Motilal Oswal’s Top Stock Picks: OFSS, ONGC, and BHEL for Up to 9% Gains This Week

The Indian stock market hit new record highs on Tuesday, July 16, with the Sensex reaching 80,898.3 and the Nifty 50 peaking at 24,661.25. The Sensex closed slightly higher at 80,716.55, while the Nifty 50 ended at 24,613. This marks a new closing high for both indices.

Motilal Oswal has recommended three stocks to buy this week for potential gains: OFSS, ONGC, and BHEL.

Stocks to Buy

1. OFSS
   • Buy at: ₹10,556
   • Target Price: ₹11,500
   • Stop Loss: ₹10,200
   • Analysis: OFSS is in a strong uptrend, trading at lifetime highs with solid buying in IT stocks. It has broken out of a range on the monthly scale and is forming higher highs and lows. The stock recently broke out of a 10-day consolidation, closing at its highest level. The RSI indicates continued momentum. Buy with a stop loss at ₹10,200 for a target of ₹11,500.
     
2. ONGC
   • Buy at: ₹307
   • Target Price: ₹335
   • Stop Loss: ₹295
   • Analysis: ONGC broke out of a 20-week consolidation pattern and formed a strong bullish candle. It is supported near its 50-day moving average, with the RSI suggesting continued momentum. Buy with a stop loss at ₹295 for a target of ₹335.
     
3. BHEL
   • Buy at: ₹325
   • Target Price: ₹350
   • Stop Loss: ₹312
   • Analysis: BHEL has been consolidating between ₹295 and ₹320 for nine weeks and is close to breaking out above ₹315. It is trading above its short-term moving averages with good buying interest. Buy with a stop loss at ₹312 for a target of ₹350.