Stocks to buy or sell: Indian equity benchmarks extended their winning streak for a third straight session on Friday, July 3, supported by strong buying in IT and pharmaceutical stocks despite mixed global market cues.
The climbed 262 points, or 0.34%, to close at 77,763.91, while the Nifty 50 gained 95 points, or 0.39%, to settle at 24,270.85.
“The Indian equity markets traded in a range-bound yet positive manner during the week, with the Nifty 50 closing at 24,270, registering a weekly gain of nearly 1%. The index displayed resilience by sustaining decisively above the previous week’s low of 23,800, despite intermittent bouts of volatility. Benchmark indices ended the week on a positive note, while the Bank Nifty remained largely flat, settling at 57,983. On the sectoral front, broader market participation remained healthy, with the Realty, Textile, Pharma, and Cement sectors outperforming and delivering gains in the range of 3% to 6%, reflecting selective buying interest,” said Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi.
Ganesh Dongre’s market outlook for next week
Nifty 50
Dongre believes that the maintained its positive bias while consolidating within the 23,800–24,300 range throughout the week. The index’s ability to hold above the crucial 23,800 support level highlights strengthening bullish sentiment and keeps the possibility of further upside intact in the coming sessions. Immediate support is placed in the 23,800–23,900 zone, while the 24,200–24,300 range continues to act as an important resistance area.
“On the broader weekly chart, the index is consistently forming a pattern of higher lows, indicating sustained buying interest at lower levels. Going forward, a decisive breakout and sustained close above 24,600, which coincides with the 200-day Exponential Moving Average (EMA), will be a key technical trigger to watch in the coming weeks. Until then, a buy-on-dips strategy remains favourable. A weekly close above 24,300 would further strengthen the bullish outlook and could pave the way for an advance towards 24,600, followed by the psychological 25,000 mark. On the downside, the 23,500–23,600 region is expected to act as a strong demand zone, providing support against any corrective pullback,” he said.
Bank Nifty
On the Bank Nifty outlook, Dongre further said that the continues to exhibit a constructive technical setup after confirming a fresh trendline breakout on the weekly chart. The index has successfully sustained above its key 200-day EMA, reinforcing the positive medium-term outlook. However, a decisive and sustained move above the 58,000–58,500 zone will be essential to generate fresh momentum towards the 60,000 mark. Until such a breakout occurs, the index may witness a phase of consolidation before resuming its upward trajectory.
“Immediate support is placed near the 56,000 level, which is closely aligned with the 200-day EMA and is expected to serve as a strong base during any near-term correction. Overall, the technical structure of Bank Nifty remains constructive, and as long as it holds above key support levels, the broader trend is likely to remain positive with an upward bias,” he added.
Weekly stocks to buy or sell
Bajaj Auto: Buy at ₹9780-9800, target price of ₹10300, stop loss of ₹9650.
Kfin Technologies: Buy at ₹875-880, target price of ₹920, stop loss of ₹855.
Tata Steel: Buy at ₹190-192, target price of ₹205, stop loss of ₹180.
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.