The Indian stock market showed resilience during the week of July 13-17, with Nifty 50 rising 0.50% weekly after a mild 0.30% decline in the previous week. According to reports from Mint, the Nifty 50 is up 2% monthly so far in July, following a 1.4% rise in June. However, the index remains 7% down year-to-date. Market volatility was driven by Middle East tensions, fluctuating crude oil prices, foreign investor selling, and mixed global cues. As reported by Anand Rathi's Jigar Patel, the Nifty stayed within a narrow range of 24,000 to 24,300 for most of the week, with 24,400 acting as a strong ceiling.
Jigar Patel from Anand Rathi Share and Stock Brokers has identified three stocks for short-term investment over the next 1-2 weeks. According to the technical analysis, Reliance Industries shows promise with a buying range of ₹1,330 to ₹1,315 and target prices of ₹1,410 and ₹1,420. Avenue Supermarts (DMart) is recommended with a buying range of ₹3,960 to ₹3,930 and target price of ₹4,150. SBI Cards and Payment Services is suggested with a buying range of ₹655 to ₹645 and target price of ₹710.
As reported by Anand Rathi, Reliance Industries has formed a strong base in the ₹1,280 to ₹1,320 zone, coinciding with previously established demand area. The technical setup shows bullish divergence on both MACD and its histogram, indicating fading downside momentum and potential trend reversal. Delta Volume has also registered bullish divergence, reflecting accumulation by market participants despite recent price weakness. The stock maintains a stop loss at ₹1,265 with the probability of upward movement remaining favorable as long as it sustains above ₹1,280 support.
Avenue Supermarts (DMart) has completed a five-wave Elliott Wave corrective structure and is forming a strong base near the ₹3,900 demand zone, as reported by Anand Rathi. The stock shows bullish divergence in MACD histogram, Delta Volume, and RSI, with buyers gradually regaining control. SBI Cards has broken above its Ichimoku Cloud, indicating improving bullish momentum, and has moved above its recent consolidation zone. The stock shows MACD bullish crossover above zero line and cumulative volume delta (CVD) turning sharply positive, confirming aggressive buying by market participants.
According to Anand Rathi's analysis, 24,000 remains the first support for Nifty 50, followed by the stronger support zone of 23,800-23,600. As reported by Mint, a strong closing above 24,400 is required to confirm a breakout, which could lead to movement towards 24,600 and beyond. For Bank Nifty, a decisive close above 59,000 could trigger a fresh rally, while a fall below 57,000 may lead to short-term correction. The overall trend remains positive with investors advised to follow a 'buy on dips' strategy, gradually accumulating quality stocks during temporary declines.
