Sumeet Bagadia of Choice Broking Recommends 2 Stocks To Buy Or Sell On Tuesday, 18th July

The market had a solid trading day on Monday, with the Sensex rising 0.80 per cent to end at 66589.03, the Nifty rising 0.75 per cent intraday to end the day at 19711.45 levels, and the Bank Nifty rising 1.41 per cent to settle at 45449.75. While Nifty Realty, Nifty Auto, and Nifty PSE closed on a red note, Nifty PSU Bank, Nifty Financial Service, and Nifty Pvt Bank ended on a green note. The top gainers among Nifty stocks were SBIN, Wipro, and Grasim, while the top losers were ONGC, Tata Motors, and Bharti Airtel.

Market Outlook

Commenting on the Nifty prediction, Jatin Gedia - Technical Research Analyst at Sharekhan by BNP Paribas said "The Nifty witnessed follow-through buying interest and closed in the positive up ~147 points. On the daily charts, we can observe that the nifty has decisively broken out of the sideways consolidation range on the upside and is now showing trending moves. The daily momentum indicator has a positive crossover which is a buy signal. The daily Bollinger bands have begun to expand indicating an expansion of range. Thus, all parameters are suggesting that the positive momentum is likely to continue. On the upside immediate resistance is placed in the zone 19830 - 19900 while crucial support is placed in 19570 - 19550."

Commenting on the Bank Nifty prediction, Jatin Gedia said "Bank Nifty deserves a special mention today as it has broken out of a falling channel indicating that the consolidation phase is over and it is likely to witness a sharp surge over the next few trading sessions. On the upside we expect it to target levels of 46500 in the short term. Crucial support on the downside is placed at 44700."
Commenting on the market outlook on Tuesday, Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd said, "With the results season gaining pace, this week will see significant earnings reports from heavyweight companies, which are likely to set the tone for the markets.

Overall, we expect the momentum to continue with intermittent minor declines. Financial space will remain in focus on the expectation of good results from other BFSI heavyweights (Indusind Bank, ICICI Pru., ICICI Lombard and ICICI Bank this week) after HDFC and mid-sized banks reported impressive numbers. With LTI Mindtree and Tata Elxsi results today (Monday) and LTTs results tomorrow (Tuesday), the IT sector would be in the limelight. On the global front, investors will keep an eye on the release of US retail sales and IIP data which will be released on Tuesday."

Stocks To Buy Today

Sumeet Bagadia, Executive Director of Choice Broking has recommended 2 stocks to buy today Tuesday, 18th July.

DLF

The stock is slowly holding around the 20 and 40 EMA, which act as a crucial support. The RSI has been holding steady at 53 and might continue to do so. In an extended period of time, the stock is rising and following the HH-HL formation. Additionally, the price is holding above the middle Bollinger band in the daily chart.

Based on technical parameters, one can initiate a long position at CMP 498.05 for the target price of 512 with stop loss of 490.

Hindustan Copper

The stock is trading with a higher high - higher low in the daily chart and is holding strong support around 120 levels. As we see in the chart in a broader time frame it has formed a soccer pattern, which confirms the bullish trend in line. The stock has a minor resistance around 123-124, once it crosses and sustains further upside movement is expected in the coming days. Currently, RSI remained above 65 levels. Based on the above parameter, one can initiate a long position at cmp 122.60, keeping SL as 118 for the target price of 129.

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.