Dharmesh Shah from ICICI Securities suggests buying GAIL and JSW Energy for tomorrow.
Stock Market Update
The Sensex dropped by 1.08% to 80,981.95 and the Nifty 50 fell by 1.17% to 24,717.7 points after weeks of gains. This drop was mainly due to weak US data affecting global markets and profit booking.
Vinod Nair from Geojit Financial Services says the market is showing signs of tiredness at higher levels. The positive aspects are already considered, and the Q1FY25 profits are not very reassuring. Global economic growth is slowing, trade tensions are rising, and prices remain high.
Future Market Outlook
The RBI’s policy statement on August 8th will be important, and the last round of Q1 results will drive stock-specific moves. Market dynamics will also depend on institutional flows.
Dharmesh Shah from ICICI Securities expects the index to stay between 24,400-25,200 points with stock-specific action. The recent 18% rally may slow down temporarily, providing an opportunity to buy quality stocks.
Key Stock Recommendations
- Buy GAIL: Price range: ₹236-244. Target: ₹278. Stop loss: ₹224.
- Buy JSW Energy: Price range: ₹700-725. Target: ₹798. Stop loss: ₹648.
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