Buy or sell stocks: Stock market benchmark indices, the Sensex and the Nifty 50, recorded their third consecutive session of gains on Friday, July 31, aided by mixed global market trends and softer crude oil prices.
The Sensex climbed 166 points, or 0.21%, to end at 78,094.64, while the Nifty 50 rose 66 points, or 0.27%, to close at 24,383.60.
Stock market today
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
Bank Nifty ended the session 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.
Bagadia noted that the index 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.
Sumeet Bagadia’s stocks to buy
Sumeet Bagadia recommends five breakout shares to buy on Monday, 3 August: New India Assurance Company, GAIL, Jio Financial Services, Ramkrishna Forgings, and Cholamandalam Investment and Fin.
1] New India Assurance Company: Buy at ₹173, Target ₹190, Stop Loss ₹165
NIACL is trading around 173, demonstrates a strong technical base-building rebound on its daily chart, turning up sharply off its long-term moving average cluster to initiate a fresh leg higher. The stock continues to reinforce a positive structural framework, taking out near-term hurdles to trade above its key 20, 50, 100, and 200-day exponential moving averages. Down on the indicator panel, the daily relative strength index has turned upward past 50.01, confirming renewed buying momentum and firm buyer presence with substantial headroom left to extend. Backed by this constructive turnaround pattern, the asset is technically well-aligned to press forward toward an upside target of 190. To manage risk effectively against sharp intraday pullbacks or sudden volatility, a strict stop loss must be maintained at 165.
2] GAIL: Buy at ₹181, Target ₹197, Stop Loss ₹173
GAIL is currently trading at 181, the stock has unleashed a decisive bullish surge on the daily scale, effortlessly clearing a prolonged congestion band on a substantial expansion in trading volume. This impulsive move reaffirms the primary uptrend, with price action maintaining healthy separation above its stacked moving average alignment (20, 50, 100, and 200 EMAs). Simultaneously, the 14-period RSI has surged into the upper regime around 65.90, reflecting aggressive demand with plenty of runway left before reaching overbought limits. Under these favourable structural dynamics, the chart favours a continued mark-up toward the 197 projection level. To guard against potential mean-reversion spikes or unexpected volatility, a disciplined protective stop should be placed at 173.
3] Jio Financial Services: Buy at ₹256, Target ₹280, Stop Loss ₹245
JIOFIN is currently trading at 256, staged an impressive trend-reversal impulse on its daily time frame, charging out of its multi-month base with a decisive green daily bar. The price action has successfully reclaimed its shorter-term moving average cluster (20, 50, and 100 EMAs) and is now knocking on the door of its major 200-day EMA hurdle at 257.17. Meanwhile, the 14-day RSI has surged to 65.93, reflecting a sharp acceleration in underlying buying strength that supports a sustained upside extension. With bullish momentum firmly taking over the tape, the stock looks technically equipped to march toward its upside objective of 280. To safeguard against unexpected whipsaws or failed breakouts, a strict risk floor should be anchored at 245.
4] Ramkrishna Forgings: Buy at ₹651, Target ₹711, Stop Loss ₹620
RKFORGE is currently trading at 651, has delivered a clean trend-line breakout on its daily chart, breaching its slant downward resistance with a strong expansion in trading volume (2.44M). The candles are riding high above their exponential moving average hierarchy (20, 50, 100, and 200 EMAs), demonstrating firm institutional accumulation. On the lower indicator pane, the daily RSI has surged to 69.43, signalling powerful momentum driving this continuation wave with open air above. Given this solid bullish structure, the stock is well-positioned to drive higher toward its target of 711. Risk remains clearly controlled with a protective stop loss defined at 620 to cushion against potential pullbacks.
5] Cholamandalam Investment and Fin: Buy at ₹1849, Target ₹2018, Stop Loss ₹1771
Cholamandalam Investment and Fin is trading around 1849, the stock has printed a powerful continuation candle on its daily chart, springing off its 20-day exponential moving average support to test major swing resistance near 1875. The structural layout remains decisively bullish, with the entire EMA stack (20, 50, 100, and 200) sloping upward beneath the current price to reflect persistent underlying demand. Oscillating below, the daily RSI has hooked up sharply toward 61.19, signalling a clear resignation of upside momentum with plenty of operational space before reaching overbought territory. With the prevailing trend firmly intact, the stock looks well-positioned to clear immediate hurdles and press forward toward its 2018 target. Risk management is well-defined by placing a strict protective stop loss at 1771.
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.
