Illustration: Binay Sinha2 min read Last Updated : Jul 04 2024 | 6:16 AM ISTNifty: 24,286.50Markets edged higher, gaining over half a percent, driven by favorable cues.
Upbeat global markets and strength in banking majors led to a strong start, followed by a range-bound movement until the close.
The Nifty index ultimately settled near the days high at 24,292.45, up by 0.7 per cent.
Most sectors contributed to the gains, with banking, metal, and FMCG being the top performers.
Broader indices also moved higher, each gaining nearly a percent.We remain positive and suggest continuing a buy on dips strategy, with the 23,800-24,000 zone as the new base for the Nifty index.
Favorable global cues and rotational buying in heavyweights are expected to help Nifty test the 24,500 mark.Stock RecommendationsFIRSTSOURCE SOLUTIONS LIMITED| LTP: 224.16 | Buy |Target: 246 | Stop-loss: 217FSL has been in a steady uptrend for over a year and gaining fresh traction with up move in the IT pack.
It has registered a fresh breakout from the consolidation range with strong surge in volumes.
On higher timeframe, it has been forming a bullish cup and handle price pattern, which further compliments prevailing tone.LUPIN LIMITED |LTP: 1630.60 |Buy |Target: 1735 | Stop-loss: 1578Pharma index has rebounded from the key support zone and LUPIN is offering fresh buying opportunity with favorable risk to reward.
The stock has managed to hold its key demand zone and have rebounded strongly with decent volumes.
It has recorded a breakout from falling resistance trendline and have reclaimed its short term moving average i.e.
20 DEMA.
Traders can consider fresh longs.BHARAT HEAVY ELECTRICALS LIMITED | LTP: 311.30 | Buy |Target: 333 |Stop-loss: 300BHEL has been witnessing time correction after retesting closer to its record high and trading in a congestion zone.
The recent uptick in price combined with fresh buoyancy in select defense-related stocks indicates the possibility of consolidation to end soon thus traders can consider initiating fresh trades around the current level.Note: All stock prices in Rs=============================Disclaimer: Ajit Mishra is SVP, Research, Religare Broking.
Views are his own.
He may/may not have positions in the above-mentioned stocks.First Published: Jul 04 2024 | 6:10 AMIST