The Sensex ended with a gain of 447 points, or 0.55%, at 81,337.95, while the Nifty 50 settled at 24,821.10, up 140 points, or 0.57%. The broader markets outperformed. The BSE Midcap index rose 0.84%, while the Smallcap index jumped 1.10%.
Top 3 stocks recommended by Ankush Bajaj for 30 July:
Buy: Fortis Healthcare Ltd — Current Price: ₹850.60
Why it’s recommended: Fortis Healthcare has shown strong bullish momentum, closing higher with a daily RSI of 70 and a MACD value of 21. These indicators signal increasing strength. On the daily chart, the stock has confirmed a rectangle breakout, and on the lower time frame, a flag breakout is visible — both reinforcing the bullish continuation setup. A sustained move could potentially lead toward higher targets, including the ₹900+ zone.
Key metrics: Breakout zone: Rectangle breakout on daily chart; flag breakout on lower time frame
Pattern: Multiple breakout confirmations across timeframes
MACD: Positive at 21, reflecting strong trend strength
RSI: Daily RSI at 70, suggesting overbought but bullish conditions
Technical analysis: Strong breakout signals suggest upward continuation toward ₹880– ₹890 in the near term.
Risk factors: A close below ₹832 will invalidate the current bullish setup and may lead to a short-term pullback. A disciplined stop-loss at ₹832 is recommended.
Buy at: ₹850.60
Target price: ₹880– ₹890
Stop loss: ₹832
Buy: Varun Beverages — Current Price: ₹512.15
Why it’s recommended: Varun Beverages has delivered a clean breakout from a triangle pattern on the daily chart, supported by increased volume — a sign of strong buying interest. The daily RSI stands at 67, and the MACD is at 7, confirming bullish momentum. The breakout has occurred above a well-defined supply zone, increasing the probability of follow-through gains.
Key metrics: Breakout zone: Triangle breakout above a strong supply zone
Pattern: Momentum breakout with volume confirmation
MACD: Positive and strengthening at 7
RSI: Daily RSI at 67, highlighting strong momentum
Technical analysis: Volume-backed breakout suggests continuation toward ₹535– ₹538 in the near term
Risk factors: A close below ₹500 will negate the bullish view. A disciplined stop-loss at ₹500 is recommended.
Buy at: ₹512.15
Target price: ₹535– ₹538
Stop loss: ₹500
Buy: Escorts Kubota Ltd — Current Price: ₹3,489.80
Why it’s recommended: Escorts Kubota has shown a bullish turnaround with a falling wedge breakout on the daily chart — a pattern typically associated with reversals. The stock is also displaying strength on the lower time frame (15-minute chart) with a confirmed rectangle breakout. The daily RSI at 62 and MACD at 36 support the bullish view, indicating potential for further upside.
Key metrics: Breakout zone: Falling wedge breakout on daily chart; rectangle breakout on intraday chart
Pattern: Reversal and continuation patterns across timeframes
MACD: Positive and rising at 36
RSI: Daily RSI at 62, showing solid momentum
Technical analysis: Strong breakout signals align with potential move toward ₹3,560– ₹3,570 in the near term
Risk factors: A close below ₹3,445 will invalidate the bullish breakout and may lead to near-term weakness. A disciplined stop-loss at ₹3,445 is recommended.
Buy at: ₹3,489.80.
Target price: ₹3,560– ₹3,570
Stop loss: ₹3,445
Market Wrap | 29 July
Indian equities ended lower on Tuesday, 29 July, in a muted yet rotational session that saw headline indices slip but defensive and quality stocks provide some support amid persistent volatility.
The Nifty 50 declined 140.20 points, or 0.57%, to close at 24,821.10, while the BSE Sensex fell 446.93 points, or 0.55%, to end at 81,337.95. The Bank Nifty extended its losses, dropping 137.10 points, or 0.24%, to settle at 56,222.00 after breaching key intraday support levels.
Despite the overall weakness, no sector ended in the red, reflecting selective strength in defensives. The Nifty Realty index rose 1.60%, while Pharma and Healthcare advanced 1.37% and 1.26%, respectively, as investors rotated capital into low-beta, stable segments.
On the stock-specific front, Jio Financial Services led the gainers, climbing 4.47%. Reliance Industries gained 2.13%, and Asian Paints added 1.78%, buoyed by steady buying interest in high-quality names.
However, pressure from key index heavyweights kept sentiment subdued. SBI Life slipped 0.92% on concerns around asset quality and elevated valuations. Axis Bank fell 0.88%, while TCS dropped 0.76%, reflecting continued caution in the broader market.
Nifty Technical Analysis: Daily & Hourly
The Nifty staged a smart recovery on July 30, closing at 24,821.10, up 140.20 points, or 0.57%. Despite opening with a gap down, the index rebounded strongly, forming a bullish engulfing candlestick pattern near a key support zone. The recovery, which saw the Nifty reclaim the psychologically important 25,000 mark during the session, signals a potential short-term reversal in trend. The 25,000 level had earlier acted as stiff resistance, and its intraday breach may lend support to a more constructive outlook going forward.
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While the index still trades below its short-term moving averages — the 20-day SMA at 25,181 and the 40-day EMA at 25,013 — today’s close above 24,800 is encouraging and shows signs of buying interest returning. On the intraday front, the index has also moved above key hourly averages, with the 20-hour SMA at 24,772 and the 40-hour EMA at 24,888, suggesting that short-term pressure is easing and momentum may be shifting.
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Supporting this technical turnaround, momentum indicators are showing early signs of improvement. The daily RSI has bounced to 42 from lower levels, while the hourly RSI has improved to 49, indicating a pickup in underlying strength. However, both readings remain below the bullish threshold of 50, meaning confirmation is still pending. The MACD indicators remain in negative territory, with the daily MACD at –61 and the hourly MACD at –66, but the declining negativity suggests that bearish momentum is losing steam.
In the derivatives segment, the options data shows a shift toward a more balanced sentiment. Total Call open interest currently stands at 20.05 crore versus 14.28 crore on the Put side, maintaining a bearish bias with a net difference of –5.78 crore. However, the day’s change in OI tells a different story. While Call OI declined by 2.43 crore, Put OI increased by 2.80 crore, resulting in a net positive change of +5.23 crore, indicating short-covering on the Call side and fresh Put writing. The Put-Call Ratio has improved to 0.71, up from extremely bearish readings in previous sessions, further supporting the case for a potential bounce.
Strike-wise positioning shows the highest Call open interest remains at 25,000, confirming it as the immediate resistance. Notably, fresh Call writing has emerged at the 25,800 strike. On the Put side, the highest open interest is still concentrated at the 24,000 strike, while fresh Put additions at 24,800 suggest it is emerging as a new support level. Additionally, India VIX fell 4.46% to 11.52, indicating reduced market volatility and supporting the idea of a stabilizing trend.
In summary, while the broader trend remains cautious, today’s price action has injected a dose of optimism. The bullish engulfing pattern near support, coupled with improving momentum and supportive option data, points to the possibility of further upside if follow-through buying emerges. That said, the index needs to decisively reclaim the 25,180–25,200 zone to confirm a bullish reversal. Until then, the short-term outlook has shifted from bearish to neutral, with traders advised to consider buy-on-dips strategies above 24,800, while keeping an eye on 25,000–25,180 as key resistance levels.
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.
