Buy or sell stocks: The benchmark indices, Sensex and Nifty 50, extended their winning streak for a second straight session on Thursday, July 30, supported by gains in heavyweight stocks such as Reliance, HDFC Bank, and Mahindra & Mahindra. However, broader markets came under pressure after the US Federal Reserve left interest rates unchanged while indicating that rate cuts could begin as early as September.
The Sensex climbed 274 points, or 0.35%, to close at 77,928, while the Nifty 50 advanced 67 points, or 0.28%, to settle at 24,317.
Stock market today
Nifty 50
Nifty 50 ended the session on a positive note, closing at 24,317.15, up 66.95 points (+0.28%) after a range-bound yet constructive trading session. The index opened on a flat note at 24,249.55 and remained confined within a narrow range during the first half, as the 24,250 CE strike, which held the highest Max Pain in Open Interest, acted as a strong resistance zone. In the second half of the session, Nifty witnessed fresh buying interest, decisively moved above the 24,250 mark, and gained momentum to touch an intraday high of 24,342.95 before settling near the day’s highs.
According to Sumeet Bagadia, Executive Director at Choice Broking, the daily chart formed a bullish green candle for the consecutive fifth session, reflecting improving buying strength after a recent decline.
“From a technical perspective, the RSI has improved to 57.66, indicating strengthening bullish momentum, while India VIX edged higher to 12.15, suggesting a slight rise in volatility. The PCR at 1.14 reflects a balanced-to-positive derivatives setup, supporting the ongoing recovery. Sector-wise, Auto, IT, and Media emerged as the top-performing sectors, whereas Realty, Chemicals, and Financial Services witnessed profit booking and underperformed during the session. As long as Nifty sustains above the 24,150–24,200 support zone, the index is likely to approach 24,500 levels, with the overall bias remaining Sideways to Bullish,” said Bagadia.
Bank Nifty
Bank Nifty ended the session at 57,147.50, down 58.40 points (-0.10%), after a volatile trading session. The index opened at 57,127, and despite the flat opening, early selling pressure dragged it lower. During the morning session, Bank Nifty retested the 100 EMA on the 5-minute timeframe, following which it witnessed a sharp decline of nearly 300 points. The index traded below its short-term and medium-term EMAs in 5-minute timeframe for most of the first half before finding a strong intraday base near the 56,800 levels. Buying interest gradually emerged from lower levels, leading to a steady recovery.
Bagadia noted that the index then traded in a tight consolidation around the 57,000 zone for most of the afternoon session before witnessing a fresh buying move in the latter part of the second session, helping it recover most of the day’s losses and but closed on a negative intraday note.
“From a technical perspective, the daily chart formed a pin bar-like candlestick after taking support near the 50-day EMA, indicating strong buying interest at lower levels and suggesting that bulls are actively defending this crucial support zone. While the recovery is encouraging, Bank Nifty still needs to sustain above immediate resistance levels to confirm stronger bullish momentum. Until then, the index is expected to remain within a consolidation phase, with the overall bias continuing to remain Sideways to Bullish,” Bagadia added.
Sumeet Bagadia’s stocks to buy
Sumeet Bagadia recommends five breakout shares to buy on Monday, 31 July: Avalon Technologies, Karnataka Bank, Tamilnadu Petroproducts, Atul Auto, and Ador Welding.
1] Avalon Technologies: Buy at ₹1759, Target ₹1919, Stop Loss ₹1669
Avalon Technologies is trading around 1759, Avalon Technologies Limited demonstrates a strong bullish continuation setup on its daily chart, turning up sharply from its short-term exponential moving average to resume its primary upward trajectory. The stock maintains an excellent structural profile, trading comfortably above its ascending 20, 50, 100, and 200-day exponential moving averages to highlight persistent long-term institutional demand. Down on the indicator panel, the daily relative strength index has turned upward near 55.62, confirming renewed buying velocity with ample headroom before hitting overextended levels. Backed by this constructive continuation pattern, the stock is technically well-aligned to push forward toward an upside target of 1919. To safeguard the position against sudden market fluctuations or short-term mean reversions, a strict risk-management stop loss must be anchored at 1669.
2] Karnataka Bank: Buy at ₹291, Target ₹310, Stop Loss ₹277
Karnataka Bank is currently trading at 291, the stock has triggered a fresh momentum breakout above its recent swing resistance, continuing its sustained primary uptrend while maintaining a clean pattern of higher highs and higher lows; price action remains firmly anchored above all major moving averages, establishing a strong structural support base around the 277–280 zone; the RSI at 63.16 has turned upward after retesting its average line, confirming expanding bullish momentum with ample room to push higher; backed by this robust continuation setup, a trade can be structured with a Stop Loss at 277 and a Target of 310, offering an excellent risk-to-reward ratio as the uptrend extends.
3] Tamilnadu Petroproducts: Buy at ₹97.97, Target ₹105, Stop Loss ₹93
Tamilnadu Petroproducts is currently trading at 97.97, demonstrates an encouraging base-building recovery on its daily chart, turning up off its moving average support cluster to attempt a breakout from a multi-week consolidation range. The price action has successfully reclaimed its 20, 50, 100, and 200-day exponential moving averages, signalling a gradual shift in underlying structure back toward the bulls. Down on the indicator panel, the daily relative strength index has accelerated near 60.82, confirming fresh upward momentum and expanding velocity with ample headroom before reaching overextended territory. Backed by this constructive turnaround pattern, the stock is technically well-aligned to push forward toward an upside target of 105. To protect the setup against sharp intraday pullbacks or short-term mean reversions, a strict risk-management stop loss must be anchored at 93.
4] Atul Auto: Buy at ₹516, Target ₹550, Stop Loss ₹492
Atul Auto is currently trading at 516, has initiated a strong bullish breakout above its recent consolidation range, maintaining a firm primary uptrend marked by higher highs and higher lows; price action remains comfortably positioned above all key moving averages, building a durable structural base near the 470–485 support zone; the RSI at 65.82 has hooked upward sharply following a retest of its moving average, confirming surging momentum with significant head room for further expansion; backed by this robust continuation setup, a trade can be set up with a Stop Loss at 492 and a Target of 550, offering an attractive risk-to-reward setup as the upside rally progresses.
5] Ador Welding: Buy at ₹1480, Target ₹1600, Stop Loss ₹1400
Ador Welding is trading around 1480, has staged a sharp bullish rebound from its primary moving average support, maintaining a strong structural uptrend characterized by a healthy sequence of higher swing highs and higher swing lows; price action remains comfortably anchored above its major long-term moving averages, reinforcing a dependable demand base near the 1,380–1,400 region; the RSI at 63.86 has curled upward smoothly following a healthy cooling-off phase, signalling refreshed accumulation with plenty of room to extend gains; supported by this compelling continuation structure, a trade can be set up with a Stop Loss at 1400 and a Target of 1600, offering a strong risk-to-reward setup as the prevailing rally unfolds.
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.
