Amidst mixed signals from Asian markets, Indian stock markets can open in flat or red mark on the first trading session of the week i.e. Monday (July 28). At 8:20 am, the gift Nifty Futures fell by 1 point to 24,841. This indicates the opening of the market in a flat or red mark. Meanwhile, the Industrial and Manufacturing Production of June, the results of the first quarter, global signals and foreign investors (FIIs) will determine the move of benchmark Sensex and Nifty today.
Although the stock market has recently seen some weakness, some selected stocks show clear signs of strength. According to Angel One’s Equity Technical Analyst Rajesh Bhosle, investors may get good opportunities to buy Shyam Metallix and Energy and Torrent Pharma. He has expressed a boom on both these shares and has also given a target price for them.
1. Shyam Mattleix and Energy (SHYAMETL)
Last closed price – ₹ 969
Rajesh Bhosle says that since September 2023, Shyam Mattleix shares were facing constant resistance around ₹ 950. But now a strong consolidation breakout is being seen on the daily chart, due to which the stock is now moving towards new heights. He said that this breakout has come up with strong volume and RSI (Smud) has also shown a new bullish crossover. This indicates that the stock can now start a fast phase.
Shopping Advice: Between ₹ 960 to ₹ 969
Stoploss: ₹ 915
Target: ₹ 1,070
2. Torrentpharm
Last closed price – ₹ 3,603
According to Rajesh Bhosle, the Pharma sector has shown defensive strength in recent times and has performed better despite a wider market weakness. Especially Torrent Pharma saw a good increase. Shopping was seen at every small decline and the stock also crossed the high level of August 2024. He said that the stock has created a strong boom candle and technical indicators are also giving positive indications. It is expected to increase further in the coming times.
Advice to buy: Between ₹ 3,580 to ₹ 3,603
Stoploss: ₹ 3,500
Target: ₹ 3,800
