Independence Day 2026: Amid celebrations of the 80th Independence Day across the nation, Indian stock market investors might be wondering whether selling pressure on Dalal Street will continue when trading resumes on Monday. Despite little change in domestic or international triggers, Indian stocks have been under selling pressure for four straight sessions, and the Nifty 50 index has fallen from 24,583 to 24,366.
Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi, believes the 50-stock index may not break below its current major support level of 24,050 and recommends buying these four stocks to buy: BEL, Kaynes Technology, BEML, and UNO Minda.
Stock market outlook
Ganesh Dongre of Anand Rathi believes the broader market structure remains constructive, and the ongoing pullback appears to be a healthy retracement rather than a reversal of the broader uptrend.
Speaking on the outlook of the Nifty 50 today, Ganesh Dongre of Anand Rathi said, “We maintain our bullish stance and expect the index to regain momentum on a sustained move above 24,500, which could gradually pave the way towards 25,000 and higher levels in the coming weeks. As long as the 24,050 zone holds, dips should continue to be used to build fresh positions.”
Independence Day 2026: Ganesh Dongre’s stock recommendations
Regarding Independence Day stock picks, Ganesh Dongre of Anand Rathi recommended these four shares: BEL, Kaynes Technology, BEML, and UNO Minda.
1] BEL: BEL shares remain one of the stronger names to track from the defence and electronics space from a technical perspective. The key feature to watch is whether the stock continues to maintain a higher-high and higher-low structure on the daily chart. To sustain strong momentum, the price should remain above its short- and medium-term moving averages, with RSI sustaining above the 50 level. A breakout from the price level of ₹345, accompanied by higher volume and the recent consolidation range, would provide stronger confirmation of the next leg of the uptrend, with a target price of ₹450- ₹500. Therefore, BEL can be viewed as a momentum-continuation candidate, with emphasis on breakout confirmation rather than chasing the stock after a sharp move.
2] Kaynes Technology: Kaynes Technology’s share is an interesting technical setup because the stock has experienced significant volatility and correction, but the longer-term structure is showing signs of stabilisation. Current technical data show the stock trading around ₹3,800, with the 200-DMA at ₹3,507, indicating that long-term trend support remains relatively important. At the same time, the 50-DMA is around ₹3,777, making the ₹3,750– ₹3,800 range an important short-term pivot. From a technical perspective, a sustained move above the recent support zone at ₹2800, with improving volume and RSI, would strengthen the bullish case for a target price of ₹4800- ₹5000.
3] BEML: BEML shares remain an important stock on the technical watchlist because of its exposure to the defence, railway and infrastructure themes. From a chart perspective, it is currently in a sideways, bullish constructive pattern after its recent correction. A move above ₹2050, the previous swing high, supported by increasing volume, would indicate that buyers are regaining control. If this sequence develops, BEML could enter a new phase of momentum. Until the breakout is confirmed, however, it is better treated as a breakout candidate rather than a confirmed momentum buy with a stop loss of ₹1450 for the target price of ₹2200
4] UNO Minda: Among these four, UNO Minda is currently one of the cleanest technical structures. The latest data show the stock trading around ₹1,240, above its 20-, 50-, 100-, and 200-day EMAs, indicating a positive trend configuration. indicating bullish momentum without being in an extreme overbought zone. MACD is also bullish, while ROC indicates an accelerating uptrend. The immediate resistance zone is around ₹1,257– ₹1,275, followed by ₹1,285. A sustained breakout above ₹1,275– ₹1,285, with strong volume, could signal the continuation of the upward move. On the downside, ₹1,220– ₹1,200 becomes an important support zone for the target price of ₹1400- ₹1500.
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.
