Intraday Stocks To Buy Today, July 1st: Top Picks By Sumeet Bagadia For Profitable Trading On Tuesday

The Nifty index took a break on Monday following a robust run the week before, with just modest profit booking. Following a robust gain, the Nifty had a little break in its recent advance, ending the previous session at 25,517.05, down 0.47%. Nifty Bank edged up for four straight days before closing the session at 57,312.75, down 131.15 points or 0.23%. The India VIX ended the day at 12.78, up 3.21%. Even with the rise, it is still below the psychological threshold of 15, which denotes a low-volatility and stable environment. This implies that market worry is low and investor attitude is still optimistic, both of which are typically conducive to a long-term rising trend.

Nifty Outlook Today

"After last week's strong rally, the index now appears slightly overstretched from its 10-day EMA-a signal of a healthy time-wise correction unfolding. With the index hovering around a near-term resistance zone of 25,640-25,740, any declines are expected to be constructive rather than disruptive. The ability of the index to convert previous resistance levels into new support zones, along with its position above the psychological 25,000 mark and breakout area, continues to reinforce the bullish undertone. As long as the index sustains above 25,300, adopting a 'buy-on-dips' approach remains advisable. On the technical front, the index is well-supported by its short-term moving averages, and the Relative Strength Index (RSI) holding above 60 confirms ongoing momentum. The cooling trajectory of the VIX adds further weight to the bullish stance, indicating that the broader setup still favours the bulls," commented Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

Bank Nifty Outlook Today

"The index is holding firmly above all the short and medium-term moving averages. Its rise is offering support to the ongoing uptrend. The slope of the Bollinger Band has turned upward, suggesting expansion in price range and rising volatility. The daily RSI stands at 66, hovering below the key 70 mark, reflecting a strong, yet not overheated momentum. Meanwhile, the MACD has entered positive territory, supported by an advancing histogram. The index may see a shallow retracement toward the 57,000-56,800 zone, which is expected to act as immediate support. Any dip toward this zone is likely to attract fresh buying interest as long as the structure remains above 56,300 on a closing basis. With the broader participation from PSU banks and a strong setup in momentum indicators, the bullish tone stays intact in Nifty Bank index. A decisive close above 57,620 could pave the way for a fresh leg towards higher level at 58,200 and beyond," commented Om Mehra, Technical Research Analyst, SAMCO Securities.

Stocks To Buy Today

On Tuesday, July 1, Choice Broking's executive director, Sumeet Bagadia, suggested buying two stocks in light of the US trade deal optimism and the Middle East's falling risk.

Cartrade Tech

Buy CARTRADE in Cash @ Rs 1700.7, Stop-loss @ Rs 1640, Target @ Rs 1818

CARTRADE, is currently trading at 1700.7, exhibits a strong uptrend, supported by its consistent position above key exponential moving averages (EMAs). Recent price action indicates a consolidation phase and showing strong signs of an impending breakout from its consolidation phase, and the technical indicators are aligning for a potential fresh upside rally., with the stock maintaining levels near the 20-Day and 50-Day EMA.

This setup suggests the potential for continued upward movement. With the stock positioned above its short-, medium-, and long-term EMAs, bullish momentum appears well-supported. If this trend continues, CARTRADE could reach a short-term target of 1818.

On the downside, immediate support is located at 1666. The Relative Strength Index (RSI) is currently at 59.03 and trending upward, reflecting growing buying momentum. To manage risk effectively, a stop-loss at 1640 is suggested to guard against any unexpected market reversals.

In conclusion, based on the technical analysis and current market conditions, CARTRADE presents a promising buying opportunity for those aiming for an 1818 target, provided that appropriate risk management strategies are in place.

Aries Agro Ltd

Buy ARIES in cash @ Rs 345.35, Stop-loss: Rs 333, Target: Rs 368

ARIES showcases a strong bullish momentum, the stock has now broken out of a long consolidation phase and is displaying strong price structure, firmly above all key exponential moving averages. The stock formed a bullish candle with a wide trading range and closed near the higher end, suggesting strong intraday demand.

ARIES had been trading sideways between ₹300-₹333 for a month before staging a powerful breakout. Since then, the stock has seen continuous higher highs and higher lows formation - a classic bullish price action.

Momentum oscillators like RSI and MACD are likely in bullish zones given the sharp rally and volume behaviour. Price is riding the upper Bollinger Band, reflecting strong trend intensity and characteristics of a sustained uptrend. Traders and investors may find this analysis indicative of potential continued upward momentum in the stock.

Based on the above analysis we recommend buying ARIES in cash at CMP of 345.35 for the target of 368 with a stop loss of 333.

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.