Wednesday saw a robust surge in equity benchmark indices, driven by positive global cues. The domestic benchmark index, the Nifty, started the day higher, saw sustained buying activity, and ultimately ended the day higher at 25,220. Despite volatility, the Bank Nifty index maintained buying interest after opening with a gap-up and ended the day higher at 57,210. Meanwhile, the India VIX volatility index fell 2.20% to 10.52, suggesting that market volatility has subsided.
Nifty Outlook Today
“On the daily timeframe, Nifty has printed a bullish candlestick formation and managed a close above the 20-day EMA, a resistance level that has capped upside attempts over the past two weeks. A sustained move above the previous week’s high of 25,255 would confirm bullish follow-through and potentially unlock upside targets in the 25,500-25,600 zone in the short term,” said the analysts of Bajaj Broking Research.
They further added that conversely, a failure to achieve a decisive close above the 25,250-resistance zone may imply a continued range-bound action, extending the ongoing six-week consolidation between 25,250 and 24,900. On the downside, immediate support is seen in the 25,000-24,900 region, which coincides with the lower boundary of the rising channel pattern and the 50-day EMA-forming a strong confluence support area. The index is expected to find buying interest near these levels, maintaining the broader bullish structure..
Bank Nifty Outlook Today
“Bank Nifty formed a bullish candle on the daily chart, which remained within the previous session’s price range, indicating a phase of consolidation amid ongoing stock-specific movements. Looking ahead, a decisive breakout above the resistance zone of 57,350 could pave the way for an extended rally toward the 58,000 level in the coming weeks,” said the analysts of Bajaj Broking Research.
“A key observation on the daily chart is that Bank Nifty has retraced nearly 80% of the previous 13-session decline (from 57,628 to 56,205) in just three sessions, reflecting a strengthening positive price structure. On the downside, strong support is expected in the 56,000-55,700 range, which aligns with the confluence of the 50-day EMA and key Fibonacci retracement levels from the prior uptrend – marking it as a critical zone to watch,” they further highlighted.
Stocks To Buy Today
Following a mixed start to Q1FY26 results, Choice Broking executive director Sumeet Bagadia recommended buying two stocks on Thursday, July 24.
Synergy Green Industries
Buy SGIL in cash @ Rs 561.8, Stop-loss @ Rs 540, Target @ Rs 600
SGIL is currently positioned at 561.8 levels witnessed a robust up move in today’s session. The stock opened on a flat note, made an intraday low of 522.6 and surged to a high of ₹568.3 before settling near the day’s peak, indicating strong bullish sentiment throughout the day.
The stock decisively broke out of a consolidation range that lasted several weeks, breaching multiple resistance levels in a single session. It closed above all major moving averages reinforcing the bullish setup.
Over the past few weeks, SGIL had been trading in a narrow range between 520-550, showing base building behaviour. The breakout from this range, accompanied by strong volume and positive price action, indicates a possible trend reversal or start of a new bullish leg. The stock has managed to cross the immediate resistance zone near 550-555, and if sustained above 565-570 zone in coming sessions, it could potentially head towards 595 and 600 levels.
On the downside, 550 now becomes a crucial support area. Reinforcing the positive sentiment, the Relative Strength Index (RSI) comfortably rests at 62.37 levels. Investors may find opportunities in this upward trajectory, particularly on confirmation of a sustained breakthrough above the resistance level.
Based on the above technical analysis we recommend buying SGIL at CMP of 561.8 for a medium term outlook with a stop loss of 540 for targets of 600
ELGI Equipments
Buy ELGIEQUIP in Cash @ Rs 589.75, Stop-loss @ Rs 570, Target @ Rs 630
ELGIEQUIP, is currently trading at 589.75 has shown a reaffirming strong bullish sentiment. Recent price action indicates the stock gradually moved higher, forming higher highs and higher lows-a classic sign of a bullish reversal. The bullish alignment of EMAs confirms that the broader trend remains firmly positive, with the 20-day EMA now acting as immediate dynamic support.
Additionally, the breakout candle is supported by strong price action, closing near day’s high, which typically implies follow-through buying may occur in coming sessions. Price action has now broken out of a 1.5-month long consolidation zone around 545-565 with conviction. This technical alignment suggests the potential beginning of a medium- to long-term uptrend. If this trend continues, ELGIEQUIP could reach a short-term target of 630.
On the downside, immediate support is located at 577. The Relative Strength Index (RSI) is currently at 73.03 and trending upward, reflecting growing buying momentum. To manage risk effectively, a stop-loss at 570 is suggested to guard against any unexpected market reversals.
In conclusion, based on the technical analysis and current market conditions, ELGIEQUIP presents a promising buying opportunity for those aiming for a 630 target, provided that appropriate risk management strategies are in place.