Intraday Stocks To Buy: Day Trading Picks By Sumeet Bagadia On Tuesday, 9th July

On Monday, the Nifty began steady and fluctuated in a narrow range all day. At 24,321, the Nifty closed the day on a flat note. The Bank Nifty fell into the opening gap and stayed low all day. Finally, at 52,426 levels, Bank Nifty ended the day worse than it had started. FMCG and Energy were the two best-performing sectors, with PSU Banks and Metal being the two worst poor performers. The best-performing part of the day was the railway sector, as nearly every counter climbed by more than 5-6%.

Market Outlook Today

"With no major significant cues in the morning, the benchmark index Nifty started the week's trading activity on a flat note. In the first half, prices dipped, testing levels below 24250. However, during the second half, the bulls took charge, pushing prices higher and ending near the day's high, though without a major change from the previous close," said Rajesh Bhosale, Equity Technical Analyst, Angel One.

"Technically, not much has changed as prices stayed within the previous session's range, ending flat. While the primary trend remains positive, the overbought conditions across various parameters suggest caution in taking aggressive long positions on the index. We reiterate that a correction is likely in the near term, either price-wise or time-wise, and today it seemed Nifty favored the latter. The immediate trading range is visible between 24200 and 24500, with key levels extending to 24000 - 24600. Any dip toward the lower end would be a buying opportunity, whereas any upside toward the mentioned resistance should prompt traders to book profits. Traders should monitor these levels and adjust their strategies accordingly," he further added.

"It appeared that traders were focusing on opportunities outside the index, as there was notable stock-specific rotation. Today, the FMCG and OIL&GAS sectors were in focus, bucking the trend. Such opportunities may continue to arise, and traders should keep an eye on identifying these themes," commented Rajesh Bhosale.

Stocks To Buy Today

On Tuesday, July 9, during the course of the day, Sumeet Bagadia, executive director of Choice Broking, recommended buying 2 stocks pursuant to technical analysis findings.

Tide Water Oil Co India

Buy TIDEWATER in cash @ Rs 2404.45, stop-loss @ Rs 2323, target @ Rs 2525

TIDEWATER is exhibiting strong bullish momentum, currently trading at an all-time high of 2471 levels. The recent breakout above the crucial resistance at 2323 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, TIDEWATER 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 80.53 levels.

For traders, keeping an eye on the strong support near 2323 levels is advisable, as a breach of this level could signal a shift in sentiment. Overall, TIDEWATER 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 TIDEWATER and the CMP of 2404.45 with a stop loss of 2323 for the target of 2525.

Texmaco Infrastructure & Holdings

Buy TEXINFRA in cash @ Rs 144.56, stop-loss: Rs 141, target: Rs 154

TEXINFRA has recently experienced a significant breakthrough on the daily chart. This breakout has been accompanied by a bullish trend 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 TEXINFRA price action.

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

Considering the above analysis, we recommend TEXINFRA in cash at the current market price (CMP) of 144.56, setting a target of 154, and implementing a stop loss at 141.

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.