Sumeet Bagadia of Choice Broking Recommends 2 Stocks To Buy Or Sell On Monday, 3rd July

In the previous week, the Nifty, Sensex, midcap and smallcap indices, as well as sectoral indices for the FMCG, CPSE, financial services, auto, etc., all reached record highs. In the previous week, the Sensex reached a new high of 64768, the bank nifty made a record high of 44787 levels and the Nifty made a new lifetime high of 19201 levels.

Market Outlook On Monday

Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas said "The Nifty witnessed a gap up opening for the third consecutive day and continued to inch higher throughout the day to close with gains of ~215 points. On the daily charts we can observe that after breaking out from the 18500 - 18900 zone the Nifty has been witnessing follow through buying interest. The daily momentum indicator, which was lagging, has triggered a bullish crossover and is now in sync with the price action. Thus, both price and momentum indicator suggest a further upside in the index. The short term and medium-term targets have been achieved and hence we are revising it upwards to 19500 and 20200 respectively. In terms of levels, 19000- 19050 shall act as a crucial support zone while 19380 - 19400 shall act as a crucial resistance zone."

"As far as Bank Nifty is concerned, the Index has decisively closed above the broad trading range 44500 - 43500. This indicates a breakout and also suggests that the Bank nifty could see trending moves on the upside. The daily momentum indicator has triggered a fresh positive crossover which is a buy signal. Thus, both price and momentum indicator is suggesting a further upside in the Bank Nifty. On the upside we expect it to target levels of 45200," he stated.

Stocks To Buy Today

Sumeet Bagadia, Executive Director of Choice Broking, have recommended 2 stocks to buy today i.e. Monday, 3rd July.

Tech Mahindra

Buy TECHM in cash @ 1130.85, stop-loss 1100, target price 1185

TECHM, a leading technology company, has displayed consolidation in the last 4 days. The stock is currently trading at 1130.85 levels. The stock is trading above its crucial moving averages of 20, 50, and 100, indicating bullish sentiment. Minor resistance at 1140 levels, when once taken out, could act as a catalyst for further upward movement. The Relative Strength Index (RSI) is currently at 62 and trending upwards, reflecting growing buying interest. This makes TECHM an attractive buy.

However, investors should exercise care and keep an eye on the stock if it falls below 1100, as this might negate the favourable outlook. A short-term goal of 1185 is feasible.

Mahindra And Mahindra Ltd

Buy M&M in cash @ 1453, stop-loss 1400, target price 1550

M&M's current trading price is 1453, and it has recently experienced a breakout at 1420. Based on technical indicators, the outlook for M&M appears bullish.

The Relative Strength Index (RSI) has shown a positive crossover, indicating increased buying momentum and the potential for upward movement in the stock.

Additionally, M&M is trading above key Exponential Moving Averages (EMA), such as the 20-day, 50-day, 100-day, and 200-day EMAs.
Given these factors, it is advisable to consider M&M as an attractive buying opportunity at 1453, with a target price of 1550. It is important to keep in mind that the bullish perspective would no longer hold if the stock price falls below 1400.

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.