Indian equity indices extended losses for a second straight session on 6 August, with Nifty closing below 24,600. Sensex ended 166.26 points lower, or 0.21%, at 80,543.99, while Nifty declined 75.35 points, or 0.31%, to settle at 24,574.20.
After a flat opening, Nifty traded in a narrow range throughout the day and closed near the day’s low. Market participants largely stayed on the sidelines ahead of the RBI’s Monetary Policy Committee (MPC) decision. As anticipated, the central bank kept the policy rate unchanged and maintained a neutral stance, leading to a muted reaction across the market.
MarketSmith India’s best stock recommendations for today—7 August
Buy: SBI Life Insurance Co. Ltd (Current price: ₹1,854)
- Why SBI Life is recommended: Strong financial performance and growth, favourable industry tailwinds.
- Key metrics
- P/E: 74.81
- 52-week high: ₹1,936.00
- Volume: ₹151.86 crore
- Technical analysis: Reclaimed its 50-DMA and is trending above all its key moving averages
- Risk factors: Regulatory and taxation risk, distribution concentration and bancassurance dependency, interest rate, and market risk
- Buy: ₹1,854
- Target price: ₹2,050 in 2-3 months
- Stop loss: ₹1,770
Buy: ICICI Prudential Life Insurance Co. Ltd (Current price: ₹619)
- Why ICICI Prudential is recommended: Strong brand and distribution network, favourable demographics, and rising insurance penetration.
- Key metrics
- P/E: 70.45
- 52-week high: ₹794
- Volume: ₹137.28 crore
- Technical analysis: Reclaimed 100-DMA on higher volume
- Risk factors: Intense competition
- Buy at: ₹610-620
- Target price: ₹665 in 2-3 months
- Stop loss: ₹598
Best stocks to buy today—recommended by Raja Venkatraman for 7 August
Kirloskar Oil Engines Ltd (CMP: ₹919.50)
KIRLOSENG: Buy CMP and dips to ₹890 | Stop: ₹875 | Target: ₹989-1,025
- Why Kirloskar Oil is recommended: Kirloskar Oil Engines achieved its highest-ever Q1 standalone revenue and net profit, with a 6% year-on-year revenue growth to ₹1,636 crore and a 1% increase in net profit to ₹133 crore. After some support offered by the cloud region, the prices are holding the bullish bias. As momentum has revived, investors can look at more upside in store in the next few days.
- Key metrics
- P/E: 30.85
- 52-week high: ₹1,404.95
- Volume: 4.62m
- Technical analysis: Support at ₹800; resistance at ₹1,200
- Risk factors: High debt levels, dependence on major customers, and economic downturns could impact returns
- Buy at: CMP and dips to ₹890
- Target price: ₹989-1,025 in 1 month
- Stop loss: ₹875
Balaji Telefilms Ltd (CMP: ₹99.51)
BALAJITELE: Buy CMP and dips to ₹92 | Stop: ₹88 | Target: ₹111-115
- Why Balaji Telefilms is recommended: Balaji Telefilms is an Indian media and entertainment company involved in television, film, and digital content production, including its OTT platform ALTT. The prices have spent the last few days in consolidation, and the strong rebound from lower levels indicates newfound buying. With its deep foray into AI, the price action highlights some new momentum. With robust volume lead breakout, consider going long at current levels and also on dips.
- Key metrics
- P/E: 12.90
- 52-week high: ₹102.89
- Volume: 117.06k
- Technical analysis: Support at ₹370; resistance at ₹550
- Risk factors: Market fluctuations, regulatory changes, and sector-specific challenges in the distribution industry
- Buy at: CMP and dips to ₹92
- Target price: ₹111-115 in 1 month
- Stop loss: ₹88
JK Paper (CMP: ₹351.75)
JKPAPER: Buy above ₹352 and dips to ₹335 | Stop: ₹330 | Target: ₹380-395
MarketSmith India is a stock research platform and advisory service focused on the Indian stock market. Trade name: William O’Neil India Pvt. Ltd. (Sebi Registered Research Analyst Registration No.: INH000015543).
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.
