On Monday, Indian stock benchmarks Sensex and Nifty 50 opened with healthy gains, driven by strong performances from key banking and IT stocks like HDFC Bank, ICICI Bank, Infosys, and TCS. But it didn’t show an upside today. Although foreign capital outflows, ambiguous interest rate trends, lackluster Q2 earnings, and high domestic valuations continue to cast a cautious tone over the markets, there are emerging factors that may soon favor the bulls.
India’s appeal as an investment destination could soon lead to a trend shift, benefiting market optimism. Additionally, weaker Chinese equities, following a dull response, could create positive spillover effects for Indian stocks.
- Mahindra & Mahindra (M&M)
Last Close: ₹2,898.55
Buy Range: ₹2,900 – ₹3,000
Target: ₹3,400
Stop Loss: ₹2,770
Upside Potential: 14%
After a brief correction, M&M found strong support near ₹2,650. The stock has rebounded multiple times and is now trading above its 50-day EMA of ₹2,890, suggesting a positive bias. This technical strength points to potential for further gains.
- Hindustan Unilever (HUL)
Last Close: ₹2,461.50
Buy Range: ₹2,500 – ₹2,570
Target: ₹2,780
Stop Loss: ₹2,380
Upside Potential: 11%
HUL has retreated from a high of ₹3,035, recently showing reversal signs with RSI nearing oversold levels. A break above its 200-period moving average of ₹2,540 would confirm an uptrend, setting a fresh upward target of ₹2,780.
- Ashok Leyland
Last Close: ₹221.12
Buy Price: ₹221.93
Targets: ₹240 and ₹245
Stop Loss: ₹210
Upside Potential: 10%
Ashok Leyland has broken above a recent downtrend line on its daily chart, with strong volume supporting the move, indicating a bullish reversal. A close above ₹225 could lead to short-term targets of ₹240 and ₹245. Setting a stop loss at ₹210 can help manage risk effectively.
These stocks are showing potential technical strength, suggesting a positive outlook in the near term. As always, it’s essential to monitor these picks closely and stay updated on market conditions.
