Intraday Stocks To Buy Today, 21st July: Top Picks By Sumeet Bagadia For Profitable Trading On Monday

The markets continued to decline for the third week in a row last week, with the Nifty and Sensex closing close to their weekly lows of 24,968.40 and 81,757.73, respectively. The current earnings season will continue to be the focus of attention, with heavyweights Reliance, HDFC Bank, Axis Bank, and ICICI Bank will be the focus of Monday's early trading, while other notable companies like Infosys, Dr. Reddy's Laboratories, Bajaj Finance, Nestle India, UltraTech Cement, Eternal, IRFC, Bajaj Finance, TATA Consumer Products, Bajaj, and Cipla are scheduled to release their quarterly results in the sessions that follow from Monday.

Nifty Outlook Today

"Technically, on the daily chart, Nifty broke below its 34-Day Exponential Moving Average (34-DEMA) and formed a red candle, reflecting weakness. However, the index managed to defend the 50-DEMA, which is currently placed near 24,930. A decisive break below this level could drag the index towards the 24,750-24,500 zone. On the flip side, if the index holds above 24,930, a pullback rally towards 25,200-25,250 cannot be ruled out," commented Mr. Hrishikesh Yedve, AVP Technical and Derivative Research, Asit C. Mehta Investment Interrmediates Ltd.

Bank Nifty Outlook Today

"Technically, Bank Nifty broke its short-term swing low which was around 56,590 and formed a red candle on both the daily and weekly charts, signalling weakness. The next major support for the Bank Nifty is placed near 55,940, where 50-DEMA is placed followed by 55,150, while on the upside, 57,280 will act as strong resistance. As long as the index remains below 57,280, short-term traders are advised to adopt a sell-on-bounce strategy," stated Hrishikesh Yedve.

Stocks To Buy Today

Executive director of Choice Broking - Sumeet Bagadia, advised buying two stocks on Monday, July 21, in light of a variety of major cues from the US and India this week that would provide data regarding labor market, housing data, and manufacturing activity.

Dalmia Bharat

Buy DALBHARAT in Cash @ Rs 2251.8, Stop-loss @ Rs 2172, Target @ Rs 2410

DALBHARAT is currently trading at ₹2251.80 and has recently delivered a strong breakout, reaching a multi-month high of ₹2258 on the daily chart. This move is backed by its sustained position above key Exponential Moving Averages (20, 50, 100, and 200 EMA), reflecting strong underlying bullish sentiment. The stock has been steadily forming higher highs and higher lows, and the recent breakout from a short-term consolidation phase indicates a classic bullish reversal pattern.

This technical setup suggests the potential initiation of a medium- to long-term uptrend. If the momentum sustains, DALBHARAT could reach the short-term target of ₹2410. On the downside, immediate support is seen at ₹2230, which may act as a cushion during any intraday dips. The Relative Strength Index (RSI) currently stands at 66.82 and is trending upwards, confirming increasing buying strength without yet signaling overbought conditions.

In conclusion, DALBHARAT offers a compelling buying opportunity based on current technical signals. Traders may consider entering at current levels with a stop-loss at ₹2172, targeting ₹2410 in the near term, while adhering to disciplined risk management.

Chennai Petroleum Corporation

Buy CHENNPETRO in Cash @ Rs 779.4, Stop-loss @ Rs 752, Target @ Rs 840

CHENNPETRO is currently trading at ₹779.40 and has recently registered a bullish breakout following the formation of a higher high-higher low pattern, indicating a strong uptrend in progress. Over the past few months, the stock has built a solid base, marked by consistent higher lows, reflecting sustained accumulation at lower levels.

This upward move has led to a breakout above a crucial resistance zone near ₹782, signaling renewed buying interest and a positive shift in market sentiment. The stock has also taken firm support from the 20-day Exponential Moving Average and is now comfortably trading above all major EMAs (20, 50, 100, and 200), which further strengthens the bullish case. Immediate resistance is seen at ₹800, and a decisive close above this level could pave the way for a rally towards the short-term target of ₹840.

On the downside, immediate support is located at ₹760. The Relative Strength Index (RSI) is currently at 67.56 and trending upward, suggesting strong momentum while staying below overbought levels. For effective risk management, a stop-loss at ₹752 is recommended to protect against unexpected market pullbacks.

In conclusion, CHENNPETRO offers a promising buying opportunity from a technical perspective. Traders can consider accumulating at current levels, aiming for a near-term target of ₹840, while strictly adhering to risk management strategies.

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.