Intraday Stocks To Buy Today, July 29: Top Picks By Sumeet Bagadia For Profitable Trading On Tuesday

There are major challenges facing markets both domestically and internationally. While the Bank Nifty index opened on a gap-down note and ended the previous session on a negative note at 56,085, the domestic benchmark index, the Nifty, began the week on a negative note, sustained selling pressure throughout the session, and ultimately closed at 24,681 in the previous session. Heightened market volatility was indicated by the India VIX volatility index, which increased 6.98% to 12.06. A weak set of Q1 results, ongoing FII outflows, US-EU trade developments, and upcoming monetary policy decisions from the Fed and BoJ will all contribute to the cautious outlook of the domestic market.

Nifty Outlook Today

"On the daily timeframe index formed a third consecutive bear candle with a lower high and lower low signaling extended decline. Index extended decline after breaking below the 50 days EMA on Friday's session. Immediate bias continues to remain down as long as index is forming lower high and lower low, a follow through weakness will open further downside towards 24,500-24,400 levels in the coming sessions. Major support is seen in the 24,500-24,400 zone, which coincides with last month's low, the 100 days EMA, and a key Fibonacci retracement of the recent up move from 23,935 to 25,669," said the technical research analysts of Bajaj Broking Research.

Bank Nifty Outlook Today

"Bank Nifty formed a bear candle with a long upper shadow which maintained lower high and lower low highlighting continuation of the corrective decline for the third session in a row. The index closed below the immediate support area of 56,200-56,300 being the last two weeks almost identical lows. A follow through weakness will open further downside towards 55,500 levels in the coming sessions. The 55,500-55,000 area remains a key support zone, as it aligns with the 100-day EMA and important Fibonacci retracement levels. This confluence reinforces it as a significant demand cluster on the downside," stated the technical research analysts of Bajaj Broking Research.

Stocks To Buy Today

Sumeet Bagadia, executive director of Choice Broking, advised purchasing two stocks on Tuesday, July 29, amid the difficult outlook for US-India trade relations, Q1 earnings that fell short of market expectations, and the key US employment data that will be released later this week.

Dabur India

Buy DABUR in Cash @ Rs 522, Stop-loss @ Rs 503, Target @ Rs 560

DABUR is currently trading at ₹522 and is showing strong bullish momentum. The stock has recently formed a bullish engulfing pattern on the daily chart, signaling a potential continuation of the uptrend. It is approaching a critical resistance level at ₹526, and a breakout above this mark could confirm further upside movement.

The breakout attempt is supported by a noticeable rise in trading volumes, indicating increased buying interest among market participants. Technically, the stock is trading comfortably above its 20-day, 50-day, and 200-day Exponential Moving Averages (EMAs), reinforcing its bullish trend across multiple timeframes.

The Relative Strength Index (RSI) stands at 63.33 and is trending higher, indicating positive momentum with room for additional gains before entering overbought territory.

Immediate support is placed at ₹515, which may serve as a cushion in case of short-term corrections. A stop-loss at ₹503 is recommended to manage downside risk effectively. If the stock sustains above ₹526, it could potentially rally toward the short-term target of ₹560.

In conclusion, DABUR's technical setup suggests a favorable risk-reward opportunity. Traders may consider entering long positions at current levels, supported by strong price action, volume, and momentum indicators.

Dr Reddy's Laboratories

Buy DRREDDY in Cash @ Rs 1287.4, Stop-loss @ Rs 1242, Target @ Rs 1377

DRREDDY is currently trading at ₹1287 and is displaying a strong bullish trend on the daily chart. The stock has broken out of a falling trendline, signaling a potential trend reversal and the beginning of an upward move. This breakout is supported by a noticeable increase in trading volumes, reflecting strong buying interest and further validating the bullish sentiment.

The stock is trading above all major Exponential Moving Averages (20, 50, 100, and 200-day), indicating a well-aligned bullish structure across short-, medium-, and long-term timeframes. These technical indicators confirm sustained momentum and continued market interest. A decisive move above the immediate resistance level of ₹1300 could pave the way for a swift rally toward the short-term target of ₹1377.

On the downside, immediate support is placed at ₹1270, while a stop-loss at ₹1242 is recommended to manage downside risk effectively. The Relative Strength Index (RSI) is at 54.99 and trending upward, indicating strengthening momentum without entering overbought territory.

In summary, DRREDDY offers a favorable risk-reward opportunity with a solid technical setup. Traders may consider entering at current levels, targeting ₹1377, while adhering to disciplined risk management.

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.