Indian Stock Market: The market benchmark indices – Sensex and Nifty 50 – posted substantial gains, hitting new all-time highs during the session and closing at new peaks on 3 July.
The Sensex breached the crucial 80,000 mark for the first time, hitting a high of 80,074.3 during the session. Meanwhile, the Nifty 50 also hit a new high of 24,309.15. The Sensex ended the day with a gain of 545 points, or 0.69 per cent, at 79,986.80, while the Nifty 50 closed at 24,286.50, up 163 points, or 0.67 per cent.
“Markets continued their streak of hitting new highs supported by strong global trends. Nifty crossed the 24300 mark amid buying in banking stocks while Sensex hit the historic 80,000 mark. Nifty closed at 24287 levels, up 163 points (0.7%). All sectors closed in the green, including the broader sector. Private banks witnessed good buying of 2% after HDFC Bank released its Q1FY25 shareholding data, which has seen FII ownership fall below the 55% mark to 54.8%, indicating more MSCI inflows. Markets welcomed dovish commentary from US Fed Chair Powell. Healthy domestic macros and expectations of a growth-focused budget coupled with positive sentiment in the market. We expect this ongoing momentum to continue in the near future. “Indian equity markets will react to the US Fed meeting minutes tomorrow and the US, Europe and Asia-services and composite PMI data to be released today,” said Siddhartha Khemka, Head of Retail Research, Motilal Oswal Financial Services Ltd.
Brokerage firm Motilal Oswal has recommended buying these three stocks this week – Grasim, Dixon Technologies and Apollo Tyres.
Stocks to buy
Grasim: BUY 2670 | Target Price: 2850 | Stop Loss: 2600
Grasim is in a strong uptrend and is trading in the life time high territory. On the monthly scale the stock has been forming higher high structure for the last several months and has formed a strong bullish candle. On the weekly scale it has given an inside bar breakout and managed to close above the same. On the daily scale it has given a consolidation breakout on the daily chart and formed a higher top-higher bottom formation. Buying is seen in the cement sector which may support the ongoing up move. The RSI oscillator is placed in the bullish territory which will take the price to higher levels. Thus looking at the overall chart structure we are recommending to buy the stock by keeping a stop loss below 2600 levels on a closing basis for a new life time high target towards 2850 zone.
Dixon Technologies: Buy 11971 | Target Price: 12700 | Stop Loss: 11600
Dixon Tech is in strong uptrend and has given consolidation breakout on daily scale after nine sessions. On weekly scale the structure of higher highs – higher lows is intact and the base of the stock is moving upwards. It is trading above its short term moving average and Momentum RSI oscillator has given bullish crossover which indicates continuation of momentum in coming sessions. Thus looking at the overall chart structure we are recommending to buy the stock keeping a stop loss below 11600 levels on closing basis for a new high target towards 12700 zone.
Apollo Tyres: BUY 541 | Target Price: 585 | Stop Loss: 520
Apollo Tyres is in strong uptrend and has given trend line breakout on weekly scale after twenty one weeks. On daily scale the stock managed to close above 520 zone and has been making higher lows since last two sessions. The tyre stock is witnessing good buying interest and the stock is likely to touch new record highs. Relative Strength Index (RSI) is also close to 70 zone which suggests that there is overall strength in the stock. Thus looking at the overall chart structure we are advising to buy the stock keeping a stop loss below 520 levels on closing basis for a new life time high target towards 585 zone.
Disclaimer: The views and recommendations expressed in this analysis are those of the individual analysts or broking companies and not of Mint. We strongly advise investors to seek advice from certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.
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