Trade Call: Day Trading Tata-Group Stock Picks By Sumeet Bagadia On Friday, 12th July

Positive global cues propelled the opening of the domestic benchmark indices higher on Thursday. After the beginning, though, Nifty lost all of its gains and ended the day down, at 24,316. The Bank Nifty saw selling pressure in the first half of the day after starting the day on a high note. The index did, however, see a significant decline in the second half, which led Bank Nifty to end the day at 52,271 levels. The US inflation statistics, the ongoing Q1 results session driven by FII inflow and budget expectations, are currently the centre of attention. These factors could cause market volatility in the upcoming sessions.

Market Outlook Today

Rajesh Bhosale, Equity Technical Analyst, Angel One said, "On the daily chart, prices formed an inside bar candle, trading within the previous session's range. Bulls have continuously defended their territory against any weakness but have struggled to trigger upward momentum. Observing the chart closely reveals a defined range between the 24150 and 24450 zones. The next directional move is likely to come once this range is broken, and traders are awaiting a trigger for this momentum move. With the results season kicking off, we may soon see trending moves reappear in key indices. However, considering the overbought scenario across various parameters and the upcoming budget, we do not recommend aggressive long positions. Instead, it would be wise to book profits at higher levels. On the downside, prices have safely defended the 24200-24150 range in the last two sessions, which can be considered crucial support. A break below this may trigger a price correction, which could be healthy for the market ahead of the key budget. Traders are advised to monitor these key levels closely."

Stocks To Buy Today

On Friday, July 12, Sumeet Bagadia, executive director of Choice Broking, recommended buying two stocks based on the results of a technical analysis.

Voltas

Buy VOLTAS in cash @ Rs 1515.95, stop-loss: Rs 1450, target: Rs 1640

VOLTAS is currently trading at 1512.80 levels, having recently rebounded from a support level at 1450 levels which is just below its 20 Day EMA levels. This bounce has given a strong breakout above the resistance level of 1485 levels indicating strength.

The Relative Strength Index (RSI) at 62.60 suggests that there is strength in the stock as it has bounced from the support levels, leaving room for further price appreciation.

However, there is a smaller resistance level at 1545 that the stock needs to overcome. If it successfully surpasses this resistance, it could potentially target higher levels, specifically 1640 and beyond.

According to the aforementioned technical analysis, we advise buying VOLTAS at CMP of 1515.95 for the target of 1640 levels, if the stock closes below 1450, our analysis will be invalid.

Tata Motors

Buy TATAMOTORS in cash @ 1020.80, stop-loss @ 985, target @ 1080

TATAMOTORS is exhibiting strong bullish momentum, currently trading at 1020.80 levels. The recent breakout above the crucial resistance at 1005 levels is a significant technical development, supported by decent 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, 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 61.93 levels.

For traders, keeping an eye on the strong support near 985 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 1020.80 with a stop loss of 985 for the target of 1080.

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.