Intraday Stocks To Buy Today, Aug 1: Top Picks By Sumeet Bagadia For Profitable Trading On Friday

On Thursday, the Nifty index showed a typical monthly expiry move, closing at 24,768.35, with a minor loss of 86.70 points. The day ended on a muted note as the Nifty Bank dropped 188.75 points to conclude at 55,961.95. The India VIX closed at 11.54, up 3.01%. Volatility remained below the critical 13 level in spite of strong negative indicators, indicating that there is neither widespread liquidation nor panic in the market. The low volatility suggests that instead of anticipating a significant breakdown, traders are anticipating a continuation of the consolidation period.

Nifty Outlook Today

"The index has clearly defined its key trading zone and appears stuck in a consolidation phase with limited momentum on either side. Although buyers have shown interest at lower levels, strong supply persists near resistance zones, making a directional bias elusive. The support zone at 24,500-24,550 remains critical in the near term, while a convincing breakout above 24,900 could unlock further upside potential," commented Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

"For now, the Nifty continues to trade below the heavy resistance zone of 25,000, which also serves as a psychological barrier. Until this is reclaimed decisively, the overall sentiment remains cautious. Any short-term rally may attract renewed short positions unless backed by strong volumes and follow-through. Additionally, the long-short ratio, hovering around 14%, indicates an oversold territory, raising the possibility of a short-covering bounce - but only if the index breaks and sustains above the resistance zone," the analyst further added.

Bank Nifty Outlook Today

"The index has clearly defined its boundaries and remains confined within a consolidation zone, reflecting a lack of strong directional bias. While there are visible signs of accumulation at lower levels, sellers have consistently emerged from resistance zones, preventing any breakout attempts from gaining traction. The 55,500-55,700 band continues to serve as a critical support zone, while a breakout beyond 56,500 remains necessary to trigger sustained bullish momentum. For now, the Nifty Bank remains lodged beneath a heavy supply zone near the 56,500 mark - also coinciding with multiple key moving averages. Until the index decisively conquers this level, the broader trend remains cautious," commented Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

"Short-term rallies may continue to attract selling interest rather than indicate any meaningful trend reversal. Moreover, the index has slipped below its 50-day exponential moving average (50-DEMA), and Foreign Portfolio Investors (FPIs) have ramped up short positions in recent sessions - further amplifying overhead supply pressure. Until a clear breakout or breakdown emerges, traders are advised to maintain a balanced stance and await confirmation before committing to directional trades," the analyst further stated.

Stocks To Buy Today

On Friday, August 1, Choice Broking's executive director Sumeet Bagadia suggested buying two stocks after the Nifty index fell 2.93% for July, pulling down from its multi-week highs. The Nifty saw gains of 3.46%, 1.71%, and 3.10% at the end of April, May, and June, respectively.

NESCO

Buy NESCO in cash @ Rs 1378.6, Stop-loss @ Rs 1327, Target @ Rs 1460

NESCO is currently positioned at 1378.6 levels, delivered a strong breakout performance in today's session. Today's move also marks a new all-time high, signalling continuation of the ongoing bullish momentum. The price is comfortably trading above all major EMAs, and the moving averages themselves are sloping upward-indicative of trend strength and a strong demand zone on every dip.

The chart shows a well-formed higher highs and higher lows structure, with the recent few sessions acting as a consolidation phase around the 1212-1300 zone. Today's breakout signals the end of this range-bound phase and resumption of bullish activity.

The breakout has cleared previous multiple resistances with conviction and paves the way for further upside. The sharp move shows both price and volume confirming the trend-a strong bullish signal.

Given the momentum, NESCO looks poised to test higher levels in the coming sessions. Any minor dips may find strong support near the 20 EMA, which can act as an accumulation zone for traders.

Reinforcing the positive sentiment, the Relative Strength Index (RSI) comfortably rests at 77.37 levels. Investors may a good opportunity for swing traders with a short-term target of ₹1460+ in mind, and a strict stop-loss under 1327.

Allied Blenders and Distillers

Buy ABDL in Cash @ Rs 515.05, Stop-loss @ Rs 495, Target @ Rs 555

ABDL, is currently trading at 515.05 has shown a reaffirming strong bullish sentiment. Recent price action indicates the stock gradually moved higher, forming higher highs and higher lows-a classic sign of a bullish reversal. The bullish alignment of EMAs confirms that the broader trend remains firmly positive, with the 20-day EMA now acting as immediate dynamic support.

Additionally, the breakout candle is supported by strong price action, closing near day's high, which typically implies follow-through buying may occur in coming sessions. This technical alignment suggests the potential beginning of a medium- to long-term uptrend. The stock has maintained its bullish momentum and is currently trading at fresh highs, outperforming broader indices.

On the downside, immediate support is located at 505. The Relative Strength Index (RSI) is currently at 70.03 and trending upward, reflecting growing buying momentum. To manage risk effectively, a stop-loss at 495 is suggested to guard against any unexpected market reversals.

In conclusion, based on the technical analysis and current market conditions, ABDL presents a promising buying opportunity for those aiming for a 555 target, provided that appropriate risk management strategies are in place.

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.