Stock Picks for Today:
The Nifty-50 index ended slightly lower on Tuesday, closing at 24,649.55, marking a 0.3% drop. Concerns regarding potential tariff threats weighed on the market, with the Bank Nifty falling 0.5% to 55,360.2. Pharma, FMCG, and IT stocks led the decline, while auto and consumer durables managed to stay in the green. The mid- and small-cap indices also recorded minor losses.
Looking ahead to Wednesday’s trading session, experts predict that the Nifty-50 index will find immediate support at the 24,535 level, which aligns with a recent swing low. On the upside, key resistance levels to watch for are 24,785 and 24,950.
For the Bank Nifty, support lies between ₹55,000 and ₹54,800, while resistance is expected in the ₹55,700 to ₹56,000 range.
Focus on RBI’s Monetary Policy and Q1 Earnings Results
The stock market is expected to remain range-bound as the Reserve Bank of India (RBI) is set to announce its monetary policy decision on Wednesday. Experts anticipate that the RBI will maintain the current rates. In the meantime, stock and sector-specific movements will continue, driven by ongoing Q1 earnings results. Key companies to watch on 6th August include Bajaj Auto, Hero Motocorp, Trent, and Divis Labs.
Here are eight intraday stock picks recommended by market experts:
1. Jindal Steel & Power Ltd.
Recommended Price: ₹999.8
Target: ₹1,070
Stop Loss: ₹964
Technical analysis shows a strong recovery and potential for a trend reversal.
2. Eicher Motors Ltd.
Recommended Price: ₹5,681
Target: ₹6,078
Stop Loss: ₹5,482
The stock is on the verge of breaking out of a symmetrical triangle pattern.
3. Mazagon Dock Shipbuilders Ltd.
Recommended Price: ₹2,848
Target: ₹2,940
Stop Loss: ₹2,780
Bullish pattern with support at ₹2,780, indicating a potential upside.
4. Lodha Developers Ltd.
Recommended Price: ₹1,234
Target: ₹1,300
Stop Loss: ₹1,200
Positive momentum with a strong support base at ₹1,200.
5. Canara Bank
Recommended Price: ₹108
Target: ₹115
Stop Loss: ₹103
The stock is reversing from a support base, offering a favorable risk-reward setup.
6. Apollo Micro Systems Ltd.
Recommended Price: ₹178.80
Target: ₹192
Stop Loss: ₹174
The stock has corrected significantly and shows signs of a trend reversal.
7. CG Power and Industrial Solutions Ltd.
Recommended Price: ₹680
Target: ₹720
Stop Loss: ₹665
A bullish signal is indicated by the movement past key moving averages.
8. Sharda Cropchem Ltd.
Recommended Price: ₹1,130
Target: ₹1,180
Stop Loss: ₹1,105
A flag pattern on the daily chart suggests further upside potential.
Disclaimer: The stock picks above are based on technical analysis and individual recommendations. Investors are advised to conduct thorough research or consult certified experts before making any investment decisions.
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