Buy or sell stocks: Benchmark indices, the Sensex and the Nifty 50, extended their winning streak to a fourth straight session on Monday, July 6, supported by the revival of the monsoon and renewed foreign institutional investor (FII) buying, which boosted market sentiment.
The Sensex climbed 521 points, or 0.67%, to settle at 78,285, while the Nifty 50 advanced 160 points, or 0.66%, to close at 24,430. Broader markets also ended in the green, with both mid- and small-cap stocks posting gains.
Stock market today
Nifty 50
Nifty 50 opened on a positive note at 24,306.85, around 36 points higher than the previous close. After marking an intraday low of 24,287.10 in early trade, the index witnessed steady buying throughout the session and gradually moved higher to touch an intraday high of 24,458.65. Nifty eventually settled at 24,430.35, gaining 159.50 points (+0.66%), reflecting sustained buying interest and healthy market breadth.
According to Sumeet Bagadia, Executive Director at Choice Broking, the index formed a strong bullish candle on the daily chart, indicating continued buying momentum and follow-through after the recent breakout from the falling channel pattern. Nifty is comfortably trading above all its key moving averages, reinforcing the positive short-term trend. The 24,200–24,250 zone is expected to act as immediate support, while 24,600–24,650 remains the next key resistance zone. A sustained move above 24,650 could pave the way for further upside in the coming sessions.
“The RSI has strengthened to 64.11, indicating improving momentum while remaining below the overbought zone, suggesting room for further upside. Overall, the technical setup continues to favour the bulls as long as the index sustains above the immediate support levels,” Bagadia said.
Bank Nifty
Bank Nifty witnessed a positive trading session, closing at 58,291.50, up 353 points (+0.61%). The index opened marginally higher at 57,983.90 and, after marking an intraday low of 57,938.65 in early trade, witnessed steady buying throughout the session. The sustained momentum pushed the index to an intraday high of 58,477.30 before it settled near the day’s higher levels, indicating continued buying interest at lower levels.
Bagadia noted that the index has formed a bullish candlestick, reflecting sustained buying momentum after a brief consolidation. The index continues to trade above its key short-term moving averages, reinforcing the positive trend structure. The immediate support is placed at 57,800–57,900, while 58,700–58,800 remains the immediate resistance zone. A decisive breakout above this hurdle could trigger fresh upside momentum.
“The RSI stands at 64.60, indicating healthy bullish momentum despite some cooling from recent highs. As long as the index sustains above the 57,800–57,900 support zone, the overall bias is likely to remain positive, while a sustained move above 58,800 may pave the way for further gains in the near term,” said Bagadia.
Sumeet Bagadia’s stocks to buy
Sumeet Bagadia recommends five shares to buy on Tuesday, 7 July: Rain Industries, Metropolis Healthcare, United Spirits, Spandana Sphoorty Financial, and L&T Finance.
1] Rain Industries: Buy at ₹197, Target ₹220, Stop Loss ₹185
Rain Industries share price is trading around 197, shows a sharp, impulsive bounce on its daily chart in image_d2245b.png, establishing a strong defence around its short-term exponential moving averages. The stock has fiercely defended its structural uptrend, turning up sharply from the 20-day EMA corridor and keeping its broader technical framework securely positioned above the 50, 100, and 200-day averages. Concurrently, the relative strength index is curving upward near 59, validating a fresh injection of near-term buying momentum with plenty of canvas to extend before hitting overextended limits. Driven by this aggressive price action, the stock is technically well-aligned to resume its primary upward push toward a target of 220. To adequately protect the setup against abrupt volatility or market pullbacks, a strict stop loss must be anchored at 185.
2] Metropolis Healthcare: Buy at ₹574, Target ₹625, Stop Loss ₹548
Metropolis Healthcare share price is currently trading at 574, displays a compelling bullish continuation pattern on the daily chart, staging a powerful breakout from its recent consolidation cluster. The asset is exhibiting noticeable buying conviction as it closes strongly near the high of the session, keeping a healthy distance above the ascending 20, 50, 100, and 200-day exponential moving averages to solidify its structural uptrend. Over on the oscillator layout, the daily relative strength index has accelerated near 64, confirming strong near-term velocity and expanding buyers’ commitment with plenty of room to scale higher before reaching overextended territory. Driven by this high-conviction breakout block, the stock is technically well-primed to press forward toward an upside target of 625. To efficiently handle downside risks against sudden market pullbacks, a strict risk-management stop loss should be maintained at 548.
3] United Spirits: Buy at ₹1428, Target ₹1550, Stop Loss ₹1365
United Spirits: is currently trading at 1428, exhibits an impressive structural turnaround on the daily chart in image_d22c3f.png, executing a vertical breakout from a major rounding consolidation floor. The price action has aggressively reclaimed its 20, 50, 100, and 200-day exponential moving averages in a rapid sequence, signalling a heavy influx of institutional buying as structural control shifts back to the bulls. Simultaneously, the daily relative strength index is surging aggressively near 70, validating exceptional upward velocity and intense near-term momentum. Backed by this decisive momentum expansion, the stock is technically well-primed to trend higher toward an upside target of 1550. To protect the setup against sharp intraday pullbacks or mean-reversion risk, a strict stop loss should be maintained at 1365.
4] Spandana Sphoorty Financials: Buy at ₹310, Target ₹340, Stop Loss ₹296
Spandana Sphoorty Financials is currently trading at 310, displaying an explosive momentum breakout on its daily chart in image_d22f85.png, surging vertically into a clear markup phase. The price action has aggressively cleared all major overhead hurdles, including its 20, 50, 100, and long-term 200-day exponential moving averages, signaling strong institutional buying that effectively shifts macro structural control to the bulls. Meanwhile, the daily relative strength index has accelerated deeply into bullish territory near 76, validating exceptional upward velocity and fierce buying conviction. Driven by this powerful breakout pattern, the stock is technically well-aligned to challenge an upside target of 340. To safeguard the setup against sudden profit-taking or sharp mean-reversion pullbacks, a strict risk-management stop loss must be anchored at 296.
5] L&T Finance: Buy at ₹335, Target ₹365, Stop Loss ₹320
L&T Finance is trading around 335, the stock is flashing a high-velocity expansion phase on its daily chart, breaking out past previous multi-month swing highs into open territory. The price action demonstrates remarkable structural strength, widening its distance above the ascending 20, 50, 100, and 200-day exponential moving averages to signify intense accumulation. Down on the indicator panel, the daily relative strength index has accelerated near 78, reflecting incredibly powerful momentum and clear buyer dominance over the tape. Backed by this robust trend continuation, the stock is technically well-positioned to drive toward an upside target of 365. To manage downside risks effectively against unexpected market pullbacks or profit-taking, a strict risk-mitigation stop loss should be maintained at 320.
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.
