Stock Market Analysis and Recommendations for Monday, July 1

Indian stock market benchmarks, the Sensex and the Nifty 50, faced a setback on Friday, June 28, ending their four-day winning streak due to profit booking at higher levels. Despite reaching fresh all-time highs during the session, both indices closed in the red as investors took gains amid mixed global cues.

The Nifty 50 hit a record high of 24,174 but closed 34 points lower at 24,010.60, with 26 stocks advancing and 24 declining. Similarly, the Sensex reached a new record high of 79,671.58 but ended with a loss of 210 points at 79,032.73, with 20 stocks declining.

Vinod Nair, Head of Research at Geojit Financial Services, noted that India’s optimism about the upcoming budget and GDP forecasts has been driving market momentum. However, profit booking at higher levels, especially in financials like private banks, led to the market downturn after the recent rally.

Looking ahead to Monday, July 1, Sumeet Bagadia of Choice Broking recommended three stocks for trading: Tata Motors, Britannia Industries, and ONGC. Tata Motors exhibited strong bullish momentum, trading at 989.75 levels, with a breakout of a falling trend line and support from key moving averages. Britannia Industries, after a correction from its record high, showed potential for further upside, while ONGC demonstrated a positive trend with strong support levels.

Investors are advised to closely monitor these stocks and consider the recommendations provided for potential trading opportunities. As always, it is essential to conduct thorough research and consult with experts before making any investment decisions.