The Nifty tried a recovery bounce following a three-day losing skid, closing the previous session at 24,821.10, up 0.57%. On Tuesday, however, Nifty Bank was up 137 points, or 0.24%, at 56,222, after falling below its rising trendline and trying a modest recovery.
At 11.52, the India VIX cooled by 4.46%, remaining well below the psychological level of 13. This low-volatility environment implies that while there is intraday profit booking, there’s no panic-driven liquidation, reinforcing the view of a range-bound market rather than a full-fledged breakdown.
Nifty Outlook Today
“Nifty’s strong short-covering rally and close above 24,800 signals a tentative short-term bottom, but a decisive move above 24,850 is crucial for sustained upside momentum. However, as the index trades below the key moving- average cluster near 25,000 – which also acts as a psychological barrier – sellers may continue to dominate on higher levels. Until Nifty reclaims and holds above the 25,000 mark, the broader bias will remain cautious, and rallies could be used to initiate fresh shorts rather than interpreted as a structural reversal. With key events like the FOMC meeting and monthly expiry ahead, the index may witness volatile swings in both directions. In such a scenario, tactical positioning and risk-managed strategies are essentia,” commented Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.
Bank Nifty Outlook Today
“Nifty Bank’s reclaiming of 56,000 suggests a short-term base may be in place. However, for a meaningful uptrend to unfold, a sustained move above 56,350 is essential. With the index still trading beneath the resistance cluster around 56,700-56,800, sellers are expected to stay active on any uptick. Until the index clears and holds above the 57,000 mark, the broader tone is expected to remain defensive and cautious. Given the macro events lined up this week, including the FOMC policy decision and monthly derivatives expiry, the market is likely to experience sharp two-way moves. In this environment, disciplined risk management and tactical positioning are crucial to navigate the event-driven volatility,” Dhupesh Dhameja further added.
Stocks To Buy Today
On Wednesday, July 30, Choice Broking’s executive director Sumeet Bagadia suggested buying two stocks after the India VIX, a measure of market volatility, decreased by 4.45% to 11.53.
Ram Ratna Wires
Buy RAMRAT in cash @ Rs 751.65, Stop-loss @ Rs 725, Target @ Rs 805
RAMRAT is currently positioned at 751.65 levels, delivered a strong breakout performance in today’s session. Today’s move also marks a new 52-week high, signalling continuation of the ongoing bullish momentum.
The price is comfortably trading above all major EMAs, and the moving averages themselves are sloping upward-indicative of trend strength and a strong demand zone on every dip. The chart shows a well-formed higher highs and higher lows structure, with the recent few sessions acting as a consolidation phase around the 650-720 zone. Today’s breakout signals the end of this range-bound phase and resumption of bullish activity.
The breakout has cleared previous multiple resistances with conviction and paves the way for further upside. The sharp move shows both price and volume confirming the trend-a strong bullish signal.
Given the momentum, RAMRAT looks poised to test higher levels in the coming sessions. Any minor dips may find strong support near the 20 EMA, which can act as an accumulation zone for traders.
Reinforcing the positive sentiment, the Relative Strength Index (RSI) comfortably rests at 71.37 levels. Investors may a good opportunity for swing traders with a short-term target of ₹805+ in mind, and a strict stop-loss under 725.
Insecticides (India)
Buy INSECTICID in Cash @ Rs 1061.25, Stop-loss @ Rs 1020, Target @ Rs 1150
INSECTICID, is currently trading at 1061.25, continued its stellar upward journey. This rally marks a decisive breakout above the previous resistance zone, with a sharp bullish candle and strong volume backing the move. Notably, the 20 EMA is sharply rising and the distance between it and the other moving averages is increasing-indicating strong momentum and price expansion.
This kind of EMA alignment, where shorter-term EMAs are significantly above longer-term EMAs, typically confirms a well-established uptrend. Each breakout level has been followed by healthy consolidation and renewed buying interest-highlighting strong hands accumulating at every dip.
One can look for entries on minor dips towards 1045. On the downside, immediate support is located at 1020. The Relative Strength Index is at 68.66 levels, yet price action remains aggressive-indicating strong demand in line with the rising trend, adding conviction to the breakout. To manage risk effectively, a stop-loss at 1020 is suggested to guard against any unexpected market reversals.
In conclusion, based on the technical analysis and current market conditions, INSECTICID presents a promising buying opportunity for those aiming for a 1150 target, provided that appropriate risk management strategies are in place.