Intraday Stocks To Buy Today, 7th July: Top Picks By Sumeet Bagadia For Profitable Trading On Monday

Over the past week, the Indian stock markets have entered a cooling-off phase. The Nifty50 index saw a modest weekly decrease of 0.69 percent as the week came to an end, leveling off around the 25450 zone. The Sensex rose 193.42 points, or 0.23%, to close at 83,432.89 at the end of the previous trading session, while the Nifty rose 55.7 points, or 0.22%, to conclude at 25,461. Both the Nifty and the BSE Sensex had weekly declines of 0.7 percent apiece. With the Nifty hitting 25,549 and the Sensex hitting 83,755.87-their best levels in nine months-India's stock markets are doing well. As the India VIX dropped 2.9%, indicating a better risk appetite and less perceived uncertainty, market mood continued to improve.

Nifty Outlook Today

"Nifty on the weekly chart has formed a small bear candle with a higher high and higher low signaling consolidation amid stock specific action after the recent strong up move. Going ahead, Index to extend consolidation with positive bias in the range of 25,200-25.700. The recent uptrend has seen strong market breadth and broad-based sector participation, adding to the rally's structural strength. Key positional support lies at 25,200-25,000 levels being the confluence of the 20 days EMA and the upper boundary of the recent consolidation breakout area (25,200-24,500). We expect the index to hold above the support area. Hence, dips should be used as a buying opportunity," commented the analysts of Bajaj Broking Research.

Bank Nifty Outlook Today

"Bank Nifty on the weekly chart has formed a small bear candle with a higher high and higher low signaling consolidation after the recent strong up move. Key support is placed at 56,000-55,500 region, representing a confluence of key technical indicators - including the 50-day EMA and the 61.8% Fibonacci retracement of the recent rally (55149-57614). We expect index to enter consolidation in the range 56,000-57,500 in the coming sessions. Only a move above 57,500 will open further upside towards 58,500 levels in the coming weeks," stated the analysts of Bajaj Broking Research.

Stocks To Buy Today

Sumeet Bagadia, executive director of Choice Broking, advised purchasing two stocks on Monday, July 7, in advance of the two significant events that would take place on July 9-the U.S. trade deadline and the FOMC minutes of the U.S. Federal Reserve.

BPCL

Buy BPCL in Cash @ Rs 346.20, Stop-loss @ Rs 334, Target @ Rs 370

BPCL is currently trading at ₹346.20, having recently rebounded from a key support zone and formed a strong bullish candlestick pattern on the daily chart. The stock has broken out of a brief consolidation phase and is now approaching its all-time high, reflecting strong bullish sentiment. A sustained breakout above the critical resistance level of ₹356 would confirm the rally and potentially trigger further upside momentum.

This bullish setup is supported by increasing trading volumes, indicating growing buying interest among market participants. The Relative Strength Index (RSI) is currently at 71.81, highlighting strong momentum with further room for upward movement.

Additionally, BPCL is trading above its 20-day, 50-day, and 200-day Exponential Moving Averages (EMAs), reinforcing the prevailing uptrend and signaling strength across multiple timeframes.

Should the stock maintain levels above ₹356, it may present a favorable opportunity for initiating long positions. Traders can consider entering at the current market price of ₹346.20, with a recommended stop-loss at ₹334 to manage downside risk. The near-term target is set at ₹370. While the technical outlook remains positive, traders are advised to stay alert to short-term volatility and adhere to disciplined risk management practices for optimal results.

Glenmark Pharmaceuticals

Buy GLENMARK in Cash @ Rs 1830.40, Stop-loss @ Rs 1765, Target @ Rs 1980

Glenmark is currently trading at ₹1830.40 and is exhibiting strong bullish momentum. The stock has decisively rebounded from lower levels to mark a new all-time high of ₹1843, forming a classic higher high-higher low structure along with a rounding bottom pattern-both of which are strong technical indicators of a sustained uptrend. Additionally, the formation of a robust bullish candlestick on the daily chart further validates this positive price action.

The recent breakout above the key resistance level of ₹1850 reinforces the bullish outlook and suggests the potential for continued upward movement if momentum sustains. From a technical standpoint, Glenmark is trading well above its 20-day, 50-day, and 200-day Exponential Moving Averages (EMAs), highlighting the strength and reliability of the prevailing uptrend.

Immediate support is seen at ₹1800, with a suggested stop-loss at ₹1765 to safeguard against short-term volatility. Given the favorable technical setup, confirmed breakout, and strengthening momentum, traders may consider entering long positions at the current market price of ₹1830.40, targeting ₹1980 in the near term.As always, disciplined risk management and appropriate position sizing are crucial for effective trade execution, especially in a volatile market environment.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor GoodReturns. The author, nor the brokerage firm nor GoodReturns 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.