Buy/Sell/Hold: Day Trading Stock Recommendations By Sumeet Bagadia On Tuesday, 2nd July

Tracking global cues, the domestic benchmark indices opened flat. After the opening, Nifty had buying activity and closed the day at 24,142, indicating an optimistic note. With the addition of more than 1% to each BSE midcap and smallcap index, the broader indices reached a new all-time high. Bank Nifty had a flat beginning of trading, but following a plunge, the index saw buying demand and ended the day higher at 52,575. Investors will be closely monitoring several important events in the next few days, including the Fed Chair Powell Speech, JOLT's job openings, Japan's consumer confidence data, and key economic PMI data. These events might potentially affect market sentiment.

Nifty Outlook

"Technically, the index is finding resistance near the 24,150-24,200 levels. If the index sustains above 24,200, then the rally could extend towards 24,500-24,600 levels in the short term," said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd.

Bank Nifty Outlook

"From a technical standpoint, the index is still trading below short-term trend line resistance. Thus, for the short term, the 53,000-53,200 levels will act as a hurdle for Bank Nifty. If the index sustains above 53,200, then the rally could extend towards 54,000," Hrishikesh Yedve added.

Stocks To Buy Today

During Tuesday, July 2 intraday trading, Choice Broking's executive director Sumeet Bagadia recommended buying two stocks exclusively based on technical analysis.

V-Mart Retail

Buy VMART in cash @ 2991, SL @ 2899, TGT @ 3150

VMART, which is presently trading at a 52- week high of 3000 levels, is displaying significant bullish momentum. Strong trading volumes have backed the recent breakout above the critical resistance at 2950 levels, which is an important technical development that highlights the strength of the stock. The discovery raises the possibility that the upward trend would continue, providing investors with a positive outlook.

To further support its bullish outlook, VMART is also trading above important moving averages, such as the short-term (20 Day), medium-term (50 Day), and long-term (200 Day) EMAs. Relative Strength Index (RSI), a momentum indicator, is currently at 80.55 points.

It is advisable for traders to monitor the strong support level around 2899 levels, as a breach of this level may indicate a change in market attitude. VMART present technical configuration overall shows a favourable atmosphere for potential upside growth going forward, so long as traders and investors keep a careful eye on important support and resistance levels and are alert to any possible reversals.

We advise purchasing VMART at the CMP of 2991 and a stop loss of 2899 in order to reach the target of 3150, based on the analysis above.

UltraTech Cement

Buy ULTRACEMCO in cash @ 11904.65, SL @ 11500, TGT @ 12555

ULTRACEMCO is exhibiting strong bullish momentum, currently trading at an all-time high of 12031.6 levels. This breakout has been accompanied by a consolidation of the upward movement, characterized by higher highs and higher lows, supported by robust trading volumes, reinforcing the strength in the stock. The breakthrough suggests a potential continuation of the upward trend, offering an optimistic outlook for investors.

Additionally, ULTRACEMCO 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 73.1 levels.

For traders, keeping an eye on the strong support near 11500 levels is advisable, as a breach of this level could signal a shift in sentiment. Overall, ULTRACEMCO 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 ULTRACEMCO and the CMP of 11904.65 with a stop loss of 11500 for the target of 12555.

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.