Stocks to buy or sell: Stock market benchmark indices, the Sensex and the Nifty 50, extended their winning streak for a third straight session on Friday, July 31, supported by mixed global cues and easing crude oil prices.
The Sensex gained 166 points, or 0.21%, to close at 78,094.64, while the Nifty 50 advanced 66 points, or 0.27%, to settle at 24,383.60.
Stock market next week
Nifty 50
Nifty 50 extended its winning streak for the sixth consecutive session, closing at 24,383.60, up 66.45 points (+0.27%). The index opened mildly higher at 24,361.45, traded in a narrow but positive range between 24,299.70 and 24,429.40, and maintained buying momentum throughout the session, while the weekly chart also closed with a strong bullish candle, reflecting sustained buying interest.
The index has now closed above the 200 EMA on the daily timeframe, signalling a positive long-term trend confirmation. Intraday price action remained constructive, with Nifty holding firmly above key short-term moving averages throughout the session. Broader market sentiment stayed positive as Nifty Next 50 and Nifty Microcap 250 outperformed the benchmark indices. Sector-wise, Media, Auto, and Financial Services led the gains, while IT, FMCG, and Consumer Durables remained the major laggards. Overall, the market maintained a positive undertone with selective stock-specific buying continuing across sectors.
According to Sumeet Bagadia, Executive Director at Choice Broking, the RSI has improved to 59.21, suggesting strengthening bullish momentum without entering overbought territory.
“India VIX declined 3.29% to 11.75, indicating easing volatility, while the PCR at 1.14 reflects a positive derivatives setup with buyers maintaining control. Going ahead, 24,200–24,250 will act as the immediate support zone, whereas 24,500–24,550 remains the key resistance area. As long as the index sustains above support, the broader outlook is likely to remain Bullish within the 24,200–24,550 range,” said Bagadia.
Bank Nifty
On the Bank Nifty outlook, Bagadia further said that the session ended at 57,264.85, gaining 117.35 points (+0.21%) after a slightly range-bound trading day. The index opened at 57,225.90, slipped to an intraday low of 57,139.60, and climbed to a high of 57,411.25 before settling with modest gains. Price action remained confined within a narrow range for most of the session, reflecting a lack of strong directional conviction. On the daily chart, Bank Nifty continues to struggle to cross the 20 EMA, with a long upper wick indicating selling pressure emerging at higher levels. Although the index remains above its immediate support zone, it needs a decisive close above the 20 EMA to strengthen the bullish structure.
“Technically, Bank Nifty continues to trade within a well-defined range, indicating a lack of strong directional momentum. The index is likely to remain range-bound unless it registers a decisive breakout above the immediate resistance zone. Support is placed at 56,950–57,050, while 57,450–57,550 remains the key resistance area. As long as these levels hold, the index is expected to trade within the 56,950–57,550 range. The overall bias remains Sideways to Bullish,” he added.
Stocks to buy
Sumeet Bagadia has recommended three stocks to buy on Monday, 3 August. The three stock picks by Bagadia are – IFCI, MMTC, and Inox Wind.
1] IFCI: Buy at ₹76.54 | Target Price: ₹82 | Stop Loss: ₹73.83
2] MMTC: Buy at ₹62.66 | Target Price: ₹67.50 | Stop Loss: ₹60.01
3] Inox Wind: Buy at ₹78.14 | Target Price: ₹84.95 | Stop Loss: ₹74.85
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.
