Shares to buy or sell: Sachin Gupta of 5paisa recommends Angel One, Trent shares today
The benchmark Nifty 50 index commenced the day at 25,179.90, climbing by 208 points or 0.83%. Similarly, the Sensex opened robustly at 82,534.61, reflecting an increase of 637.82 points or 0.78%.
Analysts noted that as tensions between Israel and Iran begin to ease, investors are redirecting their attention to forthcoming global events that might impact the markets. A crucial date for investors is July 9, which pertains to US tariff decisions. Should tariff issues be postponed or settled, the markets could sustain their upward trajectory.
On the technical front, Sachin Gupta of 5paisa, believes Nifty 50 to hold above the key support level of 24,800, while facing crucial resistance near the 25,100 mark. Gupta recommends two stocks to buy. Here's what he says about the overall market.
After a strong breakout from a choppy trading range on Friday, the Indian markets started the new week on avolatile note, ending witha loss of over half a percent. The weak opening was primarily driven by rising geopolitical tensions in the Middle East, particularly due to the involvement of the US in the conflict. However, a decline in crude oil prices helped the market recover part of its early losses, though it still closed in negative territory.
For the day, the Nifty 50 managed to hold above the key support level of 24,800, while facing crucial resistance near the 25,100 mark. As long as the index trades below this resistance, the prevailing choppiness is likely to continue. A decisive breakout above 25,100 could pave the way for an upward move towards 25,300–25,350 levels.
On shares to buy on Tuesday, Sachin Gupta recommends two stocks on Tuesday — Angel One Ltd, and Trent Ltd.
Angel One share price is showing signs of a potential bullish reversal. The price recently rebounded from its 50-day EMA, indicating strength in the ongoing trend. Importantly, this rebound was supported by a noticeable rise in trading volumes, suggesting active participation from buyers.
Additionally, the stock has taken support near the 38.2% Fibonacci retracement level, a critical zone often watched by traders for potential reversals.
Hence, traders are advised to look for buying opportunities around ₹ 2,900, with an upside potential towards ₹ 3,050 and ₹ 3,200. A stop loss can be placed at ₹ 2,870 to manage downside risk effectively.
Trent share price has exhibited a strong bullish structure, recently moving above its 200-day EMA—a key long-term trend indicator. Additionally, the price has broken out above the upper Bollinger Band, signaling increased volatility and bullish momentum.
A rounding bottom formation on the daily chart further reinforces the positive trend, indicating a gradual shift from a downtrend to an uptrend. This breakout is supported by a notable surge in volume, confirming buying interest and enhancing the validity of the move.
The overall technical setup suggests a continuation of the upward momentum. Traders may consider entering long positions on dips, with potential upside targets of ₹ 6,350 and ₹ 6,500.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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