Buy or sell stocks: The Indian stock market remained subdued in Friday’s session on August 7, as a recovery in crude oil prices, coupled with renewed uncertainty surrounding the Strait of Hormuz, raised concerns over the prospects of a peace agreement in the Middle East. Weakness in financial stocks overshadowed gains in auto and technology counters, keeping the benchmark indices under pressure.
The Nifty 50 declined 0.32% to end at 24,557, while the Sensex slipped 0.59% to close at 78,491.
Stock market today
Nifty 50
Nifty 50 ended the session at 24,570.65, down 65.35 points (-0.27%), after failing to hold above the crucial 24,600 level. The index traded in a narrow sideways range throughout the session, reflecting indecisiveness among market participants. On the daily chart, a long upper wick indicates selling pressure at higher levels, although the index continues to trade above its key moving averages. The RSI at 59.89 remains in the bullish zone, while India VIX at 12.15 and PCR at 1.09 suggest a cautiously positive undertone. Sector-wise, Auto, IT, and MidSmall Healthcare outperformed, whereas Financial Services and Private Banks were the key laggards.
According to Sumeet Bagadia, Executive Director at Choice Broking, the broader trend remains positive, although the inability to sustain above 24,600 suggests the index may continue to consolidate in the near term.
“Immediate support is placed at 24,300–24,370, while 24,700–24,750 remains the key resistance zone. A sustained move above resistance could trigger fresh buying momentum, whereas a break below support may lead to short-term profit booking. The expected trading range for the next session is 24,300–24,750,” said Bagadia.
Bank Nifty
Bank Nifty ended the session at 57,746.45, down 317.20 points (-0.55%) after opening at 57,882, while touching an intraday high of 57,994.45 and a low of 57,686.55. The index opened below the crucial 58,000 mark and witnessed a volatile trading session with a negative bias. Selling pressure dominated for most of the day, although intermittent pullbacks were seen on the 5-minute chart. Despite these recoveries, Bank Nifty failed to sustain at higher levels and eventually closed with a bearish daily candle, reflecting continued profit booking near the upper boundary of its recent trading range. However, the index continues to trade above its key moving averages, suggesting that the broader trend remains positive despite the short-term weakness.
Bagadia noted that the index is likely to witness a Sideways to Bearish trend in the near term unless it decisively reclaims the 57,800–58,000 resistance zone.
“Immediate support is placed at 57,200–57,400, where buying interest is expected to emerge, while 57,800–58,000 remains the key hurdle for any fresh upside. A sustained move above the resistance zone could revive bullish momentum, whereas a break below support may accelerate corrective pressure. The expected trading range for the next session is 57,200–58,000,” he added.
Sumeet Bagadia’s stocks to buy
Sumeet Bagadia recommends five breakout shares to buy on Monday, 8 August: Physicswallah, Grasim Industries, Fortis Healthcare, BEML, and Honasa Consumer.
1] Physicswallah: Buy at ₹131.5, Target ₹140, Stop Loss ₹127
PWL is trading around 131.5, has initiated a strong bullish expansion candle on its daily timeframe, rising off its 50-day EMA support at 125.01 and reclaiming its 20-day EMA level near 128.91. The overall trend structure remains positive, with prices holding comfortably above its key moving averages (20, 50, and 100 EMAs) following a consolidation period. Meanwhile, the daily RSI indicator has crossed back upward into positive territory at 54.44, indicating a resurgence in buying momentum that supports a further move higher. Driven by this structural bounce, the stock is positioned to advance toward its target of 140. To protect against downside risk, a strict stop loss is placed at 127.
2] Grasim Industries: Buy at ₹3323, Target ₹3555, Stop Loss ₹3200
GRASIM is currently trading at 3323, completed a fresh breakout on its daily timeframe, moving into new high territory with a strong green candle. The price action is trending steadily above all key exponential moving averages (20, 50, 100, and 200 EMAs at 3168.1, 3114.3, 3028.8, and 2926.9 respectively), maintaining a solid structural alignment in its primary uptrend. Meanwhile, the daily RSI indicator has climbed upward into positive territory at 64.33, indicating a strong revival in buying momentum that supports further extension. Following this technical breakout, the asset is positioned to move toward its higher target of 3555. To protect against sudden intra-session pullbacks, risk is defined with a stop loss at 3200.
3] Fortis Healthcare: Buy at ₹955, Target ₹1020, Stop Loss ₹920
FORTIS is currently trading at 955, has initiated a sharp bullish rebound on its daily timeframe, bouncing off its 200-day EMA support near 911.96 with a strong green candle. The price action has reclaimed its short- and medium-term moving averages (20 EMA at 946.70, 50 EMA at 949.26, and 100 EMA at 938.46), signalling a structural recovery out of its localized base. Meanwhile, the daily RSI indicator has crossed back upward into positive territory at 52.39, indicating renewed buying momentum. Following this technical rebound, the stock is configured to move toward its target of 1020. Downside risk is clearly defined with a strict stop loss at 920.
4] BEML: Buy at ₹1788, Target ₹1913, Stop Loss ₹1725
BEML is currently trading at 1788, has executed a strong bullish recovery candle on its daily timeframe, advancing higher off its support zone near 1680 with an increase in trading volume. The price action has pushed past its short- and medium-term exponential moving averages (20 EMA at 1758.3, 50 EMA at 1770.0, and 100 EMA at 1769.5), attempting to reclaim its 200 EMA level near 1792.6. Meanwhile, the daily RSI indicator has crossed upward into positive territory at 52.90, signalling a revival in buying momentum after a period of consolidation. Supported by this structural rebound, the stock is positioned to move toward its target of 1913. To manage downside risk against potential market pullbacks, a strict stop loss is placed at 1725.
5] Honasa Consumer: Buy at ₹478, Target ₹512, Stop Loss ₹460
HONASA is trading around 478, initiated a bullish expansion move on its daily timeframe, rising off its short-term 20-day EMA support at 457.06 with a positive green candle. The price action is trending strongly above all key exponential moving averages (20, 50, 100, and 200 EMAs), maintaining clear structural alignment in its primary uptrend. Meanwhile, the daily RSI indicator has crossed upward into bullish territory at 68.58, indicating strong buying momentum that supports an extended rally phase. Supported by this technical continuation, the asset is configured to move toward its target of 512. To protect against sudden intra-session pullbacks, risk is anchored with a stop loss at 460.
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.
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