Buy/Sell/Hold: Day Trading Stock Recommendations By Sumeet Bagadia On Monday, 1st July

The Sensex and Nifty indices both saw modest gains of more than 2% the previous week, indicating fostering patterns in the Indian stock markets. Amid talk about the budget this week, sector-specific advances are expected. Major domestic and international economic data, including the JOLT job opening data, ADP nonfarm employment change, S&P Global Manufacturing PMI (Jun), ISM manufacturing PMI, Fed speech, HSBC India Manufacturing PMI, HSBC India Services PMI, Initial Jobless Claims, and Unemployment Rate decisions, will influence the market perspective this week.

Market Outlook This Week

"On the weekly chart, the Nifty index has formed a significant bullish candle that completely engulfs the previous week's candle and closed above its high, signalling a bullish bias. The pattern suggests that if Nifty surpasses and holds above 24,200, it could attract buying interest, pushing the index towards levels of 24,500-24,700. Conversely, a drop below 23,800 could lead to selling pressure, potentially driving the index towards 23,600-23,400 levels. For the upcoming week, we anticipate Nifty to trade within the range of 24,600-23,600 with a positive bias. Both daily and weekly strength indicators like the RSI are trending upwards and are above their respective baseline levels, further supporting the bullish outlook," said Arvinder Singh Nanda, Senior Vice President, of Master Capital Services Ltd.

"On the weekly chart, Bank Nifty has formed a bullish candlestick pattern, establishing both a higher high and a higher low compared to the previous week. The candle closed above the high of the prior week, indicating a strong bullish sentiment. According to the chart pattern analysis, if Bank Nifty manages to breach and sustain above the 52,500 mark, it is likely to attract buying interest, potentially propelling the index towards levels of 52,800-53,000. Conversely, a drop below the 52,200 level could trigger selling pressure, pushing the index towards 52,000-51,800 levels. Looking ahead to the upcoming week, our expectation is for Bank Nifty to trade within the range of 53,200-51,800 with a positive bias," the analyst further added.

Factors To Influence Market Movement This Week

"This week, sector-specific movements are anticipated amid budget-related buzz. Key factors to watch include the progress of the monsoon, which will be closely monitored for its near-term impact on investor confidence. The upcoming GST meeting may result in rate adjustments in certain sectors, potentially influencing market direction. Investors will also keep a close eye on FII and DII fund flows, as well as crude oil prices, to gauge overall sentiment. On the global front, economic data like the US Q1 GDP data and the US core PCE price index will be released on 27th June & 28th June Respectively. Movement of dollar index and US bond yields will be crucial," said Pravesh Gour, Senior Technical Analyst at Swastika Investmart Ltd.

"The market is expected to trade sideways next week due to the absence of strong buying or selling triggers. While the underlying sentiment remains bullish, dips might attract opportunistic buying, which could support the market. However, strong rallies may be capped by profit booking," he predicted.

Stocks To Buy Today

Sumeet Bagadia, executive director of Choice Broking, recommended buying two stocks only on the basis of technical analysis during the intraday trading session on Monday, July 1.

Aegis Logistics

Buy AEGISLOG in cash @ Rs 872.85, stop-loss: Rs 844, target: Rs 920

AEGISLOG has recently experienced a significant breakthrough above the crucial resistance zone ranging from 800 to 850 on the daily chart. This breakout has been accompanied by a consolidation of the upward movement, characterized by higher highs and higher lows. The strong bullish sentiment is further validated by a noticeable surge in trading volume.

Key technical indicators, particularly the Relative Strength Index (RSI), highlight the positive momentum in the stock. The RSI not only indicates favourable trends but also aligns with the stock trading above important moving averages, including the 20-day, 50-day, and 100-day Exponential Moving Averages (EMA). This convergence underscores the continued strength in AEGISLOG price action.

In summary, the decisive breakout, along with encouraging volume and the positive alignment of key technical indicators, suggests a bullish outlook for AEGISLOG. Traders and investors may interpret this analysis as indicative of potential sustained upward momentum in the stock.

Considering the above analysis, we recommend AEGISLOG in cash at the current market price (CMP) of 872.85, setting a target of 920, and implementing a stop loss at 844.

Can Fin Homes

Buy CANFINHOME in cash @ Rs 915.2, stop-loss @ 885, target @ 960

CANFINHOME is exhibiting strong bullish momentum, currently trading at an all-time high of 927.45 levels. The recent breakout above the crucial resistance at 900 levels is a significant technical development, 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, CANFINHOME 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 74.9 levels.

For traders, keeping an eye on the strong support near 885 levels is advisable, as a breach of this level could signal a shift in sentiment. Overall, CANFINHOME 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 CANFINHOME and the CMP of 915.2 with a stop loss of 885 for the target of 960.

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.