Sumeet Bagadia of Choice Broking Recommends 2 Stocks To Buy Or Sell Today, 7th July

After two sessions of sluggish markets began to rise as the Nifty crossed the 19500 level intraday and closed with gains of 99 points (+0.5%) at 19497 levels. Realty, Oil & Gas, Auto, and Healthcare were the top-performing industries on a sectoral level. Sensex was up 339.60 points or 0.52% at 65,785.64 at the time of closure. M&M, Apollo Hospitals, Power Grid Corporation, Reliance Industries, and Tata Motors were among the Nifty's top gainers; Eicher Motors, HDFC Life Insurance, Maruti Suzuki, HCL Technologies, and Bajaj Finance were among the top losers.

Market Outlook

Commenting on the market outlook today, Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd said, "Nifty has moved up sharply by 865 points (4.6% gains) in the last 8 trading sessions scaling new highs on the back of Healthy progress in monsoon, strong FIIs inflow, and decent pre-quarterly updates. We expect the market uptrend to continue with stock-specific action. Global cues were weak due to the release of hawkish minutes of the Federal Reserve's June meeting. Investors will keep an eye on US Nonfarm Payroll, and Unemployment data, which would be released on Friday."

Stocks To Buy Today

Sumeet Bagadia, Executive Director of Choice Broking has recommended 2 stocks to buy today i.e. on Friday, 7th July

Tata Chemicals

Buy TATACHEM in cash @ 1012.8, SL @ 985, TGT 1060

TATACHEM has bounced back from the support level of 985 which is also 50 and 200 Day EMA and crossed the initial resistance of 1010 levels. Currently, the stock is trading around 1012.80 levels which indicates a breakout above the mentioned resistance level. The stock is also trading above 20-day EMA levels indicating strength. RSI indicator is also comfortably trading around 58 levels which can help stock price to move higher. We can also witness an expansion of squeezed Bollinger band and hence stock price can move higher with expansion on the band.

Based on the above analysis we expect TATACHEM to move higher towards 1060 and hence we recommend buying TATACHEM at a CMP of 1012.8 with a SL of 985.

Reliance Industries

Buy RELIANCE in cash @ Rs 2644, stop-loss @ 2585, target price Rs 2725

Reliance Industries Ltd., one of India's leading conglomerates, is currently trading at ₹2638, reaching a six-month high. The stock has witnessed a significant uptick in trading volume and has consistently closed above the key level of ₹2575.

Technical indicators further support the positive momentum, with the Relative Strength Index (RSI) exhibiting a positive crossover and currently trading at 68, indicating bullish sentiment. Moreover, Reliance's stock is trading above its 20, 50, 100, and 200-day Exponential Moving Averages (EMAs), signalling strong momentum. The Bollinger Bands are also showing expansion, suggesting increased price volatility and heightened market activity.

These combined factors indicate a robust trading performance for Reliance Industries, driven by strong investor interest and positive market conditions.

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.