Sumeet Bagadia of Choice Broking Recommends 2 Stocks To Buy Or Sell On Friday, 30th June

Nifty 50 and Sensex, two well-known stock market indexes in India, both touched record highs on Wednesday, marking significant points in their histories. The Nifty index rose flawlessly, climbing by 0.82% to hit a record-breaking high of 19011.25. At the same time, the S&P BSE Sensex climbed by 0.75% to a stunning new record high of 64050. The Sensex had already reached a record-breaking high last week, while the midcap index and smallcap index continued to hover near respective 52-week highs. Metals, pharmaceuticals, and oil & gas showed strength as all 13 major sectors closed in green. Notably, following their declaration on July 1 that their intended merger would be completed, HDFC and HDFC Bank continued to do well and elevated their upward trend.

Market Outlook

Sumeet Bagadia - Executive Director of Choice Broking said "Looking ahead, it is of utmost importance for the Nifty to sustain levels around 18870, as it was regarded as a crucial breakout point during the preceding week. To incite further short covering at the 19000 strike price, the Nifty must overcome the barrier and firmly maintain the 19000 mark. Encouragingly, sectors such as Nifty AUTO and Nifty PHARMA demonstrate robustness and positive prospects."

"Contrarily, the Bank Nifty faces resistance around 44500, struggling to close above this level on multiple occasions. However, it finds support at 43800, which presents a pivotal level to monitor. Currently, the sentiment in the market has shifted favorably towards the bulls, indicating an optimistic outlook," he stated.

"For long-term investors, this presents an opportune moment to construct their portfolios with high-quality stocks. By carefully selecting such stocks, investors can position themselves to capitalize on the prevailing positive market sentiment and potentially achieve fruitful returns in the future," said Sumeet Bagadia.

Stocks To Buy Or Sell On Friday, 30th June

Here are the two stocks that Sumeet Bagadia, Executive Director of Choice Broking, recommended buying on Friday, June 30 as the National Stock Exchange of India (NSE) and the Bombay Stock Exchange (BSE) will be closed on June 29 due to the Bakri Eid.

Titan

TITAN is currently quoting at 3028 and has seen a good consolidation breakout after trading in a range of 2986-2932. This breakout suggests positive market dynamics and potential for further upward movement.

On the technical front, TITAN exhibits good momentum with an RSI of 75. The stock has been making new swing highs and higher swing lows, which signifies the continuation of an intact trend.

The ADX at 32 further supports the technical strength of TITAN, indicating good counter strength.

Considering these factors, TITAN appears to be a good accumulation candidate within the buy range of 3028-3000. Short-term targets can be set at 3125-3180. It is important to monitor the stock closely, and a break below 2980 would invalidate the positive outlook.
Overall, TITAN's positive technical strength and strong financial performance position it as an attractive investment opportunity.

Bajaj Auto

Buy BAJAJ_AUTO in cash @ 4716.30 SL 4580 TGT 4950

BAJAJ AUTO has strong support at 4585 levels. The stock has recovered from its support levels and is now trading near 4716.30 levels. On the daily chart, the stock has formed a bullish candle which is backed by strong volumes. The RSI indicator is also comfortably trading near 59 levels, indicating strength. The stock has closed above 20 Day EMA levels which are around 4650 levels and now trading above all important moving averages.

We recommend purchasing BAJAJ_AUTO at the current market price of 4716.30 with a medium-term target price of 4950. If the price falls below 4580, our analysis will be deemed invalid.

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.