Top 3 stock picks by Ankush Bajaj – August 4, 2025
Buy: CUPID LTD — Current Price: ₹158.20
Why it’s recommended: CUPID LTD is showing encouraging signs of bullish momentum. The hourly RSI stands at 65, indicating strength, while the MACD remains positive at 2, confirming trend continuation. Technically, the stock has formed a bullish pennant pattern near ₹150 — a continuation formation that suggests potential for further upside towards ₹170+. The confluence of price action and momentum indicators supports a bullish outlook.
Key metrics: Breakout zone: Bullish pennant pattern around ₹150
Pattern: Continuation pattern signaling trend resumption
MACD: Positive at 2
RSI: Hourly RSI at 65, indicating strong buying strength
Technical analysis: The bullish pennant breakout combined with firm momentum suggests potential for the stock to move toward ₹172
Risk factors: A close below ₹150 would invalidate the pattern and may trigger a short-term pullback.
Buy at: ₹158.20
Target price: ₹172
Stop loss: ₹150
Buy: GTPL HATHWAY LTD — Current Price: ₹122.80
Why it’s recommended: GTPL HATHWAY LTD is gaining traction after a breakout from a falling wedge pattern on the hourly chart. The hourly RSI is at 60 and MACD is positive at 2, supporting upward momentum. On the daily chart, the stock has also formed a triangle pattern — a consolidation structure now resolving higher, signaling trend continuation.
Key metrics: Breakout zone: Falling wedge breakout on hourly chart
Pattern: Triangle on daily, wedge breakout on hourly
MACD: Positive at 2
RSI: Hourly RSI at 60, indicating bullish shift
Technical analysis: The alignment of breakout patterns across timeframes and bullish momentum signals point to a near-term upside toward ₹136–138.
Risk factors: A break below ₹115 would negate the setup and suggest caution.
Buy at: ₹122.80
Target price: ₹136–138
Stop loss: ₹115
Buy: DABUR INDIA LTD — Current Price: ₹534.35
Why it’s recommended: DABUR INDIA LTD has shown a strong bullish breakout on the hourly chart around ₹535. The hourly RSI is elevated at 63, and the MACD at 5 confirms bullish momentum. As long as the price sustains above the ₹535 breakout level, the short-term trend remains positive with upside potential.
Key metrics: Breakout zone: Hourly breakout at ₹535
Pattern: Bullish continuation with price confirmation
MACD: Positive at 5
RSI: Hourly RSI at 63, showing strength
Technical analysis: The recent breakout and sustained momentum suggest potential for the stock to move toward ₹555 in the near term.
Risk factors: A close below ₹527 may weaken the setup and indicate potential consolidation or reversal.
Buy at: ₹534.35
Target price: ₹555
Stop loss: ₹527
Market wrap
Sector-wise, the losses were widespread and deep. The Pharma sector tumbled 3.33%, the healthcare index fell 2.77%, and the metal index declined 1.97%, reflecting aggressive profit-booking and bearish sentiment across high-beta segments.
Defensive buying offered limited shelter, with the FMCG sector rising 0.69%, signalling mild investor rotation toward stability amid the broad correction.
On the stock front, Trent led the gainers with a solid 3.23% rally, followed by Asian Paints gaining 1.46%, and Hindustan Unilever, which rose 1.29%, all benefiting from selective buying in quality defensives.
However, heavyweights in the pharma space deepened the drag. Sun Pharma plummeted 4.51% on valuation worries, while Dr Reddy’s declined 3.91%, and Cipla slipped 3.33%, reflecting the market’s increasing risk aversion toward overstretched names.
Nifty technical analysis daily & hourly
On August 4, 2025, the Nifty witnessed a sharp decline, ending the session at 24,565.35, down 203 points or 0.82%, marking a continuation of the recent weakness. The index has now slipped below the short-term consolidation range and is testing the lower boundary of the critical support zone between 24,550 and 24,450. This area is significant because a breakdown below it could open the gates for a decline toward the 24,000 level, where an unfilled gap from previous sessions remains.
Technically, the Nifty is trading below all key short-term moving averages, including the 20-day SMA at 25,074 and the 40-day EMA at 24,793. On the intraday chart, the index also remains under the 20-hour SMA at 24,761 and the 40-hour EMA at 24,792, indicating continued downward pressure. This setup confirms a short-term bearish structure, with the index struggling to find stability even on minor pullbacks.
Momentum indicators continue to offer no signs of relief. The daily RSI has weakened further to 36, while the hourly RSI has dropped to 33, suggesting oversold conditions but without any reversal signals yet. The MACD also remains firmly in negative territory, with the daily MACD at −110 and the hourly MACD at −61, indicating that bearish momentum is intact and showing no meaningful signs of exhaustion.
The derivatives data paints a similarly cautious picture. Total Call open interest now stands at 14.80 crore against 8.45 crore on the Put side, resulting in a bearish difference of 6.35 crore contracts. The Put-Call Ratio has dropped to 0.57, reflecting a build-up of bearish sentiment. Notably, Call writers were aggressive during the session, with a rise of 8.60 crore contracts in Call OI compared to just 2.81 crore in Put OI, leading to a net bearish OI change of 5.79 crore contracts. The highest Call OI is placed at the 25,000 strike, which continues to act as a strong resistance, while fresh Call additions at the 24,800 strike further reinforce this ceiling. On the downside, the highest Put OI and addition were both seen at the 24,200 strike, making it the immediate support zone.
In summary, the Nifty remains under pressure and appears to be slipping into a deeper corrective phase. As long as the index fails to reclaim the 25,000–25,074 zone, the trend is likely to stay bearish. With support now being tested near 24,450, a breakdown from this level could accelerate the move toward 24,000. Until a clear reversal emerges, traders should stick to tactical approaches—preferably sell-on-rise near resistance and avoid aggressive long positions unless the index stages a decisive recovery above 25,000.
Ankush Bajaj is a Sebi-registered research analyst. His registration number is INH000010441.
Investments in securities are subject to market risks. Read all the related documents carefully before investing.
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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.
