Indian Stock Market Soars with Anand Rathi’s Top Picks: CONCOR and ideaForge for July 2024

The Indian stock market has been rising steadily, gaining 1.26% in July after a 6.5% surge in June. For 2024 so far, the index has rallied nearly 12%.

This growth is largely due to increased investor confidence after the Modi-led NDA government won a third term, ensuring stable policies and economic reforms. Additionally, more foreign investments, strong macroeconomic indicators, and better global economic conditions have boosted market sentiment. Experts believe this rally might continue, given India’s promising economic outlook and rising retail investor participation.

Focusing on the upcoming Budget and June quarter earnings, brokerage house Anand Rathi has highlighted two ’emerging picks’ for July 2024, with a time horizon of 30-90 days.

Container Corporation of India (CONCOR)

• Current Market Price (CMP): ₹1,059.50
• Target Prices: ₹1,165, ₹1,205
• Stop Loss: ₹965

CONCOR experienced a strong rally from ₹800 to almost ₹1,200, followed by a significant drop during election results. The stock then found support around ₹900 and bounced back but corrected again. Currently, it is turning from the ICHIMOKU support on a daily scale with a reversal candlestick pattern. Anand Rathi advises traders to buy in the range of ₹1,050 – ₹1,040 with a stop loss of ₹965.

Over the last year, the stock has gained more than 53% and 23% in 2024 alone. It reached its record high of ₹1,193.95 last month and is now 11% below that peak but has jumped 64% from its 52-week low of ₹646.50 in August 2023.

ideaForge Technology

• Current Market Price (CMP): ₹830.85
• Target Prices: ₹932.5, ₹965
• Stop Loss: ₹770

ideaForge had a great debut above ₹1,300 in 2023 but then saw a price drop of over 50%. Recently, it broke out of a falling trend line with a higher top formation, forming a bullish FLAG pattern. Anand Rathi recommends buying in the range of ₹840 – ₹830 with a stop loss of ₹770.

Since its listing on July 7 last year, the stock has risen nearly 24% from its IPO price of ₹672. It has remained flat in 2024 but is 38% below its record high of ₹1,344 on its listing day. However, it has increased by over 34% from its 52-week low of ₹618.05 in June 2024.