Best Stock Picks for Today: July 4 Investment Recommendations
According to recent insights from Bajaj Broking Research, UPL and Chennai Petroleum Corporation have emerged as the top stock recommendations for investors today. The Nifty index has demonstrated impressive resilience, reaching a nine-month high of 25,669, while the Bank Nifty continues to show positive momentum despite global tensions. Analysts suggest that maintaining key support levels will be crucial for the indices to sustain their upward trajectory in the coming weeks.
Nifty Index Performance
The Nifty index has recently displayed remarkable strength, maintaining an upward trend even amid challenging macroeconomic conditions. On Monday, the index peaked at 25,669, marking a nine-month high. Following this surge, it has consolidated within a 300-point range, indicating some profit booking at higher levels. The index found support in the 25,400-25,350 range, and analysts believe that holding above these levels could lead to a further rally towards 25,900-26,000 in the near future. Conversely, if the index fails to maintain this support, it may experience a healthy retracement, potentially trading within the broader range of 25,200-25,700.
A significant indicator of market health, the percentage of Nifty 500 constituents trading above their 200-day exponential moving average (EMA), has shown a notable recovery. After dipping below 10% in March 2025, this figure has rebounded to approximately 59%. This shift suggests a broader market rally, moving away from narrow leadership. Historically, such breadth improvements have preceded sustained bull markets, indicating potential for further upside in the current market environment.
Bank Nifty Outlook
The Bank Nifty index has maintained a positive bias, consolidating near all-time highs despite escalating global tensions that typically increase market volatility. Analysts project that the index could extend its upward movement, targeting levels between 58,500 and 59,000 in the coming month. This forecast is based on the recent consolidation breakout observed over the last 15 sessions, where the index rallied by 18% in the past four months. While some consolidation at higher levels is expected, analysts recommend using any dips as buying opportunities. Key support levels are identified around 56,000-55,500, which could provide a safety net for investors.
Top Stock Recommendations
Bajaj Broking Research has identified UPL as a strong buy recommendation, suggesting investors enter the stock within the range of Rs 670-690. The stock has recently shown a robust rebound after establishing a base at the 100-day EMA, indicating strength. Analysts expect UPL to target Rs 747 in the coming months, supported by a positive bias validated by the weekly RSI moving above its average. This suggests that UPL is on the verge of breaking above its May 2025 high of Rs 699, presenting a fresh entry opportunity for investors.
Similarly, Chennai Petroleum Corporation is recommended for purchase in the range of Rs 700-720. The stock has recently broken out of a falling channel, signaling strength and offering a favorable entry point. Analysts anticipate a target of Rs 787, supported by strong volume and a solid base at the 500-day EMA. The positive bias is further confirmed by the weekly stochastic generating a buy signal, indicating that the stock is well-positioned for upward movement in the coming months.
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