Chandan Taparia's recommendations: How to trade Zydus Lifescience, HCL Tech, Cummins India shares on July 5?

2 days ago 3

Indian banal market: The Indian banal marketplace extended its record-breaking streak, accompanied by investors continuing their strategy of profit-taking astatine elevated levels. The Nifty 50 began trading astatine 24,369.95, somewhat up from its erstwhile adjacent of 24,286.50, and recorded a summation of astir fractional a percent, reaching a caller highest of 24,401. By the extremity of the session, the scale closed marginally higher by 16 points, oregon 0.06 percent, astatine 24,302.15. Meanwhile, the Sensex climbed 0.50 percent, achieving a caller all-time precocious of 80,392.64 during the day. However, it relinquished astir of its gains and settled with a humble summation of 63 points, oregon 0.08 percent, closing astatine 80,049.67.

“Nifty scale opened affirmative astatine a caller precocious and touched 24401 marks successful the archetypal tick. It witnessed immoderate nett booking thereafter and sank towards the extremity but held connected to its enactment of 23280. It formed a tiny bodies Bearish candle connected regular framework but has been making higher lows from the past 8 sessions. Now it has to clasp supra 24250 zones to widen the determination towards 24400 and 24500 zones whereas supports are placed astatine 24200 past 24050 zones,” said Chandan Taparia, Head – Equity Derivatives and Technicals, Broking and Distribution, MOFSL.

India VIX was down by 2.90% from 13.20 to 12.82 levels. Lower volatility is comforting the bulls to thrust the scale astatine higher zones.

On enactment front, Maximum Call OI is astatine 24500 past 24400 onslaught portion Maximum Put OI is astatine 24000 past 24200 strike. Call penning is seen astatine 24500 past 24400 onslaught portion Put penning is seen astatine 24000 past 24200 strike. Option information suggests a broader trading scope successful betwixt 24000 to 24500 zones portion an contiguous scope betwixt 24200 to 24400 levels.

Bank Nifty

On the Bank Nifty outlook, Taparia added, “Bank Nifty Index opened connected a affirmative enactment and made a caller beingness clip precocious of 53357 marks successful the archetypal tick of the session. However it remained consolidative successful a constrictive scope of 300 points successful betwixt 52900 to 53100 zones successful the second portion of the time and ended connected a flattish enactment adjacent 53100 levels. It formed a tiny bodied candle connected regular standard arsenic buying is disposable astatine little zones but momentum is missing astatine higher levels. Now it has to proceed to clasp supra 52750 zones for an up determination towards 53357 past 53750 levels portion connected the downside enactment is seen astatine 52750 past 52500 zones.”

Chandan Taparia has recommended 3 stocks to bargain tomorrow, July 5. According to him, these stocks – Zydus Lifescience, HCL Tech, Cummins India – are technically placed to spot a decent upmove.

Stocks to buy

Zydus Lifescience: Buy astatine ₹1137 | Target Price: ₹1200 | Stop Loss: ₹1105

Zydus beingness subject is successful wide uptrend and holding gains astatine higher zones. It is perfectly respecting 50 DEMA and supports are gradually shifting higher. It has fixed consolidation breakout of past six weeks and buying is disposable crossed Pharma stocks which whitethorn enactment the ongoing up move.

HCL Tech: Buy astatine ₹1522 | Target Price: ₹1600 | Stop Loss: ₹1480

HCL TECH has fixed scope breakout connected regular illustration and managed to adjacent supra the same. It has formed a beardown bullish candle connected regular standard and travel up buying is disposable crossed IT stocks which whitethorn instrumentality prices higher.

Cummins India: Buy astatine ₹4064 | Target Price: ₹4300 | Stop Loss: ₹3950

Cummins is successful continuous uptrend and forming higher highs from past 4 weeks. It has fixed an wrong barroom breakout connected regular illustration which has bullish implications. Mechanical indicator RSI has fixed bullish transverse over.

Disclaimer: The views and recommendations provided successful this investigation are those of idiosyncratic analysts oregon broking companies, not Mint. We powerfully counsel investors to consult with certified experts earlier making immoderate concern decisions, arsenic marketplace conditions tin alteration rapidly and idiosyncratic circumstances whitethorn vary.

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