Trade Call: Day Trading Stock Picks By Sumeet Bagadia On Monday, 15th July

With the market hitting fresh all-time highs and ending the week in the green for the sixth consecutive week, the momentum in the Nifty and Sensex is still strong. The Nifty50 and Sensex hit all-time highs of 24,592.20 and 80,893.51, respectively, before ending the week at 24,502.15 and 80,519.34. The Indian benchmark indices enjoyed a strong week with indicated gains of 0.65% for the Sensex and 0.73% for the Nifty50. For the sixth week in a row, both major indices continued to rise. This week, as several companies industry titans Infosys and Reliance are scheduled to disclose their Q1 results, Q1 earnings will be a major focus. Furthermore, pre-budget talks are anticipated to worsen market turbulence.

Market Outlook

"Q1 earnings will be a key focus this week as numerous companies, including heavyweights Infosys and Reliance, are set to release their Q1 results. Additionally, pre-budget discussions are expected to contribute to market volatility. On the global front, China will be a significant focus. The country is scheduled to announce its GDP and Industrial Production (IIP) numbers. Additionally, there is speculation about a major economic stimulus announcement, which could keep the metal sector in the spotlight. Other global factors to watch include the speech by the US Federal Reserve Chairman, US retail sales figures, and macroeconomic data from Japan. These developments are likely to influence market movements and investor sentiment," said Santosh Meena, Head of Research, Swastika Investmart Ltd.

Nifty Prediction Today

"On the technical charts, Nifty is exhibiting strong momentum and is approaching the psychological mark of 25,000. While some momentum indicators are signaling overbought conditions, the market may remain overbought for a while longer. An intermediate hurdle is expected around the 24,700 level. On the downside, immediate support is around the 10-day moving average (10-DMA) at 24,300, while the 20-day moving average (20-DMA) at 24,000 will be a key support level," commented Santosh Meena.

Bank Nifty Prediction

"Bank Nifty is underperforming but is respecting its 20-DMA around the 52,000 level. If it manages to hold above its 20-DMA, we could see a move towards the 53,500 and 54,000 levels. Conversely, a decisive move below the 20-DMA could lead to profit booking towards the 51,000 level. On the derivatives front, the long exposure of Foreign Institutional Investors (FIIs) in index futures stands at 79%, indicating a bullish bias despite some overbought conditions," Santosh Meena predicted.

Stocks To Buy Today

Based on the findings of a technical analysis, Choice Broking's executive director Sumeet Bagadia recommended buying two stocks on Monday, July 15.

Alembic

Buy ALEMBICLTD in cash @ Rs 143.96, stop-loss: Rs 139, target: Rs 150

The daily chart analysis of ALEMBICLTD reveals a promising outlook for the upcoming week, signalling a sustained upward movement. Notably, the stock has formed a significant higher high and higher low pattern, and the recent upward swing has successfully breached the neckline, establishing a new week high for the stock. This breakout suggests the potential for a substantial follow-through upward movement in the stock price.

Adding to the positive momentum, there has been an increase in trading volume, indicating growing market interest. The Volume Weighted Average Price (VWAP) for short term is 142.1. And ALEMBICLTD stock is trading above this level this is a good sign for the stock and it could move higher. VWAP is rising upwards. Furthermore, ALEMBICLTD is currently trading above its crucial 20-day, 50-day, and 200-day Exponential Moving Average (EMA) levels, reinforcing the bullish trend. Given the overall chart pattern, the analysis suggests a favourable long trading opportunity for investors.

Based on the above analysis we recommend buying ALEMBICLTD in cash at a CMP of 143.96 for the target of 150 with a stop loss of 139.

Isgec Heavy Engineering

Buy ISGEC in cash @ Rs 1500.3, stop-loss @ 1444, target @ 1570

ISGEC is exhibiting strong bullish momentum, currently trading at an all-time high of 1523.05 levels. This breakout has been accompanied by a consolidation of the upward movement, characterized by higher highs and higher lows, supported by robust trading volumes, reinforcing the strength in the stock. The breakthrough suggests a potential continuation of the upward trend, offering an optimistic outlook for investors.

Additionally, ISGEC is trading above key moving averages, including the short-term (20 Day), medium-term (50 Day), and long-term (200 Day) EMAs, further affirming its bullish stance. The momentum indicator, Relative Strength Index (RSI), is at 76.49 levels.
For traders, keeping an eye on the strong support near 1444 levels is advisable, as a breach of this level could signal a shift in sentiment. Overall, ISGEC current technical setup suggests a favourable environment for further upside potential, provided traders and investors remain vigilant to potential reversals and closely monitor key support and resistance levels.

Based on the above analysis we recommend buying ISGEC and the CMP of 1500.3 with a stop loss of 1444 for the target of 1570.

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.