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Buy or sell: Sumeet Bagadia recommends these three stocks for Monday, July 1

Profit-taking at higher levels took centre stage as Indian equity market benchmarks – the Sensex and the Nifty 50 – ended their four-day losing streak on Friday, June 28.

Although both benchmarks hit new all-time highs during the session, there was profit-taking as investors booked profits amid mixed global signals.

The Nifty 50 hit a record high of 24,174 during the session but closed 34 points or 0.14% lower at 24,010.60, with 26 stocks rising and 24 falling.

Similarly, the 30-share Sensex hit a new record high of 79,671.58 but closed with a loss of 210 points or 0.27% at 79,032.73 with 20 stocks posting losses.

“India’s optimism about the upcoming budget and the hike in GDP forecasts continues to give momentum to the market. Large caps are in demand due to the comeback of FIIs. However, the week-end saw profit-taking at higher levels in financials, especially private banks, dragging the market down after the recent rally,” said Vinod Nair, Head of Research at Geojit Financial Services.

Buy or sell stocks for Monday – July 1

Sumeet Bagadia of Choice Broking has recommended three stocks for Monday – Tata Motors, Britannia Industries and ONGC.

TATA MOTORS

TATAMOTORS is exhibiting strong bullish momentum and is currently trading at 989.75 levels. The stock has also witnessed a strong breakout from a falling trend line, which is a significant technical development and is supported by robust trading volumes, highlighting the stock’s strength. The breakout suggests a possible continuation of the uptrend and offers an optimistic outlook to investors.

Moreover, TATAMOTORS is trading above the key moving averages including the short-term (20-day), medium-term (50-day) and long-term (200-day) EMAs, which further confirms its bullish stance. The momentum indicator Relative Strength Index (RSI) is at 57.40.

Traders are advised to keep an eye on the strong support at 966, which doubles as the 20-day and 50-day EMA, as a break of this level could signal a change in sentiment. Overall, TATAMOTORS’ current technical configuration suggests a favorable environment for further upside, provided traders and investors remain alert to possible reversals and closely monitor key support and resistance levels.

Based on the above analysis, we recommend buying TATAMOTORS and the CMP of 989.75 with a stop loss of 965 for the target of 1040.

BRITANNIA

BRITANNIA has recently corrected from its record high of 5,725 and retested a key support level at 5,290, which is also near its 20-day EMA. This suggests that the stock is finding a strong base at this level. Currently, BRITANNIA is trading above all its key moving averages, which reinforces the positive outlook for the stock.

The immediate resistance for BRITANNIA is at 5,550. Once the stock successfully clears this barrier, it has the potential to continue rising towards the target of 5,860 and beyond. The RSI indicator is at 63.13, supporting the stock’s ability to continue rising.

Given these technical signals, BRITANNIA is showing promising strength and a positive trend. Investors should keep an eye on the stock’s movement around the 5,550 resistance level as a break above this point could spark further upside momentum. With the stock trading above all major moving averages, it is well positioned for further gains towards its target.

With a medium-term price target of 5860, we recommend buying BRITANNIA at the CMP of 5475.55. If the price closes below 5290, our analysis is considered invalid.

ONGC

ONGC is currently trading at a level of 274.20, giving it a robust technical outlook. On the downside, the stock has a strong support at 263, which provides a solid base for its price. Moreover, ONGC has crossed above its short-term (20-day) and medium-term (50-day) EMA levels, indicating a positive trend.

The stock is trading above all the major moving averages, which further adds to its strength. On the upside, a minor resistance is observed at 279. Once ONGC overcomes this resistance, a strong upside move towards the target of 293 can be expected.

Given these technical signals, ONGC shows promising potential for further gains. Investors should closely monitor the stock around the resistance level of 279 as a break above this point could result in significant upside momentum. The current positioning above all major moving averages indicates an uptrend, making ONGC an attractive option for further growth.

Based on the above analysis, we recommend buying ONGC and CMP from 274.20 with a stop loss of 263 for the target of 293.

Disclaimer: The views and recommendations expressed above are those of individual analysts or brokerage firms and not of Mint. We advise investors to seek advice from certified professionals before making any investment decisions.



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