Intraday Stocks To Buy Today, 3rd July: Top Picks By Sumeet Bagadia For Profitable Trading On Thursday

After failing to hold at higher levels, Nifty ended the previous session at 25,453.40, down 0.35%, creating a bearish candle on the daily chart. Meanwhile, Nifty Bank ended the session at 56,999.20, down 0.80%, building a bearish engulfing candle on the daily chart after failing to hold above its rising channel. India VIX remained significantly below the critical 15 threshold, easing down 0.66% to end at 12.44. A setting that usually encourages a steady, upward climb in the index is shown in the prolonged low volatility, which is a reflection of investor confidence and a lower level of worry.

Nifty Outlook Today

"As the index approaches its 10-day EMA, which has historically served as a reliable support, this phase of time-wise correction appears more of a healthy breather than a bearish reversal. With Nifty hovering close to the key resistance band of 25,640-25,740, any interim dip is likely to remain orderly and could provide a solid platform for accumulation. The index's ability to convert former resistance levels into new supports-especially above the psychologically important 25,000 mark-continues to reinforce the broader bullish sentiment," said Dhupesh Dhameja, Derivatives Analyst, SAMCO Securities.

"As long as the index maintains above the 25,300 threshold, a "buy-on-dips" approach remains constructive. The technical structure remains intact, with the index well-supported by short-term moving averages and the RSI holding comfortably above 60, indicating sustained positive momentum. Additionally, the falling India VIX adds to the bullish backdrop. A breakout above 25,750 could trigger the next leg of the rally toward the 26,000 milestone," the analyst further added.

Bank Nifty Outlook Today

"The index is currently hovering just above its 9-day EMA and the channel midline, both placed around 56,800. A break below this zone could lead to further downside. The daily RSI dropped from over 63 in the previous session to below 60, suggesting momentum weakness but it still does not point towards a breakdown yet. On the hourly chart, Nifty Bank has pulled back after multiple failed attempts to break above the channel top. The index is drifting toward the rising lower trendline support," commented Om Mehra, Technical Research Analyst, SAMCO Securities.

"The hourly ADX has slipped to 29, hinting at a temporary loss of directional strength after the recent upside stretch. The support zone to watch now lies between 56,300 and 56,400, where both the trendline and previous consolidation levels align. The resistance remains near 57,500. A close above this band is required to resume bullish momentum toward 58,200 and beyond," he further added.

Take a Poll

Stocks To Buy Today

On Thursday, July 3, Choice Broking's executive director, Sumeet Bagadia, recommended buying two stocks amid the favorable global sentiment and strong domestic macroeconomics.

NYKAA

Buy NYKAA in Cash @ Rs 211.59, Stop-loss @ Rs 204, Target @ Rs 230

NYKAA is currently trading at 211.59 and has recently broken out of a gradual ascending channel structure that had been forming over the past few months. This breakout reflects sustained bullish interest, supported by higher highs and higher lows in price action. The breakout was accompanied by a surge in volume, indicating strong buying momentum.

The stock is trading well above its key exponential moving averages - 20-day, 50-day, 100-day, and 200-day - all of which are positively aligned and rising. This technical alignment underpins the ongoing uptrend and reinforces the strength of the breakout. Immediate resistance is placed at 216, and a successful close above this level may open the path toward a short-term target of 230.

On the downside, immediate support is located at 208. The Relative Strength Index (RSI) is currently at 64.47 and trending upward, reflecting growing buying momentum. To manage risk effectively, a stop-loss at 204 is suggested to guard against any unexpected market reversals.

In conclusion, based on the technical analysis and current market conditions, NYKAA presents a promising buying opportunity for those aiming for a 230 target, provided that appropriate risk management strategies are in place.

SRF

Buy SRF in Cash @ Rs 3255.6, Stop-loss @ Rs 3140, Target @ Rs 3500

SRF Is currently trading at the levels of 3255.6, having broken out from a well-defined consolidation range and scaling a new all-time high of 3281.6. This breakout comes after several weeks of sideways movement, indicating renewed bullish strength and fresh buying interest. The price expansion is supported by a noticeable uptick in volume, suggesting increased market participation. The stock continues to trade comfortably above its key moving averages, including the 20-day, 50-day, 100-day, and 200-day EMAs.

The alignment of these moving averages in an upward slope confirms a robust trend structure and underscores broader market confidence in the stock. A confirmed close above the higher levels, this could pave the way for a swift move toward the short-term target of 3500. Market participants should closely monitor price behaviour near this resistance zone for signs of a breakout and continuation of the upward trend.

On the downside, immediate support is located at 3180. The Relative Strength Index (RSI) is currently at 69.48 and trending upward, reflecting growing buying momentum. To manage risk effectively, a stop-loss at 3140 is suggested to guard against any unexpected market reversals.

In conclusion, based on the technical analysis and current market conditions, SRF presents a promising buying opportunity for those aiming for a 3500 target, provided that appropriate risk management strategies are in place.

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.