Buy or sell stocks: Indian equity markets ended largely flat on Thursday, August 6, as investors refrained from making fresh bets while awaiting more clarity on a possible peace deal in the Middle East. Sentiment also remained subdued due to weakness in heavyweight stocks, which capped gains in the broader market.
The Nifty 50 inched up 0.05% to settle at 24,636, while the Sensex advanced 0.26% to close at 78,785.
Stock market today
Nifty 50
Nifty 50 ended the session almost unchanged at 24,636.00, gaining 11.35 points (+0.05%) after opening at 24,641.00. The index traded within an exceptionally narrow range of 24,604.15–24,677.05, reflecting a lack of directional conviction throughout the session. On the intraday chart, Nifty remained confined to a tight consolidation band with neither buyers nor sellers managing to establish dominance. Despite the muted price action, the index continued to hold above its key moving averages on the daily chart, indicating that the broader bullish structure remains intact. The RSI stands at 62.20, suggesting momentum continues to favour the bulls, while India VIX edged higher to 12.15 and PCR remained healthy at 1.18, indicating a cautiously positive undertone.
According to Sumeet Bagadia, Executive Director at Choice Broking, Nifty is witnessing consolidation after the recent sharp rally and may continue to trade within a defined range unless a decisive breakout occurs.
“Immediate support is placed at 24,400–24,450, while 24,750–24,800 remains the key resistance zone. A sustained move above resistance could trigger fresh buying momentum, whereas a break below support may invite short-term profit booking. The expected trading range for the next session is 24,400–24,800,” said Bagadia.
Bank Nifty
Bank Nifty ended the session on a positive note at 58,063.00, gaining 323.70 points (+0.56%) after opening at 57,815.00. The index touched an intraday low of 57,714.00 before steadily advancing to hit a high of 58,076.00, eventually closing near the day’s high. On the 5-minute chart, Bank Nifty witnessed a gradual upward move with brief intraday retracements, but buying interest remained intact throughout the session, allowing the index to recover after every dip. The daily chart formed a strong bullish candle, highlighting sustained strength and indicating that buyers continue to maintain control of the trend.
Bagadia noted that the index continues to exhibit a Sideways to Bullish bias as long as it sustains above the immediate support zone. Support is placed at 57,500–57,700, while 58,250–58,500 remains the key resistance area.
“A decisive move above the resistance zone could pave the way for further upside momentum, whereas a breach below support may trigger short-term profit booking. The expected trading range for the next session is 57,200–58,500,” he added.
Sumeet Bagadia’s stocks to buy
Sumeet Bagadia recommends five breakout shares to buy on Friday, 7 August: Kalyan Jewellers India, Bharat Dynamics, Union Bank of India, Garden Reach Shipbuilders & Enginers, and Biocon.
1] Kalyan Jewellers India: Buy at ₹598, Target ₹640, Stop Loss ₹577
KALYANKJIL is trading around 598, has printed a strong bullish recovery candle on its daily timeframe, bouncing off its short-term 20-day EMA support near 560.39. The overall structure remains in a robust primary uptrend, with prices trading well above all key moving averages (20, 50, 100, and 200 EMAs) after a sharp expansion phase. On the indicator pane, the daily RSI has cooled down from overbought levels and turned upward to 63.60, confirming renewed momentum for another move higher. Supported by this pull-back and push setup, the stock is aligned to retest its overhead levels toward a target of 640. Downside risk is clearly defined with a protective stop loss at 577.
2] Bharat Dynamics: Buy at ₹1299, Target ₹1390, Stop Loss ₹1255
BDL is currently trading at 1299, initiated a sharp recovery move on its daily timeframe, bouncing off its support zone near 1235 with a strong expansion in daily volume. The price action has reclaimed its 20-day EMA at 1274.0 and 50-day EMA at 1291.0, signalling a potential trend-reversal impulse out of its local base. Meanwhile, the daily RSI indicator has crossed upward into bullish territory at 54.09, reflecting a fresh acceleration in momentum. Driven by this structural rebound, the stock is technically configured to move toward its primary resistance target of 1390. To guard against potential market reversals, risk remains defined with a stop loss at 1255.
3] Union Bank of India: Buy at ₹182.5, Target ₹196, Stop Loss ₹176
UNIONBANK is currently trading at 182.5, completed a breakout on its daily timeframe, advancing higher out of a recent consolidation zone with notable volume. The price action is holding above its key exponential moving averages (20, 50, 100, and 200 EMAs), keeping its structural alignment positive relative to primary trend lines. Meanwhile, the daily RSI indicator has moved upward to 66.52, indicating an increase in buying momentum that supports further upside. Following this technical continuation, the stock is positioned to move toward its target of 196. To manage downside risk against potential pullbacks, a strict stop loss is placed at 176.
4] Garden Reach Shipbuilders & Enginers: Buy at ₹2599, Target ₹2770, Stop Loss ₹2510
GRSE is currently trading at 2599, has initiated a bullish rebound on its daily timeframe, bouncing off its 200-day EMA support near 2561.1 with a solid green candle. The price action is working to reclaim its short- and medium-term exponential moving averages, establishing a potential bottoming setup from recent support levels. Meanwhile, the daily RSI indicator has turned upward to 48.24, indicating a recovery in momentum following a consolidation phase. Supported by this structural bounce, the stock is positioned to advance toward its target of 2770. To protect against potential downside risk, a strict stop loss is placed at 2510.
5] Biocon: Buy at ₹437, Target ₹468, Stop Loss ₹421
BIOCAN is trading around 437, has initiated a strong bullish bounce on its daily timeframe, rising off its 20-day EMA support at 428.33 with positive candle strength. The price action is holding cleanly above all stacked exponential moving averages (20, 50, 100, and 200 EMAs), maintaining its structural uptrend alignment. Meanwhile, the daily RSI indicator has turned upward into positive territory at 57.93, indicating renewed buying momentum with room to extend further. Driven by this continuation setup, the stock is positioned to advance toward its target of 468. To guard against potential downside risk, a strict stop loss is placed at 421.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.
