Nifty 50 Set to Rise Soon; Top Stock Picks Include BHEL and CDSL

Stock Market Today: On Tuesday, domestic benchmark indices, Sensex and Nifty 50, began with modest gains as traders awaited US Federal Reserve Chair Jerome Powell’s comments on future interest rate cuts.

The Nifty 50 started trading at 24,351.00, up 30.50 points or 0.13%, while the BSE Sensex opened at 80,107.21, up 146.83 points or 0.18%.

Market Insights: Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, stated that despite high valuations, the market remains strong without signs of a severe drop. Large-cap stocks with solid fundamentals are seeing purchases, indicating a positive trend. The market is waiting for triggers, and this week’s Q1 numbers or the upcoming budget on July 23 could provide that push.

Technical Analysis by Rupak De, Senior Technical Analyst at LKP Securities:

Bank Nifty:

• The last expiry date was Thursday, July 4.
• Bank Nifty ended with a marginal gain after a volatile week, driven by HDFC Bank’s movements.
• The index closed above key short-term averages, suggesting a positive setup.
• As long as it stays above 52,000, the sentiment is bullish.
• A trade above 52,750 could lead to higher growth.
• Immediate range: 52,500–53,000.

Nifty 50:

• The last expiry date was Friday, July 5.
• Nifty 50 continues to rise, showing strong sentiment.
• 24,200 is significant support; staying above this level keeps the trend strong.
• A move above 24,400 could trigger a rally towards 24,600/24,800.
• Immediate range: 24,000–24,500.

Technical Stock Picks:

Buy BHEL at ₹316:

• Target: ₹340
• Stop Loss: ₹304
• The stock has broken a falling trendline, indicating optimism.
• Sustained above the 50 EMA on the daily timeframe.
• Daily RSI shows hidden positive divergence, suggesting strong momentum.

Buy CDSL on dips around ₹2,250:

• Target: ₹2,600
• Stop Loss: ₹2,100
• After a sharp up-move, CDSL is in sideways consolidation, prepping for a bigger rally.
• Strength remains as long as it stays above the 50 EMA (around 2100).

Buy Borosil Ltd at ₹500-515:

• Target: ₹580
• Stop Loss: ₹484
• The stock is in recovery mode after finding support at the 200 SMA on the weekly timeframe.
• Rising volume backs the strength in price.
• Weekly RSI is bullish and rising, indicating a positive short-term trend.