5 stocks to buy in July F&O series as Nifty faces strong resistance at 15,900-15,950

Nifty has robust resistance within the zone of 15900-15950 ranges which it must take off on a closing foundation with the intention to acquire additional energy.
(Picture: REUTERS)

By Jay Thakkar

July Collection began on a constructive observe, particularly on the Banking entrance. The Banking shares have supplied a breakout above 35000 ranges which is sort of constructive for the month of July. The Nifty has robust resistance within the zone of 15900-15950 ranges which it must take off on a closing foundation with the intention to acquire additional energy whereas it has robust help at 15700 within the close to time period whereas at 15500 within the medium time period. The Nifty Bank has speedy help at 35000 ranges and under that, at 34500 ranges whereas it has resistance at 35500 ranges and above that, it’s prone to hit a lifetime excessive.

Inventory picks

BUY Axis Bank

CMP: 763 TGT 783/803 SL 743

Axis Bank has supplied a breakout from the falling channel in addition to supplied a purchase crossover in its every day momentum indicators indicating that the brief time period pattern has reversed from right down to up. With this breakout, wave III of 5 up appears to have began.

BUY CCL Merchandise

360 TGT 380/390 SL 349

The inventory has supplied a breakout from the falling pattern line and with that, it appears to have accomplished its wave 4 consolidation or correction on the every day/weekly charts and from right here on it’s prone to hit a brand new 52 week highs.

BUY Abbot India

CMP: 16781: TGT: 18190 SL 16170

ABBOT INDIA has supplied a pleasant breakout from the falling channel with a transparent purchase crossover in its every day in addition to weekly momentum indicator. The inventory appears to have accomplished its wave 4 and wave 5 up appears to have began.

BUY Cupid

CMP: 219: TGT 240/250 SL 209

CUPID appears to have accomplished its wave E of the symmetrical triangular sample and from hereon it’s prone to inch in the direction of the higher finish of the sample.

BUY Gujarat Alkalies & Chemicals Limited

CMP: 410 TGT 440/455 SL 390

The inventory has supplied a breakout from the oblong sample after having an impulse transfer on the way in which up. It has been consolidating above the sample for a few weeks however now the momentum indicator on the every day chart has turned fairly oversold indicating a reversal within the brief time period. It additionally appears to have accomplished wave E down of the symmetrical triangular sample shaped on the every day charts that are additionally constructive for the brief time period.

(Jay Thakkar is the VP and Head of Fairness Analysis at Marwadi Shares and Finance. The views expressed are the writer’s personal. Please seek the advice of your monetary advisor earlier than investing.)