The Sensex opened at 82,451.87 against its previous close of 82,186.81 and rose 600 points, or 0.73 per cent, to an intraday high of 82,786.43.
Best stocks to buy today, recommended by Ankush Bajaj
- Why it’s recommended: Kalyan Jewellers has closed above the 50% Fibonacci retracement level from the recent high and low on the daily chart, indicating that the ongoing recovery could extend further. The daily RSI is at 69 and MACD at 14, both pointing to strong bullish momentum. This setup suggests the rally may continue toward the 61.80% retracement zone, which aligns with the ₹645 level.
- Key metrics: Breakout zone: Closed above 50% Fibonacci retracement on daily chart
- Pattern: Retracement continuation pattern with bullish momentum
- MACD: Positive at 14, showing rising strength
- RSI: Daily RSI at 69, indicating solid momentum
- Technical analysis: With price reclaiming key retracement levels and momentum building, the stock shows potential to rally toward the ₹645 mark in the near term
- Risk factors: A close below ₹594 will invalidate the current bullish setup and may signal short-term weakness. A disciplined stop-loss at ₹594 is recommended
- Buy at: ₹611.80
- Target price: ₹645
- Stop loss: ₹594.00
Buy: DIXON TECHNOLOGIES (INDIA) LTD — Current Price: ₹16,556.00
- Why it’s recommended: Dixon is showing strong momentum on the daily chart, with the RSI at 69 and MACD at 386, confirming sustained bullish strength. The price is holding above key support levels, and indicators suggest that the current uptrend could extend toward ₹17,525 in the short term.
- Key metrics: Breakout zone: Momentum continuation on daily chart
- Pattern: Bullish continuation with strong indicator confirmation
- MACD: Strong positive reading at 386
- RSI: Daily RSI at 69, highlighting upside strength
- Technical analysis: With strong MACD and RSI readings, the stock has potential to continue its rally toward the ₹17,525 zone.
- Risk factors: A close below ₹16,060 will weaken the setup and could trigger short-term downside. A strict stop-loss at ₹16,060 is advised
- Buy at: ₹16,556.00
- Target price: ₹17,525
- Stop loss: ₹16,060.00
- Why it-etf-share-price-nse-bse-e00149″ data-vars-anchor-text=”it” data-vars-link-type=”Auto” data-vars-page-type=”story”>it’s recommended: National Aluminium Co has broken out of a bullish pennant pattern on the lower timeframe, supported by positive signals on momentum indicators. The daily RSI stands at 64 and MACD at 2, both pointing to improving bullish sentiment. The breakout is technically sound and suggests a near-term upside toward ₹205.
- Key metrics: Breakout zone: Bullish pennant breakout on lower timeframe
- Pattern: Short-term breakout with momentum confirmation
- MACD: Positive at 2, reflecting rising interest
- RSI: Daily RSI at 64, showing building momentum
- Technical analysis: With a breakout confirmed and momentum supporting the move, the stock is poised to test the ₹205 level in the coming sessions
- Risk factors: A close below ₹194.50 would invalidate the breakout and signal caution. A stop-loss at ₹194.50 is recommended
- Buy at: ₹198.10
- Target price: ₹205
- Stop loss: ₹194.50
Market Wrap
On Wednesday, 23 July 2025, Nifty 50 rose by 159.00 points or 0.63%, closing at 25,219.90, while the BSE Sensex climbed 539.83 points or 0.66%, settling at 82,726.64. TheBank Nifty also performed well, gaining 454.45 points or 0.80%, to finish at 57,210.45, showing strong traction in the financial space.
Sector-wise, momentum was visible in several pockets. While the Realty index declined 2.60% andFMCG dipped0.52% due to profit booking, strength in cyclicals helped balance the tone. Service index rose 0.87%, the Auto sector moved up 0.85%, and the Finance index added 0.84%, leading the market higher.
On the stock front, Tata Motors surged 2.48%, showcasing strong demand. Shriram Finance and Bharti Airtel also posted solid gains of 2.17% and1.94%, respectively, supported by institutional flows and a stable outlook in their segments.
Meanwhile, a few stocks faced mild selling as part of sectoral rotation.Tata Consumer declined2.05%,Hindustan Unilever fell1.18%, and Bharat Electronics Limited slipped0.72%, indicating a shift away from recently overbought names.
Nifty Technical Analysis Daily & Hourly
The Nifty ended Wednesday’s session on a strong note, closing at 25,219.90, up 159 points or 0.63 percent. The index opened on a flat-to-negative note but quickly reversed course, displaying a one-sided uptrend throughout the day and closing near the day’s high. The price action confirmed the market’s resilience above the crucial psychological support of 25,000, further strengthening it as a near-term base.
From a technical standpoint, the index is trading above both the 40-day EMA (25,050) and just a hairline below the 20-day SMA (25,323). This close proximity to the short-term moving average suggests that a breakout above 25,324 could trigger renewed bullish momentum. On the hourly chart, Nifty is comfortably positioned above both the 20-hour SMA and 40-hour EMA, both placed at 25,105, indicating strong intraday support and positive short-term momentum.
Momentum indicators are showing clear signs of improvement. The daily RSI has climbed to 52, reflecting a revival of underlying strength, while the hourly RSI stands strong at 64, suggesting robust intraday momentum. The MACD also supports the bullish setup, with the daily MACD rising to +17 and the hourly MACD accelerating to +28, reinforcing the view of building upside strength.
Moreover, on the hourly chart, Nifty has broken out of a falling wedge pattern, a classic bullish setup, with a projected target of 25,550. This breakout, backed by strengthening RSI and MACD readings, bolsters the potential for further gains in the short term.
In the derivatives space, the options data presents a mixed-to-improving bias. While total Call open interest stands at 1.89 crore, marginally higher than the Put OI of 1.81 crore, the net difference of –7.93 lakh reflects a mild bearish overhang. However, the change in OI paints a more bullish picture, with Put OI increasing by 23.55 lakh and Call OI decreasing by 23.26 lakh, resulting in a net change of +46.81 lakh. This significant shift suggests that bullish sentiment is building, especially as traders are closing short calls and adding to puts.
The Put-Call Ratio (PCR) has improved to 0.96, nearing the neutral mark and indicating reduced bearish bias among market participants. On a strike-wise basis, maximum Call OI is placed at 25,700, while fresh Call writing has emerged at 26,500, hinting at expanding resistance levels. On the Put side, both maximum OI and additions are clustered at the 25,700 strike, reflecting growing confidence in the index’s ability to hold current levels or move higher.
India VIX remained largely subdued, maintaining low volatility expectations and contributing to a constructive setup for continued upside, should momentum sustain.
Summary
With Nifty decisively moving higher and breaking out of a key consolidation pattern, the short-term outlook has shifted from neutral to bullish. The index continues to find strong support near 25,000, and now eyes an upside target of 25,550, provided it sustains above 25,324. Immediate support remains at 25,100–25,050, while resistance levels are seen around 25,324–25,700. Until a clean breakout above the 20-DMA is achieved, some volatility could persist, but the bias is clearly tilting toward the upside.
Traders are advised to maintain a cautiously bullish stance, with tight stop-losses, and consider long opportunities on dips or a decisive close above 25,324 for momentum continuation.
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.
