Sumeet Bagadia of Choice Broking Recommends 2 Stocks To Buy Today, 2 Aug

The Sensex was down 68.36 points or 0.10% at the end of Tuesday, closing at 66,459.31, and the Nifty dropped 20.30 points or 0.10% at 19,733.50. Top gainers on the Nifty included Coal India, NTPC, Tech Mahindra, HCL Technologies, and LTIMindtree, while losers included Power Grid Corp, Hero MotoCorp, Apollo Hospitals, Bajaj Finserv, and IndusInd Bank.

Sector-wise, the Realty index dropped by over 2%, the PSU Bank index dipped by 0.5%, the Information Technology index climbed by 1%, and the Metal index gained by 0.75 %. The BSE Smallcap index jumped 0.5 percent while the BSE Midcap index dropped 0.2 percent.

Nifty Prediction

Commenting on the Nifty prediction today, Jatin Gedia - Technical Research Analyst at Sharekhan by BNP Paribas said, "The Nifty opened on a positive note on Tuesday however it faced resistance at the upper end of the falling channel. It closed in the negative, down ~20 points. On the daily charts, we can observe that the Nifty witnessed a bounce back from the 19600 levels where the 20-day moving average is placed. The bounce is likely to fizzle out as there is an absence of support from the momentum indicator.

Considering that the Nifty has closed in the negative today we need to complete a leg, and the rise on the hourly charts appears overlapping, indicating it is not the start of a new leg of up-move. The daily and hourly momentum indicators provide divergent signals which also suggest an absence of trending moves. Considering all the above parameters we shall continue to maintain that Nifty is likely to remain range bound between 19500 - 20000. Crucial support levels to keep handy are 19630 - 19600 and on the upside, 19800 - 19860 is the immediate hurdle zone."

Bank Nifty Prediction

"Bank Nifty also closed in the red on Tuesday. It managed to retrace only 50% of the previous fall from 46310 - 45238 and again faced selling pressure. Considering that the hourly momentum indicator has reached the equilibrium line we expect that the pullback has matured and is ready for the next leg of the down-move. We expect the Bank Nifty to drift lower to 45000 over the next few trading sessions," said Jatin Gedia.

Stocks To Buy Today

Sumeet Bagadia, Executive Director of Choice Broking has recommended 2 stocks to buy today, 2nd August.

Jubilant FoodWorks

Buy JUBLFOOD in cash @ Rs 490.40, stop-loss: Rs 476, target price: Rs 515.

The stock was trading at 490.40. The stock has cleared the 478 levels on a closing basis with decent volumes indicating strength. Currently stock is moving above 20 and 50-Day EMA. The stock has a small resistance close to 497 levels which is also 200 Day EMA. Any dip in the stock can be a buying opportunity. Once stock crosses the above-mentioned resistance stock can move towards 515 levels and above.

With a medium term outlook, one can buy JUBLFOOD at a CMP of 490.40 with a SL of 476 for a target price of 515.

SAIL

The stock has rebounded from a solid consolidation phase and on the verge to attain a new high.

The stock is currently trading above both the 20-day and 50-day moving averages, indicating strength. Moreover, it is trading above the middle Bollinger band, and there are positive crossovers in both the RSI and MACD, suggesting a continued bullish trend in the near future.

The sustained high trading volume indicates buying interest among short-term traders.

Based on technical parameters, one can initiate a long position at CMP 95.6 for the target price of 100 with SL of 93.

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.