Equity benchmarks recouped all their opening losses and closed flat with a positive bias on July 13, according to reports from Moneycontrol. Market breadth was moderately in favour of the bulls, with about 1,535 shares advancing against 1,460 declining on the NSE. The market is likely to remain within the previous week's trading range, presenting opportunities for selective stock picking based on technical analysis.
Jigar S Patel, Senior Manager - Equity Research at Anand Rathi, has identified several stocks with strong technical setups for short-term trading. Route Mobile is exhibiting a strong bullish technical setup after breaking out of its consolidation range, trading above both the 20-DEMA and 50-DEMA with a target of ₹680 and stop-loss at ₹525. Hindustan Aeronautics continues to show constructive technical setup with traders advised to enter long positions in the ₹4,520-4,460 zone with target of ₹4,800.
Coforge has outperformed the IT index and provided a breakout on the upside after consolidating for several trading sessions, according to ICICI Securities. The stock is recommended for buying in the ₹1,540-1,550 range with targets of ₹1,650 and ₹1,700. Bank of Baroda is showing signs of short covering after witnessing a 10% decline from ₹266-240 levels, with buying recommended in the ₹250-252 range targeting ₹260-265. BEML has established a strong base around its 50% retracement level and is expected to drive the stock higher towards the ₹2,000-2,037 zone.
Divis Laboratories has been one of the outperformers in the Nifty Pharma list with significant put additions at lower levels and no major call base above ₹7,000 strike, as reported by Mirae Asset ShareKhan. The stock is recommended for buying in the ₹6,930-6,945 range with targets of ₹7,100 and ₹7,200. Glenmark Pharma remains in a strong uptrend with a bullish polarity shift on weekly charts, trading above key EMAs with a target of ₹2,486. Laurus Labs has exhibited a robust structural uptrend since May 2023, well positioned above key EMAs with a target of ₹1,701.
