Buy/Sell/Hold: Day Trading Stock Recommendations By Sumeet Bagadia On Tuesday, 25th June

Nifty recovered from its initial wobble on Monday, rising gradually throughout the day to settle at 23,538, up 37 points. The India VIX closed at 14.06, having increased 6.66% intraday. After a sharply negative start, Bank Nifty bounced back and gained steadily throughout the day, closing at 51,704, up 43 points. Market observers are keeping a close eye on the infrastructure, defence, railways, energy, agriculture, and banking sectors in advance of the scheduled budget.

Nifty Outlook Today

"Technically, since last couple of weeks, the index is consolidating in the band of 23,330-23,670. Thus, for fresh bullish momentum, index need to sustain above 23,670-23,700 zone. If it manages to sustain above 23,700, the rally could extend towards 24,000 levels. On the downside, 23,300 will act as strong support for the index," said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd.

Bank Nifty Prediction Today

"Technically, the index has retested the recent breakout point and witness recovery, indicating strength. Thus, as long as index holds above 51,000 levels, buy-on-dips strategy should be adopted. On the higher side, 52,000 will act as immediate hurdle for the Bank Nifty, where trend line resistance is placed," commented Hrishikesh Yedve.

Stocks To Buy Today

Sumeet Bagadia, the executive director of Choice Broking, recommended buying two stocks on a technical basis during the intraday trading session on Tuesday, June 25.

PI Industries

Buy PIIND in cash @ Rs 3803, stop-loss: Rs 3656, target: Rs 4095

The current trading price of PIIND is Rs 3803. The stock has recently formed a Rounding Breakout pattern on the daily chart with a significant increase in trading volume, indicating a potential breakout. If the price manages to close above the Rs 3805 level, it may have the potential to reach short-term targets of Rs 4095. On the other hand, immediate support levels are located at Rs 3720. These levels can be considered as opportunities to buy on dips.

The Relative Strength Index (RSI) currently stands at 65 and is trending upward, indicating increasing buying momentum. Furthermore, the Stochastic Relative Strength Index (Stoch RSI) has recently experienced a positive crossover, moving out of the oversold region. These technical indicators, when considered together, suggest that PIIND has the potential to reach a target price of Rs 4095 in the near future.

To prudently manage risk, it is advisable to set a stop-loss (SL) at Rs 3656. This precaution will help protect your investment in case of an unexpected market reversal. In summary, considering the technical analysis and the current market conditions, PIIND appears to present an appealing buying opportunity for those aiming for a Rs 4095 price target, provided that appropriate risk management measures are in place.

BASF India

Buy BASF in cash @ Rs 5277.35, stop-loss @ Rs 5075, target @ 5555

BASF is exhibiting strong bullish momentum, currently trading at an all-time high of 5379 levels. The recent breakout above the crucial resistance at 5050 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, BASF 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 71.93 levels.

For traders, keeping an eye on the strong support near 5075 levels is advisable, as a breach of this level could signal a shift in sentiment. Overall, BASF 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 BASF and the CMP of 5277.35 with a stop loss of 5075 for the target of 5555.

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.