The market is expected to remain range-bound, with focus on further developments with respect to the US-Iran peace deal. According to reports from Moneycontrol, equity benchmarks closed lower on August 7, while market breadth remained muted. About 1,514 shares were under pressure, compared with 1,504 advancing shares on the NSE. Technical analysts have identified several stocks with strong technical setups for short-term trading opportunities.
Anand James of Geojit Investments has recommended two additional stocks for today's trading session. Avalon Technologies is positioned for a potential breakout with technical analysts recommending a buy strategy. The stock has triggered a breakout above a key horizontal resistance level following the completion of a double-bottom formation, with a target price of ₹2,200 and stop loss at ₹1,700. Healthcare Global Enterprises has delivered a strong breakout from a prolonged parallel consolidation range, backed by significant surge in volumes, with a target price of ₹760 and stop loss at ₹688.
Uno Minda is positioned for a potential breakout with technical analysts recommending a buy strategy. As reported by Axis Securities, the stock has decisively broken past the 5–6-month triangular pattern breakout around the ₹1,200 level on a closing basis. The breakout was accompanied by rising volumes, indicating increased participation. The stock is well placed above its 20-, 50-, 100- and 200-day simple moving averages (SMAs), with these averages also inching up along with the price rise. The daily, weekly and monthly Relative Strength Index (RSI) readings are in favourable territory, indicating rising strength across all time frames.
Glenmark Pharmaceuticals has marginally closed above the triangular breakout level of ₹2,272, with technical analysts recommending a buy strategy. According to Angel One, the stock is well placed above its 20-, 50-, 100- and 200-day SMAs, which reconfirms bullish sentiment. APL Apollo Tubes has decisively surpassed the multiple resistance zone of ₹1,890–1,900 that had held for the past three months, accompanied by huge volumes. As reported by Teji Mandi Investment Technologies, the stock is well placed above its 20-, 50-, 100- and 200-day SMAs with daily and weekly Bollinger Band buy signals indicating increased momentum.
BLS International Services is exhibiting early signs of a trend reversal after forming a bullish pattern retest near its previous swing low and key support zone in the ₹225–220 band. According to Teji Mandi Investment Technologies, a bullish brick reversal on the 3 percent Renko chart points towards the presence of strong buyers at key support levels. Concord Biotech is witnessing a retest of the breakout on low volumes, indicating an absence of supply. As reported by Teji Mandi Investment Technologies, the ongoing retracement offers a better risk-reward proposition for entering the stock at relatively lower levels.
Grasim Industries has broken out of its consolidation range between ₹3,030 and ₹3,230, with technical analysts recommending a buy strategy. According to Teji Mandi Investment Technologies, the breakout was accompanied by above-average volume, indicating a genuine breakout. Vedanta has broken out of a falling channel and started forming higher highs and higher lows on the daily charts, suggesting a trend reversal. As reported by Teji Mandi Investment Technologies, the stock has witnessed buying interest from the ₹250 level, which coincides with the 200-day moving average.
TCS has been witnessing continued buying interest since early July, forming higher highs and higher lows on the daily charts. According to Teji Mandi Investment Technologies, the stock found buying interest from the lower end of the rising channel, suggesting the uptrend is likely to resume after a brief consolidation. Tata Consultancy Services is expected to test the 200-day moving average at ₹2,609 on the upside. Other major stocks with buy recommendations include BLS International Services (target: ₹270-₹275), Concord Biotech (target: ₹1,500-₹1,510), and Vedanta (target: ₹295).
