Nifty remained range-bound on July 26, awaiting the Federal Reserve’s interest rate decision. As expected, the US Federal Reserve raised interest rates by one-fourth percent, reaching the target range of 5.25-5.5. Nifty found support at its 9-day EMA, indicating a downside consolidation breakout with a bearish crossover in the RSI. Bank Nifty is consolidating, waiting for the Federal Reserve’s direction, with support at 45,600 and resistance at 46,400.
Expert analyst Rupak Dey recommends three stocks for potential short-term gains:
Indus Towers:
Buy at Rs 180.70, with a stoploss at Rs 174, and a target price of Rs 192, offering 6% profit. The stock’s bullish trend after breaking recent consolidation levels and surpassing the previous swing high, along with a bullish RSI crossover, supports positive momentum.
IDFC:
Buy at Rs 116, with a stoploss at Rs 113, and a target price of Rs 123, yielding a 6% profit in 2-3 weeks. The stock displays a positive trend on the daily chart, breaking out from recent consolidation and staying above important moving averages, backed by a bullish RSI crossover.
Mahindra Lifespace Developers:
Buy at Rs 491, with a stoploss at Rs 477, and a target price of Rs 520, offering 6% profit in the short term. The stock’s bullish engulfing candle and breakout from recent consolidation, along with a bullish RSI crossover, indicate strong buying momentum.
Please note that the advice provided is the opinion of the experts, and readers should consult their investment advisors before making any investment decisions.
