Sumit Bagadia Of Choice Broking Suggests 2 Stocks To Buy On Thursday, 13th July

The benchmark Indices witnessed both side swings but ended lower as due to HDFC delisting and Q1 results were set in line. Benchmark Indices remained resilient and has totally failed to attain the 17400 mark in the past couple of days.

Sensex settled at 65393.90 losing 0.34 percent and Nifty ended at 19384.30 slipping 55 points or 0.28 percent. While Bank nifty closed the session at 44639.45 levels after losing 0.24 percent. Midcap and Small cap remained on the weaker side as well.

In Nifty stocks ONGC, EICHERMOT and NESTLEIND were the top gainers while ADANIENT, TATAMOTORS and ULTRACEMCO were the prime laggards. Sectorly, PSU Bank remained top gainer while IT settled on lower side.

Market Outlook
Commenting on the outlook of Nifty, Sumeet Bagadia, Executive Director of Choice Broking stated, Technically in the daily chart, today Nifty closed forming bearish Harami pattern indicates weakness ahead. As the Bollinger band has started to expand, Index has slipped from the upper band indicating weakness would persist in coming days. OI Data indicates, on the call side the highest OI witnessed at 19500 strike price while on the put side, the highest OI was at 19300 followed by 19200 strike price.

On the other hand, Bank nifty has support around 44100-44200 zone while resistance is placed at 4500.

Market breadth currently stands on the weaker side; one should adopt a cautious approach as the key heavyweight stocks are currently skewed on the negative side.

Stocks To Buy Today

Buy Godrej Consumer Products
GODREJCP has revealed a gradual upward movement in the larger time frame, indicating a persistent bullish trend. However, over the past week, the stock has experienced consolidation suggesting a temporary pause. ADX at a level of 24 indicates that the stock is currently in a moderate trend. RSI is positively skewed, indicates a favorable price action among investors potentially supporting the continuation of the upward trend. Furthermore, the increasing delivery volume indicates higher participation and interest from market participants.
One can initiate a long position at cmp 1068.3 for the target price of 1104. SL can be kept as 1048.

Buy MARICO in Cash @ 537.75 SL 523 TGT 559
The stock is currently trading at 537.75 levels. The stock has bounced back from the strong support of 525 levels. The stock has strongly moved on higher side and hence we can witness a breakout on charts. This breakout is supported with good volumes which indicate strength. Now any dip in the stock around 525 levels will be a buying opportunity. A small resistance can be witnessed near 541.90 levels, and once stock crosses the mentioned level MARICO can now further move towards 559 levels and higher. The investors holding from lower levels should keep trailing stop loss.

According to the aforementioned technical analysis, we advise buying MARICO at CMP of 537.75 for the target of 559. If the stock closes below 523, our analysis will be invalid.

Disclaimer:The stocks have been picked from the brokerage report of Sumit Bagadia Of Choice Broking. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.