Buy/Sell/Hold: Day Trading Stock Recommendations By Sumeet Bagadia On Wednesday, 26th June

The market began on Wednesday on a flat note, with the Sensex at 78,100 during the pre-opening session and the Nifty above at 23,700. In trading today, the Sensex surpassed the previous level of 78,164 and reached a record high. Expectations for the upcoming budget are upsetting the market, which is being helped by the power, real estate, metals, midcap, and financial sectors. With a daily gain of 1.81%, the India VIX began the day at 14.31.

Nifty Outlook

"Technically, the index broke out of the short-term consolidation range of 23,330-23,670 and closed above it. As per this breakout, the rally could extend towards 24,000 levels. On the downside, 23,670 will act as immediate support for the index," said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd.

Bank Nifty Outlook

" Technically, the index has crossed the short-term trend line resistance and sustained above 52,000 hurdle, indicating strength. Thus, as long as index holds above 52,000 levels, buy-on-dips strategy should be adopted. On the higher side, 53,000 will act as an immediate hurdle for the Bank Nifty."

Stocks To Buy Today

During Wednesday, June 26's intraday trading session, Choice Broking's executive director, Sumeet Bagadia, recommended buying two stocks based solely on technical analysis.

Godrej Agrovet

Buy GODREJAGRO in cash @ Rs 674, stop-loss: Rs 650, target: Rs 710

GODREJAGRO 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 bullish 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, GODREJAGRO is currently trading above its crucial 20-day, 50-day, and 100-day Exponential Moving Average (EMA) levels, reinforcing the bullish trend. Given the overall chart pattern, the analysis suggests a favourable long trading opportunity for investors.

Based on the above analysis we recommend buying GODREJAGRO in cash at CMP of 674 for the target of 710 with a stop loss of 650.

Hikal

Buy HIKAL in cash @ Rs 346.5, stop-loss: Rs 335, target: Rs 365

HIKAL is currently trading at Rs 346.5. After a period of small falls and sideways consolidation, the stock has lately broken the neckline levels of Rs 333 and is rising quickly on the upside with substantial volume. There are expectations of further upward movement, potentially reaching Rs 365 levels. On the downside, substantial support is evident near Rs 335.

Furthermore, HIKAL 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 78, 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 HIKAL may have the potential to achieve a target price of Rs 365 in the near term.

To manage risk effectively, it is advisable to set a stop-loss (SL) at Rs 335 to protect the investment in case of an unexpected market reversal.

In summary, considering the technical analysis and prevailing market conditions, HIKAL appears to present a promising buying opportunity for those targeting a Rs 365 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.