahead of this week's major US data releases, such as the PCE price index, investor mood is expected to remain cautious. Investors may also monitor today's FII and DII statistics to set up their trades for the new month.

Market Outlook Today

"Technically, the Nifty index has achieved short term consolidation breakout target of 24,000 levels, and managed to close above it. If the index holds above 24,000 levels, then rally could extend towards 24,250-24,500 in the short term," said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd.

On the outlook of Bank Nifty, Hrishikesh Yedve stated "From a technical standpoint, the index has formed bearish candle near 53,000-53,200 hurdle. If the index sustains above the 53,200 level, the rally could extend towards 54,000."

Stocks To Buy Today

During Friday, June 28 intraday trading, Choice Broking's executive director Sumeet Bagadia recommended buying two large-cap stocks based only on technical analysis.

Bosch

Buy BOSCHLTD in cash @ Rs 34749.65, stop-loss @ Rs 33500, target @ Rs 37300

BOSCHLTD daily chart analysis offers a favourable view for the following week, indicating a steady higher advance. Notably, the stock has produced a notable higher high and higher low pattern, and the company's recent upward swing has effectively violated the neckline, establishing a new week high. This breakthrough indicates the possibility of a significant follow-through upward increase in the stock price.

Adding to the positive momentum, there has been an increase in trading volume, indicating growing market interest. The stock formed a strong momentum candle that engulfed the preceding three-month candle signifying a potential continuation of the uptrend following and the daily strength indicator RSI (14) is moving upwards and positioned above its reference line indicating a positive bias. Furthermore, BOSCHLTD is currently trading above its crucial 20-day, 50-day, and 100-day Exponential Moving Average (EMA) levels, reinforcing the bullish trend.

For fresh investments, a disciplined strategy involves waiting for potential dips, considering entry points near 34350 levels. Implementing a strict stop-loss at 33500 levels offers a risk management mechanism, ensuring protection against adverse market movements.

Navigating the stock's future trajectory requires vigilance around RSI dynamics and potential sideways movements, presenting investors with opportunities to optimize their investment positions based on prevailing market conditions.

Based on the above analysis we recommend buying BOSCHLTD at the price of 34749.65 with a stop loss of 33500 for the target of 37300.

Bharti Airtel

Buy BHARTIARTL in cash @ Rs 1475.8, stop-loss: Rs 1430, target: Rs 1550

BHARTIARTL is currently trading at Rs 1475.8. After a period of small falls and sideways consolidation, the stock has lately broken the neckline levels of Rs 1450 and is rising quickly on the upside with substantial volume. There are expectations of further upward movement, potentially reaching Rs 1550 levels. On the downside, substantial support is evident near Rs 1430.

Furthermore, BHARTIARTL is trading above key Exponential Moving Averages (EMAs), including the 20-day, 50-day, 100-day, and 200-day EMAs. This suggests a strong bullish momentum, indicating the potential for continued upward price action. The Relative Strength Index (RSI) stands at 67, signalling an upward trajectory and confirming an increase in buying momentum.

Additionally, the Stochastic Relative Strength Index (Stoch RSI) exhibits a positive crossover. These technical indicators collectively support the notion that BHARTIARTL may have the potential to achieve a target price of Rs 1550 in the near term.

To manage risk effectively, it is advisable to set a stop-loss (SL) at Rs 1430 to protect the investment in case of an unexpected market reversal.

In summary, considering the technical analysis and prevailing market conditions, BHARTIARTL appears to present a promising buying opportunity for those targeting a Rs 1550 price objective, contingent upon the implementation of prudent risk management measures.

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.