Sumeet Bagadia of Choice Broking Recommends 2 Stocks To Buy Or Sell On Friday, 14th July

During the Thursday session, which was highly turbulent, benchmark indices ended higher. The Nifty was up 29.50 points or 0.15% at 19,413.80 at closure, and the Sensex was up 164.99 points or 0.25% at 65,558.89. The top Nifty gainers were Hindalco Industries, TCS, Infosys, LTIMindtree, and Tech Mahindra, while losers included Power Grid Corporation, Coal India, BPCL, UPL, and Maruti Suzuki. The BSE midcap and smallcap indices both dropped by 5%. While the bank, metal, real estate, and IT sectors wrapped up in green, the auto, capital goods, FMCG, healthcare, oil & gas, and power sectors ended in red.

Market Outlook

"Fall in US inflation data to 2-year low boosted investor sentiments putting to rest some of the concerns with regards to Fed future rate hike. Now Producer price data of US would be keenly eyed today which is an important feed point for US Fed interest rate decisions. However, on the domestic front, inflation came in at a 3-month high due to high vegetable prices which somewhat worried investors. On the other hand, the primary market continues to do well with most of the IPOs over the last 1 month getting good responses. Currently, Utkarsh SFB IPO is open which is also garnering huge investor interest. Going ahead, with the start of the Q1FY23 earnings season, the market is likely to witness more stock-specific action. In the near term, the market may remain in consolidation mode though the undertone remains positive on the back of strong FII inflows, robust domestic macro-micro factors and expectation of normal monsoon, said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Commenting on the outlook of Nifty, Sumeet Bagadia, Executive Director of Choice Broking said, "The market displayed signs of profit booking at higher levels, indicating a potential lack of strength to surpass the crucial resistance zone of 19,550-19,600. Currently trading within the broader range of 19,550-19,300 levels, the Nifty finds immediate support at 19,300. A breach of this level may trigger a period of profit booking. Until then, market participants are advised to view the market as a "buy on dip" opportunity."

Stocks To Buy Today

Here are the 2 intraday stock picks by Sumeet Bagadia, Executive Director of Choice Broking to buy today i.e. on Friday, 14th July.

Escorts Kubota Ltd

Buy ESCORTS in cash @ Rs 2315, stop loss Rs 2280, target price Rs 2405

ESCORTS have bounced back from the strong support of 2200, which is also a 20 Day EMA and has given a breakout above a crucial resistance of 2265 levels. ESCORTS can climb upwards towards higher levels near to 2400 levels as the current breakout is backed by the strong volumes. The fact that the RSI indicator is comfortably trading near 66 levels suggests that the present rebound can continue and that the stock may continue to rise.

With a medium-term goal price of 2405, we advise purchasing ESCORTS at the current market price of 2315. If the price closes below 2225, our analysis will be regarded as invalid.

Tech Mahindra

Buy TECHM in cash @ Rs 1175.25, stop loss Rs 1145, target price Rs 1235

In the last 7 days, TECHM, a leading technological business, has shown a consolidation. The stock is currently trading at 1175.25 per share. The stock is trading above its 20-50-and 100-day moving averages, indicating a positive mood. A modest resistance at 1183 levels could function as a spark for additional upward momentum if broken on a closing basis. The Relative Strength Index (RSI) is currently at 65 and rising, indicating more purchasing activity. This makes TECHM an appealing investment.

Investors should be cautious and keep a watch on the stock if it falls below 1145, as this could negate the positive outlook. A short-term target of 1235 is achievable.

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.