Trade Setup for Nifty 50 to Sensex Today: Top 5 Stocks to Buy or Sell on Wednesday – July 31

On Tuesday, the Sensex and Nifty 50 ended flat due to mixed global signals. The Nifty 50 opened slightly higher at 24,839.40, reaching an intraday high of 24,971.75 and a low of 24,798.65. The BSE Midcap index rose by 0.27%, and the Smallcap index increased by 0.88%, pushing the total market capitalization to a record high of nearly ₹461 lakh crore.

Trade Setup for Wednesday:

Rupak De, Senior Technical Analyst at LKP Securities, predicts the Nifty will stay positive as long as it doesn’t fall below 24,700. If it moves above 25,000, it could reach 25,250.

For Bank Nifty, he notes strong support at 51,200 and resistance at 51,800 and 52,000. The future direction will depend on breaking these levels.

Top 5 Stocks to Buy or Sell:

1. Chambal Fertilisers (CHAMBLFERT):

• Buy at ₹516.75
• Target Price: ₹560
• Stop Loss: ₹495

Analysis:
CHAMBLFERT has broken a falling trend line and is bouncing back from key moving averages. The RSI is positive at 57.26, indicating buying momentum. A hold above 521 could lead to a target of 560.

2. Voltas (VOLTAS):

• Buy at ₹1543.95
• Target Price: ₹1650
• Stop Loss: ₹1490

Analysis:
VOLTAS is consolidating near historical peaks with strong trading volumes. The RSI is positive at 62.21, and the stock is above key moving averages. If it surpasses 1560, it may reach 1650.

3. Gujarat Mineral Development Corporation (GMDCLTD):

• Buy at ₹400
• Target Price: ₹420
• Stop Loss: ₹390

Analysis:
GMDCLTD has shown a bullish breakout above 400. Setting a stop-loss at 390 and a target of 420 offers a potential upside.

4. Jindal Steel and Power (JSPL):

• Buy at ₹979
• Target Price: ₹1010
• Stop Loss: ₹950

Analysis:
JSPL has strong support at 950. The stock could retrace to 1010, making it a good buy with a stop loss at 950.

5. Finolex Cables:

• Buy at ₹1580
• Target Price: ₹1640
• Stop Loss: ₹1530

Analysis:
Finolex Cables has shown a bullish reversal pattern on the daily chart, indicating a potential price rise. A stop loss at 1530 and a target of 1640 offers a good trade setup.