Equity benchmarks extended their downtrend for a third straight session on July 22, with about 2,120 shares coming under pressure while 875 shares advanced on the NSE, according to reports from LKP Securities. The market is likely to witness further weakness in the near term amid rising oil prices and escalating geopolitical tensions. Technical analysts are recommending selective stock picks based on specific technical patterns and momentum indicators. However, recent developments suggest probability is high that bulls may attempt a comeback as uncertainty from the US-Iran war continues to impact global markets.
Nestle India (CMP: ₹1,493.6) has risen above its previous swing high on the daily chart, supported by sharp volume expansion and a bullish RSI crossover. Technical analysts recommend a buy strategy with target at ₹1,560 and stop-loss at ₹1,444. GlaxoSmithKline Pharmaceuticals (CMP: ₹2,552.8) has given a falling trendline breakout, trading above the crucial 50-day EMA with momentum oscillators in bullish crossover. The stock is positioned for a potential rally towards ₹2,700 with stop-loss at ₹2,440. Apollo Micro Systems (CMP: ₹404.9) has shown downward consolidation breakout strength, maintaining position above 50-day EMA with bullish momentum indicators, targeting ₹430 with stop-loss at ₹390.
Delhivery (CMP: ₹467.6) has witnessed a failed breakout after breaching horizontal trendline on July 1, with the stock unable to sustain higher levels amid persistent selling pressure. The breakdown below 20-day and 50-day EMAs signals deteriorating trend, with RSI declining from 72 to 40 mark. Technical analysts recommend selling in ₹470-465 zone with target at ₹440 and stop-loss at ₹480. AU Small Finance Bank (CMP: ₹980.2) has faced strong resistance around ₹1,080-1,090 zone and slipped below all key EMAs, with RSI falling below 40 mark and MACD below zero line. The stock is recommended for selling in ₹985-975 zone with target at ₹915 and stop-loss at ₹1,005.
RR Kabel (CMP: ₹2,432.4) continues to exhibit positive long-term trend despite healthy corrective phase, remaining above 50-day and 200-day EMAs. The stock has broken above falling trendline after facing resistance near ₹2,550 zone, with recovery above 20-day EMA supporting bullish outlook. Technical analysts recommend buying with target at ₹2,517 and stop-loss at ₹2,354. Yasho Industries (CMP: ₹3,218.2) continues strong Stage-2 uptrend with higher highs and higher lows, breaking above previous consolidation in Ascending Triangle pattern. The stock is recommended for buying with target at ₹3,330 and stop-loss at ₹3,124.
