Intraday Stocks To Buy: Day Trading Picks By Sumeet Bagadia On Wednesday, 10th July

Tuesday's opening of the Nifty was favourable, and it stayed that way all day long due to domestic as well as global triggers. Ultimately, Nifty reached a closing level of 24,433, a record high. Despite starting on a negative note, the Bank Nifty eventually exhibited positive momentum. In the end, Bank Nifty closed the day at 52,569, indicating a favourable outcome. After US Fed Chair Powell's speech, the market will respond and investors will pay attention to upcoming inflation data, Q1FY25 earnings, and budget.

Market Outlook

Rajesh Bhosale, Equity Technical Analyst, Angel One said, "The benchmark index began the trading session with a slight positive note and gradually climbed higher throughout the day. By the end, the Nifty closed at a new high of 24433, with gains of about half a percent. Although the market maintained its bullish undertone, the session lacked opportunity for intraday traders. On the daily chart, prices continue to rise with small-bodied candles. Ideally, long-bodied candles indicate favorable trading conditions, but the current lethargic formations are testing the patience of both sides of the trend."

"While the overall sentiment remains positive without signs of weakness, the market appears overbought by various measures. Therefore, we advise against aggressive long positions. Key levels to watch are 24600 - 24650, the golden ratio retracement of the panic fall seen during the election day results. On the downside, immediate support is at 24330 followed by 24160. Defensive sectors like FMCG and Pharma have been favored in recent sessions, and Auto stocks have also shown strength. Traders should focus on these areas for better momentum and risk-reward compared to the main indices," the analyst further added.

Stocks To Buy Today

Throughout the session on Wednesday, July 10, Sumeet Bagadia, executive director of Choice Broking, proposed buying two stocks based on the results of a technical study.

Zomato

Buy ZOMATO in cash @ Rs 212.5, stop-loss: Rs 204, target: Rs 230

The current trading price of ZOMATO is Rs 212.5. The stock has recently broken out of a daily range with a significant increase in trading volume, indicating a potential breakout. If the price manages to close above the Rs 214 level, it may have the potential to reach short-term targets of Rs 230. On the other hand, immediate support levels are located at Rs 208, which can be considered as opportunities to buy on dips.

The Relative Strength Index (RSI) currently stands at 69.8 and is trending upward, indicating increasing buying momentum.

To prudently manage risk, it is advisable to set a stop-loss (SL) at Rs 204. 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, ZOMATO appears to present an appealing buying opportunity for those aiming for a Rs 230 price target, provided that appropriate risk management measures are in place.

Welspun Enterprises

Buy WELENT in cash @ Rs 516.8, stop-loss: Rs 499, target: Rs 545

WELENT daily chart analysis reveals a notable shift in market dynamics, transitioning from a period of minor declines and sideways consolidation to a promising upside bounce. This breakout has been accompanied by a consolidation of the upward movement, characterized by Bullish Engulfing Pattern. 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 WELENT price action.

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

Considering the above analysis, we recommend WELENT in cash at the current market price (CMP) of 516.8, setting a target of 545, and implementing a stop loss at 499.

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.