Stocks to buy or sell: The Indian stock market ended the week with marginal losses, breaking a four-week gaining streak, as rising geopolitical tensions in West Asia and a sharp jump in crude oil prices weighed on investor sentiment.
The week began on a strong note, led by an easing in crude prices, upbeat first-quarter business updates, steady monsoon progress, and broad-based buying interest. However, sentiment turned cautious in the middle of the week after escalating Iran–US tensions sparked a sharp market sell-off. Benchmark indices later recouped a large part of those losses during the final two trading sessions.
On a weekly basis, the Sensex fell 0.25% to close at 77,569.39, while the Nifty 50 slipped 0.26% to settle at 24,206.90. Meanwhile, the broader markets outperformed, with the Midcap and Smallcap indices rising more than 1% each, indicating continued stock-specific buying beyond the frontline indices.
Stock market next week
Nifty 50
Nifty 50 opened on a firm note at 24,124.70 and marked its intraday low of 24,120.35 in the opening minutes before witnessing steady buying interest. The index gradually moved higher through the session, traded in a narrow consolidation range during the middle hours, and extended gains in the latter half to touch an intraday high of 24,228.45. Nifty eventually settled at 24,206.90, gaining 244.10 points (+1.02%), reflecting sustained buying momentum and improved market sentiment. Intraday price action remained constructive, with the index holding above short-term averages throughout the session and showing strength in the latter half after a phase of sideways consolidation.
According to Sumeet Bagadia, Executive Director at Choice Broking, Nifty formed a strong bullish candle on the daily chart, indicating continuation of the ongoing recovery and sustained buying interest near support zones. The index continues to trade above its key short-term moving averages, while the 23,920–24,000 zone is expected to provide immediate support. On the upside, 24,450–24,500 remains the next important resistance area, and a decisive move above this zone could extend the current uptrend.
“The RSI has improved to 55.80, indicating strengthening momentum and a positive bias. India VIX declined 8.31% to 12.25, reflecting easing volatility and improving investor confidence. In the derivatives segment, the PCR stands at 1.14, suggesting a moderately bullish undertone. Significant Call Open Interest was concentrated at the 24,200 and 24,300 strikes, while notable Put Open Interest was seen at the 24,200 and 24,000 strikes. The 24,200 strike remained the dominant Max Pain level throughout the session, indicating a strong equilibrium zone for the near term,” said Bagadia.
Bank Nifty
Bank Nifty witnessed a strong bullish session, closing at 58,045.90, up 793.45 points (+1.39%). The index opened with a gap-up of around 340 points at 57,592.50 and, after marking an intraday low of 57,576.70 in early trade, witnessed sustained buying throughout the session. The momentum pushed the index to an intraday high of 58,251.95 before it settled near the day’s higher levels, reflecting robust buying interest across the banking pack. Strength in PSU Banks, which outperformed with gains of over 3%, along with supportive participation from private banking stocks, significantly aided the rally.
On the Bank Nifty outlook, Bagadia said that the index has formed a strong bullish candlestick, reaffirming the continuation of the ongoing uptrend. The index has successfully held above the previous swing-high breakout zone, which is now aligned with the 50-Day and 200-Day EMA juncture, indicating a strong support base and improving trend strength. The immediate support is placed at 57,300–57,450, while 58,400–58,700 remains the key resistance zone. A decisive move above this hurdle could trigger the next leg of the rally.
“The RSI has improved further while remaining in the positive zone, indicating strengthening bullish momentum and healthy price participation. As long as Bank Nifty sustains above the 57,300–57,450 support zone, the overall bias is expected to remain positive. A sustained breakout above 58,700 could pave the way for further upside in the coming sessions,” said he added.
Stocks to buy
Sumeet Bagadia has recommended three stocks to buy on Monday, 13 July. The three stock picks by Bagadia are – Lloyds Engineering Works, Confidence Petroleum India, and Equitas Small Finance Bank.
1] Lloyds Engineering Works: Buy at ₹90.6 | Target Price: ₹98 | Stop Loss: ₹85
2] Confidence Petroleum India: Buy at ₹76.45 | Target Price: ₹83 | Stop Loss: ₹71.8
3] Equitas Small Finance Bank: Buy at ₹82.24 | Target Price: ₹89 | Stop Loss: ₹78
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.
