The Sensex closed 79 points, or 0.10%, higher at 80,623.26, while the Nifty 50 ended at 24,596.15, up 22 points, or 0.09%.
Among broader indices, the BSE Midcap rose 0.30%, while the BSE Smallcap slipped 0.18%.
Top 3 Stock Picks by Ankush Bajaj – 8 August
Buy: Hero MotoCorp — Current Price: ₹4,660
Why it’s recommended:Hero MotoCorp is showing strong bullish momentum. The daily RSI is at 66, reflecting sustained buying interest. MACD is sharply positive at 55, and ADX at 16 indicates a developing trend. On the daily chart, the stock has broken out of arectangle consolidation pattern, a classic continuation setup that supports the current upward move. The combination of momentum indicators and pattern breakout suggests potential for further upside toward ₹4,750.
Key metrics: Breakout zone: Rectangle breakout
Pattern: Continuation pattern confirming trend resumption
MACD: Positive at 55
RSI: Daily RSI at 66, indicating bullish strength
ADX: At 16, suggesting trend development
Technical analysis: Breakout confirmation supports upside towards ₹4,750
Risk factors: A close below ₹4,618 would invalidate the breakout and trigger caution.
Buy at: ₹4,660
Target price: ₹4,750
Stop loss: ₹4,618
Buy: Fortis Healthcare — Current Price: ₹884
Why it’s recommended:Fortis Healthcare is exhibiting strong bullish momentum. The daily RSI is elevated at 72, MACD is firmly positive at 24, and ADX at 38 signals a well-established trend. On the 15-minute chart, the stock has formed adouble bottom pattern, a bullish reversal setup that complements the ongoing momentum. These technical cues collectively suggest a continuation of the uptrend towards ₹909.
Key metrics: Breakout zone: Double bottom breakout (15-min chart)
Pattern: Reversal pattern supporting trend continuation
MACD: Positive at 24
RSI: Daily RSI at 72, indicating strong buying
ADX: At 38, confirming trend strength
Technical analysis: Lower timeframe breakout and strong momentum indicate potential move to ₹909
Risk factors: A close below ₹868 would invalidate the bullish structure.
Buy at: ₹884
Target price: ₹909
Stop loss: ₹868
Buy: Delhivery Ltd — Current Price: ₹465.75
Why it’s recommended:Delhivery is demonstrating strong bullish momentum, marked by anew lifetime high on the charts. The daily RSI stands at 69, MACD is positive at 16, and ADX at 41 confirms robust trend strength. The breakout to a new high is a significant bullish signal, often attracting momentum-based buying. These technical factors collectively point toward an upside target of ₹500.
Key metrics: Breakout zone: New lifetime high
Pattern: Momentum breakout
MACD: Positive at 16
RSI: Daily RSI at 69, reflecting strong bullish sentiment
ADX: At 41, indicating a strong trend
Technical analysis: New high breakout with strong momentum suggests move to ₹500
Risk factors: A close below ₹450 would negate the bullish setup.
Buy at: ₹465.75
Target price: ₹500
Stop loss: ₹450
Market Wrap | 7 August
The Nifty 50 edged up 21.95 points, or 0.09%, to close at 24,596.15 on Thursday, while the BSE Sensex rose 79.27 points, or 0.10%, ending the day at 80,623.26. The Bank Nifty also joined the rebound, climbing 110 points, or 0.20%, to finish at 55,521.15, reflecting a gradual recovery in financials.
Sectoral trends remained mixed and largely subdued. Defensive pockets like PSEs fell 0.45%, the Infrastructure index slipped 0.25%, and the Energy sector eased 0.20%, pointing to ongoing profit booking. On the other hand, Pharma gained 0.75%, Healthcare rose 0.61%, and PSU Banks edged up 0.29%, signalling selective value buying in safer or underperforming segments.
Among individual stocks, Hero MotoCorp stood out with a strong 4.15% rally, driven by institutional interest. Tech Mahindra added 1.58%, while JSW Steel rose 1.16%, supported by selective accumulation in quality large-caps.
Nifty Technical Analysis | Daily & Hourly
On 7 August, the Nifty closed marginally higher at 24,596.15, up 21.95 points, or 0.09%, indicating a modest intraday recovery. However, this minor uptick does little to alter the broader corrective trend that has dominated recent sessions. The index continues to face strong resistance at key levels, and the overall structure remains weak and susceptible to further downside pressure.
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Technically, the Nifty is still trading below its key short-term moving averages. Both the 20-day SMA and the 40-day EMA are placed at 24,911, and the index has so far failed to reclaim these levels. Even on the intraday charts, the Nifty is trading below the 20-hour SMA at 24,626 and the 40-hour EMA at 24,566, highlighting persistent selling pressure on any minor upticks.
As long as the index remains below these averages, the directional bias remains neutral to negative.
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Momentum indicators continue to signal weakness. The daily RSI has slipped to 39, indicating a lack of bullish momentum, while the MACD remains deep in negative territory at -141, with no signs of a bullish crossover. On the hourly chart, there are minor signs of improvement: the hourly RSI has ticked up to 53, and the MACD has inched higher to -46, but these are not convincing enough to suggest a trend reversal. Overall, the momentum setup supports the view that any current bounce is likely corrective and not a signal of a sustainable turnaround.
From a derivatives perspective, the broader trend still leans bearish. The total Call open interest (OI) stands at 20.22 crore, significantly higher than the Put OI of 16.44 crore, keeping the put-call ratio (PCR) suppressed at 0.81.
However, the change in OI tells a slightly different story — while Call OI rose by 43.53 lakh, Put OI jumped by 4.50 crore, resulting in a net bullish OI change of 4.06 crore contracts. This could indicate that some traders are beginning to hedge for a potential bounce or are covering shorts. Still, the heavier Call OI continues to cap the upside.
Strike-specific positioning also provides important cues. The 24,600 strike holds both the highest Call OI and the highest Call additions, confirming it as a strong resistance zone. On the other hand, the 24,550 strike has emerged as the maximum Put OI and saw the most Put additions, suggesting an effort to defend this support level. But with the Nifty closing only slightly above it, any weakness from here could jeopardize this support and expose the index to further losses.
In summary, Nifty remains in a fragile and corrective phase with no clear signs of a sustainable recovery yet. The inability to reclaim short-term moving averages and the overall bearish structure in the options data continue to weigh on sentiment. The 24,911–25,000 zone remains a key barrier — only a decisive close above this region could tilt the trend back toward bullish. Until that happens, any move higher should be seen as a temporary pullback within a larger downtrend. Immediate support lies at 24,550–24,450, and a breakdown below this zone could lead to a deeper correction towards 24,000, where an unfilled gap still remains.
For traders, the strategy remains to adopt a sell-on-rise approach, particularly near resistance levels like 24,600–24,700. Avoid initiating aggressive long positions unless the Nifty manages to close above 25,000 with strength and volume. The current environment remains cautious and tactical, with traders needing to monitor key levels closely for either signs of bottom formation or renewed breakdown.
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.
