Choice Broking’s Sumeet Bagadia has recommended two stocks to buy or sell on Wednesday, July 12th. The Nifty ended Tuesday’s trading day at 19439.40, while the Bank Nifty ended at 44745 and the Sensex closed at 65,617.84 level. Stocks in the Nifty Auto, Consumer Durables, FMCG, Healthcare, and Pharma sectors all saw gains, while Nifty Financial Services, Nifty Bank, Metal, and PSU Bank stocks ended in the red. TCS and HCL Tech will release their Q1FY24 results on Wednesday, and investors will also be watching for inflation statistics for the US and India. Overall, the market is expected to be volatile.
Bagadia commented on the outlook for the Nifty, stating that it is crucial for the index to maintain support at 19400, considering the weakness in Bank Nifty. Nifty faces resistance in the range of 19480-19550. On the options front, Nifty has support at 19400 and resistance at 19500. For Bank Nifty, support is found at 44500-44200, with resistance expected around 45300-45500. The market currently has a sideways to negative bias, so caution is advised.
Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd, also commented on the market outlook for Wednesday. He expects positive momentum to continue, driven by healthy earnings, consistent FII inflows, and improving monsoon. The technology sector is expected to remain active as TCS and HCL Tech announce their results. Investors will also be watching for inflation data from India and the US.
For those looking to make stock purchases on Wednesday, Bagadia recommends considering BPCL and Tech Mahindra. BPCL is currently trading comfortably above key moving averages and has been consolidating within a range over the past four days. A bullish candlestick pattern has formed, indicating a positive sentiment. If the stock breaks above a minor resistance level, it could move towards a target of 410. Tech Mahindra has exhibited a consolidation phase and is trading above crucial moving averages. With a breach of a minor resistance level, the stock could experience further upward movement.
It is important to note that the recommendations are from market analysts and not the author, Greynium Information Technologies, or Choice Broking. Readers are advised to consult with certified experts before making any investment decisions.
In conclusion, the Nifty is expected to maintain its support level, while positive momentum is anticipated in the market. BPCL and Tech Mahindra are recommended stocks for Wednesday, July 12th.
