Sumeet Bagadia of Choice Broking Recommends 2 Stocks To Buy Or Sell On Tuesday, 27th June

The market had a mixed day on Monday, with the Sensex losing 0.01 per cent and closing at 62970, the Nifty rising 0.14 per cent intraday and closing at 18691.20, and the Bank Nifty rising 0.04 per cent and settling at 43641.05. Nifty PSU Bank, Nifty Energy, and Nifty Metal ended on the lower side among sectors, while Nifty Pharma, Nifty Auto, and Nifty Metal ended on a green note. The top gainers among Nifty stocks were Cipla, Adani Enterprise, and Hero Motocorp, while the top losers were NTPC, TCS, and Reliance. The INDIA VIX closed the day 1.33 per cent higher at 11.39.

On Monday, foreign institutional investors (FIIs) continued their selling rush for three sessions. According to NSE statistics, FII purchases were Rs 7,896.65 Cr, while sales totalled Rs 8,306.08 Cr, marking an outflow of Rs 409.43 Cr from Indian equities on Monday. On the other hand, DIIs sold shares for Rs 5,205.74 Cr and bought them back for Rs 5,455.86 crore. Thus, DIIs made an inflow of Rs. 250.12 Cr.

The domestic market was affected by unfavourable global indicators, which saw falls in response to worries about potential hikes in rates brought on by the Fed chair's comments, net selling by FIIs, and political unrest in Russia as a result of disruptions in the crude oil supply.

Commenting on the outlook of Nifty, Sumeet Bagadia - Executive Director of Choice Broking said, "Volume profile indicates Index has a strong support around 18550-18600 zone. Coming to the OI Data, on the call side, the highest OI was observed at 18800 followed by 18900 strike prices while on the put side, the highest OI is at 18700 strike price. On the other hand, Bank nifty has support at 43350-43500 while resistance is placed at 44150 levels."

Stocks To Buy Or Sell On Tuesday

Sumeet Bagadia has recommended 2 stocks to buy on Tuesday, 27th June

Godrej Properties

GODREJPROP 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 25 indicates that the stock is currently in a moderate trend. RSI is positively skewed, indicating a favourable sentiment among investors potentially supporting the continuation of the upward trend. Furthermore, the increased delivery volume indicates higher participation and interest from market participants.

One can initiate a long position at cmp 1535.6 for the target price of 1590. SL can be kept as 1500.

Bata India

BATAINDIA has witnessed some consolidation after a sharp upside rally. The stock is following Higher High- Higher Low formation in the daily chart. As indicators like RSI and MACD are positively skewed, it validates the price action. It has strong support around 1620 which resembles 38.2 % of Fibonacci retrenchment. One can initiate a long position at Cmp 1643.3 for the target price of 1695. SL can be kept as 1610.

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.