Buy/Sell/Hold: Day Trading Stock Recommendations By Sumeet Bagadia On Thursday, 4th July

On Wednesday, Indian benchmark indices reached record highs, driven primarily by large-cap stocks and firm global cues. At last, the Nifty closed the day at a record-breaking 24,286.50. Driven by HDFC Bank, Nifty Bank also hit a new high in the early trading of 53,256.70. Following this, there was some profit taking on higher levels. At 53,089 levels, Nifty Bank ended the day at a record high. The publication of US Fed meeting minutes and Composite PMI data for the US, Europe, and Asia may influence market mood today. Investor attention will likely be drawn to heavy-weight Nifty stocks like RIL, TCS, Infosys, and ICICI Bank.

Nifty Outlook Today

"Technically, the index has broken the 24,200 barrier and formed a doji candlestick pattern. Furthermore, the index is forming a higher-top, higher bottom pattern, indicating an uptrend. As long as index holds support of 23,990, it may attempt to test the levels of 24,500-24,600," said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd.

Bank Nifty Outlook Today

"From a technical standpoint, the index is consolidating in the band of 52,000-53,200. If the index sustains above 53,200, then rally could extend towards 54,000-54,200 levels," Hrishikesh Yedve added.

Stocks To Buy Today

Sumeet Bagadia, executive director of Choice Broking, recommended buying two stocks only during intraday trading on Thursday, July 4. His recommendation centred on technical analysis.

Garden Reach Shipbuilders & Engineers

Buy GRSE in cash @ Rs 2459.1, stop-loss: Rs 2370, target: Rs 2585

GRSE daily chart analysis offers a favourable view for the following week, indicating a steady higher advance. Notably, the stock has produced a notable higher high and higher low pattern, and the company's recent upward swing has effectively violated the neckline, establishing a new week high. This breakthrough indicates the possibility of a significant follow-through upward increase in the stock price.

Adding to the positive momentum, there has been an increase in trading volume, indicating growing market interest. The stock formed a strong hammer candle signifying a potential continuation of the uptrend following and the daily strength indicator RSI (14) is moving upwards and positioned above its reference line indicating a positive bias. Furthermore, GRSE is currently trading above its crucial 20-day, 50-day, and 100-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 GRSE in cash at CMP of 2459.1 for the target of 2585 with a stop loss of 2370.

Hindustan Unilever

Buy HINDUNILVR in cash @ Rs 2510.35, stop-loss @ 2430, target: Rs 2670

Hindustan Unilever Limited (HINDUNILVR) has demonstrated resilience, rebounding from the support level at 2430 which is also close to its 200 Day EMA levels and is currently trading at approximately 2510.35, surpassing its 20-day Exponential Moving Average (EMA). The momentum indicator, Relative Strength Index (RSI), currently at 58.80, is on an upward trajectory, indicating strengthening momentum.

A minor resistance is observed near 2525. Upon surpassing this resistance level, the stock is poised to move towards the target of 2670 and beyond. This technical setup suggests a positive outlook for HINDUNILVR, with the potential for further upside once the noted resistance is successfully breached.

Investors and traders may find it opportune to monitor the stock's movement around the mentioned resistance levels, considering the RSI and moving averages for potential trading decisions.

Based on the above analysis we expect HINDUNILVR to move higher towards 2670 and hence we recommend buying HINDUNILVR at a CMP of 2510.35 with a SL of 2430.

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.