Trade Call: Day Trading Stock Recommendations By Sumeet Bagadia On Thursday, 18th July

Tuesday saw a rise in domestic benchmark indices in response to positive global cues. Because of this, the Nifty reached a new all-time high of 24,661.25 and ended the day higher at 24,613 points. The Bank Nifty index had a rough start, steadied in a small range, and ended the day down at 52,397 marks. Although the Nifty Midcap 100 and Nifty Small Cap 100 reached all-time highs, they were unable to maintain their gains and closed flat. Due to Muharram, Indian markets were closed on Wednesday. However, the Q1FY25 earnings numbers and the Union Budget, a significant event coming up, will influence the current state of the market.

Nifty Outlook

"Technically, the index formed multiple doji candles near the resistance zone, indicating short-term uncertainty prevailing in the market. Thus, the high of this doji candle, which is around 24,661, will act as a short-term hurdle for the index. If the index manages to close above it, the rally can extend towards the 24,800-25,000 levels," said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd.

Bank Nifty Outlook

"Technically, on the daily scale, the index is consolidating in a narrow band but holding above the 21-Day Exponential Moving Average (DEMA) support, which is positioned near 51,960, while the recent swing low is situated near 51,750. As long as the index holds above 51,750, a buy-on-dips strategy should be adopted for Bank Nifty. On the upside, 52,800 and 53,000 will serve as strong resistance levels," Hrishikesh Yedve commented.

Stocks To Buy Today

Sumeet Bagadia, executive director of Choice Broking, recommended buying two stocks on Thursday, July 18, based on the outcomes of a technical analysis.

Prince Pipes and Fittings

Buy PRINCEPIPE in Cash @ 700, stop-loss @ 670, target @ 760

PRINCEPIPE has recently bounced from a strong support level and is currently trading within a defined range of 670-710. This price action reflects significant buying interest, supported by an increase in trading volumes, suggesting a potential breakout from the current range.

The Relative Strength Index (RSI) is currently at 60.38 and is forming a positive crossover, indicating rising buying pressure that could further support price appreciation. Additionally, PRINCEPIPE is trading above its key moving averages including its Short term (20 Day), Medium term (50 Day), and long term (200 Day) EMA levels.

The recent price action, combined with strong support levels and increasing trading volumes, supports a bullish outlook for the stock. In light of the technical indicators and prevailing market sentiment, initiating a buy position for PRINCEPIPE at Rs 700, with a stop loss at Rs 670 and a target of Rs 760, presents a favourable risk-reward opportunity.

Hindustan Petroleum Corp

Buy HINDPETRO in Cash @ 358.2, stop-loss @ 341, target @ 390

HINDPETRO is currently forming a rounding bottom pattern on the daily charts, supported by an increase in trading volumes, which indicates a potential breakout. This pattern signals a reversal in market sentiment and suggests significant potential for future price appreciation.

The Relative Strength Index (RSI) is at 61.70 and is trending upward, further supporting the bullish momentum. Additionally, HINDPETRO is trading above its key moving averages, including the short-term (20 Day) and medium-term (50 Day) EMA levels, which confirms the strength of the current uptrend.

In summary, based on the favourable technical setup and key indicators (RSI and moving averages), buying HINDPETRO at CMP of Rs 358.2, with a stop loss at Rs 341 and a target price of Rs 390, presents a compelling opportunity for potential gains. This strategy aligns well with the on-going bullish trends in the stock.

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.