Indian Stocks Dip: Top Buy Recommendations for July 24

Indian equities are projected for a lower opening on Friday, July 24, influenced by weak global cues, a declining Gift Nifty, and rising oil prices. This anticipated weaker start follows a soft close in the US market and sluggish Asian trading sessions.

Market Indicators Signal Weakness

• Gift Nifty: Down 0.9 percent, or 210 points, trading at 23,653 as of 8:15 am.
• Nifty 50 Support: Identified at 23,500 by SEBI-registered Research Analyst Kunal Bothra.
• Nifty 50 Resistance: Set at 24,000 for the day’s trading session, according to Kunal Bothra.

Despite the broader market’s anticipated downturn, several brokerages have highlighted specific stocks as potential buying opportunities for July 24. These recommendations span various sectors, offering targeted investment insights.

Brokerage Buy Recommendations for July 24

• InterGlobe Aviation (IndiGo): Citi raised its target to Rs 5,800; Elara Capital maintained a BUY rating with a target of Rs 6,020.
• SJS Enterprises: Goldman Sachs initiated a BUY rating with a target price of Rs 2,850.
• Pricol: Goldman Sachs initiated a BUY rating with a target of Rs 780.
• UTI Asset Management Company: Emkay maintained an ADD rating with a target of Rs 1,200.
• HPCL: Emkay maintained an ADD rating with a target of Rs 410.

Asian markets also registered a notable downturn on Friday, contributing to the cautious global sentiment. This regional performance underscores the interconnectedness of international financial markets.

• South Korea’s KOSPI: Plunged 5.7 percent to 6,691.17.
• Japan’s Nikkei 225: Slipped 3.2 percent to 64,312.
• Hong Kong’s Hang Seng Index: Fell over 1.2 percent to 24,889.

The Indian stock market continued its losing streak for the fourth consecutive session on Thursday, with both benchmark indices closing lower. Surging oil prices, a direct consequence of US military strikes on Iran, were cited as a significant factor in this decline.

• BSE Sensex: Dropped 363.66 points to 76,391.39.
• NSE Nifty: Fell 126.65 points to a three-week low of 23,869.60.
• Sectors contributing most to the drag included realty, energy, and banking.

As the market prepares for a lower open, investors will closely monitor global developments and oil price movements, while specific brokerage recommendations offer focused opportunities.