Here are three stocks to buy or sell as recommended by Raja Venkatraman of NeoTrader for 29 July:
SBILIFE: Buy CMP and dips to ₹1,810 | Stop ₹1,790 | Target ₹1,950-2,000
MANINFRA: Buy CMP and dips to ₹177 | Stop ₹174 | Target ₹190-195
MANORAMA: Buy CMP and dips to ₹1,640 | Stop ₹1,620 | Target ₹1,770-1,825
Market today
Indian equity benchmarks started the week on a subdued note, marking the third straight session of declines on 28 July as selling pressure outweighed supportive global markets. The Nifty opened below 24,800 and, although it managed an initial recovery in the early hours, it failed to gain traction and slid beneath the 24,700 mark for the first time since 13 June amid broad-based selling across sectors barring pharmaceuticals.
The Sensex closed down 572.07 points, or 0.70%, at 80,891.02, while the Nifty fell 156.10 points, or 0.63%, to end at 24,680.90. Meanwhile, the mid-cap and small-cap indices retreated 0.7% and 1.3%, respectively. Sectoral losses were widespread, with realty plunging nearly 4% and media shedding close to 3%. Capital goods, metals, telecom, PSU banks, and private banks each dropped between 1% and 1.5%, underscoring the prevailing risk-off sentiment. Investors remain cautious ahead of upcoming corporate earnings and key macroeconomic data due later in the week.
Outlook for trading
Broader indices were unable to contain the profit booking that emerged at the start of the week, dragging the market lower. Despite a rebound on the back of US President Donald Trump keeping us guessing about his next move, the markets are clearly unable to hold on to the rebound convincingly. While every attempt was made to keep the markets in positive territory, the intermittent decline continues to retest the bullish resolve. Right now, the pronounced volatility is causing some disturbance in forming the bias, thus making the markets jittery.
Trends have remained muted until the negative vibes in the Nifty Bank persisted to dent our confidence. With the trends after breaching the channel, it is showing some continued bearish pressure, as we can see that the markets are suppressed and even show some bearish signs as we enter the last trading day of the week. With the result season in play, the expectation from the Q1 numbers will be keenly tracked. As we operate in an environment of ad-hoc triggers, the markets shall continue to oscillate over the next few days.
A volatile environment is now part of the ever-changing market scenario, forcing the sentiment to keep changing. Risk management is critical, as the lack of clarity is greater than ever. However, there is still some value discovery happening in mid and small caps that demonstrates a bullish sentiment. Among them, the Trump Tariff Saga has the global markets oscillating. With no clarity on the outcome, we shall continue to oscillate in a range between 24500 and 25000 on the Nifty Spot.
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Three stocks to trade, recommended by NeoTrader’s Raja Venkatraman:
SBI Life Insurance Co. Ltd (Cmp: ₹1850.50)
Why it’s recommended: SBI Life Insurance, incorporated in October 2000, is a leading Indian life insurance company. It operates as a joint venture between the State Bank of India (SBI), India’s largest commercial bank, and BNP Paribas Cardif S.A., the life and property and casualty insurance arm of BNP Paribas. Strong demand recovery in this stock from lower levels and the rebound from demand zones support price stability and growth potential. With prices trading close to the 52-week high, more room for upside is possible.
Key metrics:
P/E: 74.55
52-week high: ₹1,936,
Volume: 1.18M.
Technical analysis: Support at ₹1,730, resistance at ₹2,050.
Risk factors: Dependence on trends in the insurance sector and raw material price volatility.
Buy at: CMP and dips to ₹1,810.
Target price: ₹1,950-2,000 in 1 month.
Stop loss: ₹1,790.
Man Infraconstruction Ltd (Cmp: ₹182.46)
Why it’s recommended: Signs of reversal from oversold zones signal potential upside. Demand at lower levels showcases optimism for recovery in the coming sessions. The daily charts indicate that the volume-based rise seen in the last few sessions augurs well for the prices.
Key metrics:
P/E: 46.88
52-week high: ₹262.50
Volume: 1.86M
Technical analysis: Support at ₹165 | Resistance at ₹205.
Risk factors: Declining revenue and profits, as well as a decrease in operating profit margin.
Buy at: CMP and dips to ₹177.
Target price: ₹190-195 in 1 month.
Stop loss: ₹174.
Manorama Industries Ltd (Cmp: ₹1687.70)
Why it’s recommended: Gradual accumulation at critical support levels highlights strong investor interest, supported by consistent revenue growth. Steady higher lows with a thrust above value area resistance around 300 suggest more upside possibility.
Key metrics:
P/E: 67.18
52-week high: ₹1,632
Volume: 118.49K
Technical analysis: Support at ₹1,470 | Resistance at ₹1,850.
Risk factors: Competition in the banking space and regulatory issues.
Buy at: CMP and dips to 1640.
Target price: ₹1,770-1,825 in 1 month.
Stop loss: ₹1,620.
Raja Venkatraman is co-founder, NeoTrader. His Sebi-registered research analyst registration no. is INH000016223.
Investments in securities are subject to market risks. Read all the related documents carefully before investing. Registration granted by Sebi and certification from NISM in no way guarantees performance of the intermediary or provide any assurance of returns to investors.
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.
