Shares To Buy Today: Day Trading Stock Picks By Sumeet Bagadia On Friday, 5th July

On Thursday, domestic benchmark indices began the day higher due to optimistic global cues. Consequently, the Nifty reached a new all-time high of 24,401 and ended the day flat at 24,302. Although there was profit booking, Bank Nifty too began with a gap and reached a new high of 53,357.7. At 53,104 levels, Bank Nifty ultimately ended the day intact. This week's market mood will be influenced by the US non-farm payroll and unemployment rate, as well as the approaching budget and inflows from FIIs and DIIs, ahead of the Q1 results period that begins next week.

Nifty Outlook Today

Osho Krishan, Senior Analyst - Technical & Derivatives, Angel One said, " Technically, there have been no significant changes since the last closure, but the decline from highs could be interpreted as the initial sign of exhaustion for the bulls. On the level-specific front, the highs of 24400 could be seen as intermediate resistance for Nifty. While on the lower end of the spectrum, 24200-24150 is likely to provide some cushion to any upcoming blips, while 24100-24000 withholds the sacrosanct support in the near term. Also, taking into consideration the overbought scenario, it is prudent to maintain caution and focus on thematic movers, which have been in the play for quite some time.

Looking ahead, we are optimistic and foresee continued sectoral rotation. It is also important to closely monitor global developments, as they are likely to shape the near-term outlook for our markets in the absence of significant domestic triggers."

Bank Nifty Prediction

"Bank Nifty marked a new high of 53,357.70 and settled at 53,103.70, ending the day almost flat. The index found support from the rising trendline, highlighting the positive trend. With the opening and day's high remaining identical, a short-term pullback is possible, if Bank Nifty slips below 52,800, potentially heading towards 52,200. The daily RSI displaying strength and stands at 67 level," said Om Mehra, Technical Analyst, SAMCO Securities.

Stocks To Buy Today

On Friday, July 5, during intraday trading, Choice Broking executive director Sumeet Bagadia recommended buying just two stocks. His suggestion rested primarily upon technical analysis.

Tata Motors

Buy TATAMOTORS in cash @ Rs 998.20, stop-loss @ 970, target @ 1065

TATAMOTORS is exhibiting strong bullish momentum, currently trading at 998.20 levels. The recent bounce back above from the crucial support of 970 levels is a significant technical development, supported by robust trading volumes, reinforcing the strength in the stock. This suggests a potential continuation of the upward trend, offering an optimistic outlook for investors.

Additionally, TATAMOTORS 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 57.70 levels.

For traders, keeping an eye on the strong support near 970 levels is advisable, as a breach of this level could signal a shift in sentiment. Overall, TATAMOTORS 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 TATAMOTORS and the CMP of 998.20 with a stop loss of 970 for the target of 1065.

Bharat Bijlee

Buy BBL in cash @ 5235.3, stop-loss: 5050, target: 5500

BBL 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, BBL 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 BBL in cash at CMP of 5235.3 for the target of 5500 with a stop loss of 5050.

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.