Ganesh Dongre’s Top Stock Picks for Monday: L&T, Indus Tower, and More | Indian Stock Market News

The Nifty index ended the trading week at 24,500, hitting a weekly high of 24,500, which is close to the resistance zone of 24,500-24,600. Throughout the week, the index moved within a range of 24,100-24,500.

Pre-Budget Rally

This rally is seen as a pre-budget rally, focusing on sectors like manufacturing, infrastructure, export, defense, auto, and fertilizers. The FMCG, technology, media, and cement sectors were the main contributors to the bullish trend.

If the Nifty spot moves above 24,600, it could aim for resistance levels of 25,200-25,300. Market participants are looking for sustained trading above 24,600 to confirm further upward momentum. Immediate support is found at the 24,000-24,200 level. Individual stocks within the Nifty continue to show bullish sentiment, adding to overall market optimism.

Intraday Trading Tips for Monday

Key support levels are identified at 24,000-24,250, where buying interest might emerge if the index drops. On the upside, resistance is expected around 24,600, which could hinder further advances.

The Bank Nifty also started the week sideways but maintained bullish momentum, closing above its weekly low of 52,000. The index found support around 52,000, with resistance at 53,500. As long as support levels stay above 51,500, the bullish outlook for Bank Nifty remains, targeting resistance at 54,500-55,000.

Both the Nifty and Bank Nifty show a bullish sentiment. Investors should closely monitor key support and resistance levels for potential trading opportunities in the upcoming sessions.

Stocks to Buy on Monday

Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, recommends three stocks to buy on Monday, July 15:

• Larsen and Toubro: Buy at ₹3,650 with a stop-loss at ₹3,900 and a target of ₹3,500.
• LIC Housing Finance: Buy at ₹780 with a stop-loss at ₹850 and a target of ₹745.
• Indus Tower: Buy at ₹392 with a stop-loss at ₹420 and a target of ₹420.