Buy or sell stocks: Indian benchmark indices, the Sensex and the Nifty 50, ended their four-session winning run on Tuesday, July 7, as investors booked profits amid a rise in crude oil prices following fresh hostilities between the US and Iran, dampening overall market sentiment.
The Sensex declined 104 points, or 0.13%, to close at 78,180.72, while the Nifty 50 slipped 32 points, or 0.13%, to settle at 24,398.70.
Stock market today
Nifty 50
Nifty 50 opened on a positive note at 24,464.45, around 34 points higher than the previous close, and extended its gains to an intraday high of 24,530.90 during the first half. However, the index failed to sustain at higher levels as profit booking emerged across heavyweight stocks, erasing the entire intraday gains. Nifty slipped to an intraday low of 24,348.95 before settling at 24,398.70, down 31.65 points (-0.13%). The intraday price action suggests that the index lost its first-half momentum amid sustained selling pressure in the latter half of the session.
According to Sumeet Bagadia, Executive Director at Choice Broking, the index formed a bearish candlestick on the daily chart, reflecting selling pressure near the resistance zone after the recent recovery. Despite the decline, Nifty continues to trade above its key short-term moving averages, indicating that the broader positive structure remains intact. The 24,200–24,250 zone is likely to act as immediate support, while 24,500–24,550 remains a crucial resistance area. A decisive move above this resistance could revive bullish momentum, while a break below support may trigger further consolidation.
“The RSI eased marginally to 63.02, indicating that momentum remains positive despite the day’s profit booking. India VIX declined 1.44% to 11.65, reflecting continued complacency and lower market volatility. Market breadth remained weak, with 2,084 stocks declining against 1,191 advancing stocks, highlighting broader selling pressure. In the derivatives segment, significant Call Open Interest was concentrated at the 24,400 and 24,500 strikes, while notable Put Open Interest at the 24,400 and 24,300 strikes indicates immediate support near lower levels,” said Bagadia.
Bank Nifty
Bank Nifty witnessed a weak trading session, closing at 58,200.70, down 90.80 points (-0.16%). The index opened higher by around 276 points at 58,567.85 and touched an intraday high of 58,581.10 in the opening minutes. However, profit booking at higher levels dragged the index lower throughout the day, with it slipping to an intraday low of 58,110.10 before settling near 58,200, indicating selling pressure near the resistance zone.
Bagadia noted that the index formed a bearish candlestick after failing to sustain above the 58,500 mark, reflecting supply at higher levels. The index, however, continues to trade above its key medium-term moving averages, suggesting that the broader trend remains constructive despite the day’s decline. The immediate support is placed at 57,500–57,600, while 58,500–58,600 remains the key resistance zone. A sustained move above this hurdle could revive bullish momentum.
“The RSI remains in the positive zone, indicating that the broader trend is still intact despite the recent profit booking. As long as the index holds above the 57,500–57,600 support zone, the positive bias is likely to continue. However, a decisive breakout above 58,600 would be required to trigger the next leg of the upmove in the near term,” he added.
Sumeet Bagadia’s stocks to buy
Sumeet Bagadia recommends five shares to buy on Wednesday, 8 July: Sona Blw Precision Forgings, Havells India, Gland Pharma, LTM, and India Nippon Electricals.
1] Sona Blw Precision Forgings: Buy at ₹671, Target ₹718, Stop Loss ₹647
Sona Blw Precision Forgings is trading around 671, demonstrates a powerful uptrend acceleration phase on its daily chart, continuously setting higher swing highs to sustain its clear bullish trajectory. The stock maintains an excellent structural profile, keeping a healthy distance safely above its upward-sloping 20, 50, 100, and 200-day exponential moving averages to highlight ongoing long-term institutional demand. Down on the indicator pane, the daily relative strength index has pushed aggressively near 76, confirming robust upward velocity and strong accumulation on up-days. Driven by this convincing continuation pattern, the asset is technically well-aligned to advance toward an upside target of 718. To preserve capital against unexpected market pullbacks or profit-taking, a strict risk-management stop loss must be positioned at 647.
2] Havells India: Buy at ₹1225, Target ₹1310, Stop Loss ₹1182
Havells India is currently trading at 1225, demonstrates an encouraging technical base-building pattern on the daily chart, attempting a definitive turnaround from its key structural accumulation band. The price action has successfully triggered a sharp vertical surge, breaking back above its 20 and 50-day exponential moving averages to signal a renewed push in short-term bullish momentum. Concurrently, the relative strength index is gaining sharp positive traction near 60, confirming expanding velocity while avoiding any overextended constraints. Driven by this constructive defensive bounce, the stock appears technically geared to unlock an upside target of 1310. To protect against sudden market fluctuations or invalidation of the base, a strict stop loss should be maintained at 1182.
3] Gland Pharma: Buy at ₹2550, Target ₹2728, Stop Loss ₹2460
Gland Pharma is currently trading at 2550, showcases a powerful bullish breakout on the daily chart, surging past intermediate resistance levels to challenge fresh swing highs. The stock exhibits a pristine structural profile, expanding its distance smoothly above the ascending 20, 50, 100, and 200-day exponential moving averages to highlight strong long-term institutional accumulation. Simultaneously, the daily relative strength index has pushed aggressively into bullish territory near 73, confirming robust upward velocity and strong buying conviction with room to extend further. Driven by this high-momentum breakout pattern, the asset is technically well-aligned to press forward toward an upside target of 2728. To safeguard capital against sudden profit-taking or market pullbacks, a strict risk-management stop loss should be maintained at 2460.
4] LTM: Buy at ₹3858, Target ₹4128, Stop Loss ₹3722
LTM is currently trading at 3858, demonstrates an early technical base-building attempt on its daily chart, staging a fresh defensive bounce off its multi-month structural lows. The price action has reclaimed its short-term 20-day exponential moving average in a swift move, setting up a near-term challenge against the overhead 50, 100, and 200-day moving averages that represent the broader bearish trend structure. Concurrently, the daily relative strength index has accelerated near 49, reflecting a notable contraction in downward momentum and a preliminary stabilization phase. Driven by this local reversal setup, the asset is technically positioned to attempt a tactical advance toward an upside target of 4128. To guard against sudden market pullbacks or an invalidation of the base, a strict risk-mitigation stop loss must be maintained at 3722.
5] India Nippon Electricals: Buy at ₹1028, Target ₹1100, Stop Loss ₹992
India Nippon Electricals is trading around 1028, demonstrates a powerful uptrend acceleration phase on its daily chart, continuously setting higher swing highs to sustain its clear bullish trajectory. The stock maintains an excellent structural profile, keeping a healthy distance safely above its upward-sloping 20, 50, 100, and 200-day exponential moving averages to highlight ongoing long-term institutional demand. Down on the indicator pane, the daily relative strength index has pushed aggressively near 72, confirming robust upward velocity and strong accumulation on up-days. Driven by this convincing continuation pattern, the asset is technically well-aligned to advance toward an upside target of 1100. To preserve capital against unexpected market pullbacks or profit-taking, a strict risk-management stop loss must be positioned at 992.
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.
