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Bharat Forge tops short-term stock picks as Nifty holds 24,400-24,100
Indian markets finished higher for the second straight week, with Nifty rising about 0.77%, as RBI commentary and softer crude supported sentiment ahead of key CPI data.
Indian equities ended higher for the week ended Friday, 7 August, after volatility linked to the new F&O Closing Auction Session, according to LiveMint Markets. The Nifty 50 rose about 0.77% for a second straight week, while the Sensex gained 0.52%, helped by falling crude oil prices and what the outlet described as the RBI’s upbeat commentary on India’s growth and inflation.
The same outlet said markets also took cues from softer US labour data, which moderated US bond yields and the US dollar, lowering expectations of a near-term Fed rate hike. It noted that this week’s focus will include upcoming India and US CPI inflation readings, which could shift market sentiment.
On technical levels, LiveMint Markets reported that the broader market outlook remains positive, with the Nifty decisively crossing 24,500 on Friday. It said the crucial downside support zone is 24,400 to 24,100, while a sustained move above 24,750 could help push the index toward 25,000.
For stock selection over one to two weeks, LiveMint Markets highlighted analyst Jigar Patel at Anand Rathi Share and Stock Brokers, naming Bharat Forge among three recommended shares. The outlet said Patel cited a bullish breakout, with Bharat Forge holding above the Ichimoku cloud and the 21-day EMA, plus a DMI setup where +DI (26.29) sits above -DI (12.22) and ADX at 25.09, and added that Patel pointed to RSI at 68.38, with a stop loss level of ₹2,175 and an upside target of ₹2,400.
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