Top 3 stock picks by Ankush Bajaj for 8 August
Interglobe Aviation Ltd — current price: ₹6,002.50
Why it’s recommended:The stock has strong momentum with an RSI of 60, MACD at 47, and ADX at 17, indicating an emerging trend. It is trading above all its major moving averages, confirming underlying strength. On the daily chart, the stock has made a new lifetime high, supported by a steady build-up in volume.
Air travel demand remains robust, and the company continues to benefit from strong passenger load factors and expanding capacity, which adds a supportive fundamental backdrop to the bullish technical setup.
Pattern: Breakout to new lifetime high
MACD: Positive at 47, giving buy signal
RSI: At 60, in bullish territory
ADX: At 17, indicating trend initiation
Moving Averages: Trading above all major MAs
Technical analysis:Sustained price action above ₹6,000 with volume could lead to further upside towards ₹6,200.
Risk factors:A close below ₹5,900 would weaken the bullish structure
Buy at: ₹6,002.50
Target price: ₹6,200
Stop loss: ₹5,900
Muthoot Finance Ltd—current price: ₹2,757.40
Why it’s recommended:Muthoot Finance has strong momentum with a daily RSI of 63, MACD at 3, and ADX at 21.55, indicating a confirmed trend. All major EMAs signal a buy, and recent price action suggests a continuation of the uptrend. Positive sentiment in the NBFC and gold loan segment, coupled with steady earnings growth, adds a supportive backdrop to the technical setup.
Pattern: Strong uptrend continuation
MACD: Positive at 3
RSI: At 63, showing strong momentum
ADX: At 21.55, giving buy signal
EMAs: All major EMAs aligned bullish
Technical analysis:Momentum and trend strength indicate potential move towards ₹2,930 if the uptrend holds.
Risk factors:A close below ₹2,671 would negate the bullish bias.
Buy at: ₹2,757.40
Target price: ₹2,930
Stop loss: ₹2,671
Uno Minda Ltd—current price: ₹1,149.80
Why it’s recommended:UNO MINDA is showing bullish momentum with RSI at 63, MACD at 9, and ADX at 15. On the 15-minute chart, the stock has broken out of a triangle pattern, which could act as a continuation signal.
The auto ancillary sector has been witnessing robust demand, and the company’s product diversification supports a sustained bullish outlook.
Pattern: Triangle breakout on lower timeframe
MACD: Positive at 9
RSI: At 63, in bullish zone
ADX: At 15, indicating early trend stage
Technical analysis: Triangle breakout supported by momentum indicators could drive the stock higher in the short term.
Risk factors:A close below ₹1,125 would weaken the bullish view.
Buy at: ₹1,149.80
Stop loss: ₹1,125
How the market performed on Thursday
Sectoral action was mixed on Thursday. Metal slipped 1.39%, oil & gas eased 0.91%, and energy dipped 0.78%, weighing on the broader gains. On the bright side, the financial services index rose 0.36%, the services sector gained 0.33%, and the banking index climbed 0.29%, driven by rotational buying and bargain-hunting in quality counters.
Wipro led the gainers with a 2.14% surge, while Eternal rallied 1.94% and HDFC Life Insurance advanced 1.56%, benefiting from sectoral tailwinds. Weakness was seen in select heavyweights — Tata Steel dropped 3.05%, Adani Port slipped 1.46%, and Tech Mahindra declined 1.30%, though their impact on overall sentiment was limited.
Global mood improved after softer-than-expected U.S. inflation data raised expectations for a September Federal Reserve rate cut. Domestically, optimism was further fueled by retail inflation easing to an eight-year low of 1.55%, bolstering risk appetite. These dual macro positives provided a solid cushion for the market, helping the Nifty maintain its footing above 24,600 despite sectoral divergences.
Nifty technical analysis: daily & hourly
The Nifty 50 closed at 24,616.05, down 14.25 points or 0.06%, reflecting a muted session after recent attempts to stabilize. On the daily chart, the broader trend remains capped by a bearish moving average crossover, with the 20-DMA at 24,757 still below the 40-DEMA at 24,830.
This setup keeps the medium-term bias cautious until the index decisively reclaims this band on strong volumes. Momentum readings show some early signs of recovery, with the daily RSI at 44, up from oversold levels, though still below the neutral 50 mark. The daily MACD remains negative at –144, indicating that bearish momentum is present, albeit at a moderating pace.
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On the hourly timeframe, the tone is relatively better. The index is trading just above the 20-HMA at 24,596, but still under the 40-HEMA at 24,858, keeping overhead resistance intact. The hourly RSI stands at 53, showing modest bullishness, while the MACD is in positive territory at +27, supporting the case for a short-term bounce.
Price action suggests that the market is attempting to base out near the 24,560–24,600 zone, making this band crucial for sustaining upward attempts.
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The derivatives picture, however, tilts bearish. Total Call OI stands at 5.89 crore versus Put OI of 5.18 crore, giving a negative PE–CE OI difference of 71.38 lakh. The day saw Call OI rise by 2.62 crore and Put OI increase by 1.77 crore, leading to a negative OI change difference of 84.76 lakh, which reinforces a short-term bearish stance. The heaviest Call OI is concentrated at 25,500, where fresh additions have also been seen, marking it as a major resistance level. On the Put side, maximum OI is far at 22,600, while the largest addition is at 23,500, indicating only moderate near-term support.
Globally, cues are mixed. US markets have cooled after recent highs, while Brent crude holds steady around $65–66 per barrel, and the rupee remains stable near 87.6 against the dollar, providing a relatively benign macro backdrop.
Overall, as long as Nifty holds above 24,560-24,600, short-term pullbacks could extend towards 24,750–24,830. A sustained close above 24,830-24,880 would be the first sign of a potential medium-term reversal, paving the way to 25,100-25,200. On the downside, a close below 24,540 would negate the short-term bullish bias and shift focus back to 24,450-24,400. With call writers still dominant, especially at 25,500, rallies are likely to face supply pressure unless accompanied by strong breakout momentum.
Ankush Bajaj is a Sebi-registered research analyst. His registration number is INH000010441.
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Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
