Buy or sell stocks: The Indian stock market witnessed strong buying momentum on Wednesday, July 1, supported by mixed global cues and easing crude oil prices.
The benchmark Sensex rose 444 points, or 0.58%, to end the session at 76,922.64, while the Nifty 50 advanced 140 points, or 0.59%, to close at 24,005.85.
Stock market today
Nifty 50
The benchmark Nifty 50 enters the first trading session of the new July series with a cautiously optimistic bias after witnessing three consecutive sessions of profit booking. Despite the recent weakness, the index continues to hold above the crucial 23,800 support zone, suggesting that the broader trend remains constructive. Market sentiment is being supported by easing crude oil prices, positive global cues, and optimism surrounding the ongoing US–Iran peace talks in Doha, although traders remain cautious ahead of fresh domestic and global triggers
According to Sumeet Bagadia, Executive Director at Choice Broking, the 23,800–23,850 zone remains the immediate support area, coinciding with the 20-day and 50-day moving averages. As long as Nifty sustains above this range, buyers are expected to defend lower levels and any dip may attract fresh buying interest. However, a decisive break below 23,800 could weaken the short-term structure and expose the index to further downside towards 23,700–23,650.
“On the upside, the index faces immediate resistance in the 24,000–24,100 zone, while the broader resistance band lies between 24,100–24,200. A sustained breakout above this supply zone would signal renewed bullish momentum and could open the door for an advance towards 24,400–24,500 in the coming sessions. Until such a breakout occurs, traders should expect range-bound movement with stock-specific opportunities dominating the market,” Bagadia said.
He further said that the market structure remains cautiously bullish, with improving global sentiment and softer crude prices providing support. The key focus for traders will be whether Nifty can reclaim and sustain above 24,200. A successful breakout could mark the beginning of the next leg of the uptrend, while failure to hold 23,800 may invite renewed selling pressure.
Bank Nifty
The Bank Nifty enters the first trading session of the July series with a cautiously positive bias after witnessing profit booking in the previous few sessions. The index continues to display resilience despite short-term volatility, supported by buying interest in heavyweight banking stocks and improving global sentiment.
Bagadia noted that 57,400–57,500 remains the immediate support zone for Bank Nifty. The index has repeatedly attracted buying interest around these levels, indicating that bulls continue to defend lower levels. As long as Bank Nifty sustains above this support band on a closing basis, the broader trend is expected to remain positive. However, a decisive break below 57,400 could trigger fresh selling pressure and drag the index towards 57,200–57,000 in the short term.
“On the upside, the immediate hurdle is placed around 58,000, which has emerged as an important psychological as well as technical resistance. A sustained move above 58,000 could attract fresh momentum buying and pave the way for an advance towards 58,500–58,600 initially. If the bullish momentum continues, the index could gradually extend its rally towards the 59,000 zone over the coming weeks, supported by strength in frontline banking stocks,” he said.
He further went on to say that the undertone for Bank Nifty remains cautiously bullish, with private and PSU banking stocks expected to stay in focus. While short-term volatility cannot be ruled out due to the start of the new derivatives series and upcoming quarterly business updates, the index continues to hold its crucial support levels. Traders should closely monitor the 58,000 resistance, as a convincing breakout above this level would confirm renewed bullish momentum and strengthen the case for the next leg of the upmove. Until then, a range-bound strategy with a positive bias remains the preferred approach.
Sumeet Bagadia’s stocks to buy
Sumeet Bagadia recommends five shares to buy on Thursday, 2 July: Adani Enterprises, GMR Airports, Krishna Institute of Medical Sciences, CEAT Limited, and ACME Solar Holdings.
1] Adani Enterprises: Buy at ₹3144, Target ₹3425, Stop Loss ₹3000
Adani Enterprises Limited share price has given a breakout from a range consolidation pattern on the daily timeframe, indicating emergence of fresh buying momentum and potential continuation of the prevailing uptrend. The breakout reflects strengthening price action and suggests increasing participation from market participants as the stock moves above its consolidation zone. In addition to this, the momentum indicator RSI is trading at 65.88, which is well above the midpoint level of 50, indicating strong bullish momentum and improving price strength. Considering the current technical setup, traders may consider initiating long positions at CMP for a potential upside target of ₹3425, while maintaining a strict stop loss at ₹3000 as part of disciplined risk management.
2] GMR Airports: Buy at ₹113.50, Target ₹124, Stop Loss ₹108
GMR Airports Limited is moving upwards while forming a higher high–higher low formation on the daily timeframe, indicating sustained buying interest and a strong bullish price structure. In addition to this, the stock has given a breakout from a short-term rounding bottom pattern, indicating a potential trend reversal and emergence of fresh bullish momentum. The breakout reinforces the positive technical structure and suggests the possibility of further upside movement in the coming sessions. The current technical structure presents a favorable long opportunity, where traders may consider initiating positions at CMP, targeting a potential upside of ₹124, while maintaining a stop loss at ₹108 to effectively manage downside risk.
3] Krishna Institute of Medical Sciences: Buy at ₹831, Target ₹907, Stop Loss ₹790
Krishna Institute of Medical Sciences Limited has given a breakout above an upward sloping resistance trend line on the daily timeframe, indicating strengthening buying momentum and confirmation of a positive trend. In addition to this, the stock is moving upwards while forming a higher high–higher low formation, indicating sustained buying interest and a strong bullish price structure. The combination of the trend line breakout and higher high–higher low formation reinforces the positive technical outlook and suggests the possibility of further upside movement. The technical outlook remains positive, where traders may consider initiating long positions at CMP, with a potential upside target of ₹907, while maintaining a stop loss at ₹790 to ensure disciplined risk management.
4] CEAT Limited: Buy at ₹3635, Target ₹4000, Stop Loss ₹3450
CEAT is trading above all its crucial DEMA levels, including the 20, 50, 100, and 200 DEMA levels, indicating strong trend alignment and sustained bullish strength across multiple timeframes. The stock continues to maintain a healthy price structure, reflecting consistent buying interest and positive market sentiment. In addition to this, the momentum indicator RSI is trading at 64.65, which is well above the midpoint level of 50, indicating strong positive momentum and increasing bullish strength. The prevailing chart structure continues to support a bullish outlook, where traders may consider initiating long positions at CMP, aiming for a potential upside target of ₹4000, while maintaining a stop loss at ₹3450 to keep downside risk in check.
5] ACME Solar Holdings: Buy at ₹391, Target ₹430, Stop Loss ₹370
ACME Solar Holdings has given a breakout from a short-term rounding bottom pattern, indicating a potential trend reversal and emergence of fresh bullish momentum in the stock. In addition to this, the stock is moving upwards while forming a higher high–higher low formation, suggesting strength in the overall price structure and continuation of the prevailing uptrend. Furthermore, the stock is trading above all its crucial DEMA levels, including the 20, 50, 100, and 200 DEMA levels, indicating strong trend alignment and sustained bullish strength across multiple timeframes. The stock is displaying a constructive technical setup, where traders may consider initiating long positions at CMP, with a potential upside target of ₹430, while maintaining a stop loss at ₹370 as part of a disciplined risk management strategy.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
