Buy or sell: Ganesh Dongre of Anand Rathi recommends 3 stocks to buy on Monday - 20 July 2026

Indian stock market: The Indian benchmark indices, Sensex and Nifty 50, rallied sharply on Friday, July 17, driven primarily by strong buying in Reliance Industries and major private banking stocks ahead of their June quarter earnings.

The Sensex surged 965 points, or 1.25%, to settle at 78,151.45, while the Nifty 50 gained 262 points, or 1.09%, to close at 24,334.30.

“The Indian equity markets continued to trade in a range-bound yet positive manner during the week, with the Nifty 50 closing at 24,334, registering a weekly gain of nearly 0.53%. The index displayed strong by sustaining decisively above the previous week's low of 23,800, despite intermittent volatility arising from geopolitical tensions involving the USA and Iran,” said Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi.

Ganesh Dongre's market outlook for next week

Nifty 50

According to Dongre, Nifty maintained its positive bias while consolidating within the 23,800–24,300 range throughout the week before closing above this consolidation zone. The index's ability to hold above the crucial 23,800 support level indicates strengthening bullish sentiment and keeps the possibility of further upside intact in the coming sessions.

“Immediate support is placed in the 24,000–24,100 zone, while the 24,400–24,500 range continues to act as a significant resistance area. On the broader weekly chart, the index continues to respect its pattern of higher lows, highlighting sustained buying interest at lower levels. Going forward, a decisive breakout and sustained close above 24,500, which is positioned near the 200-day Exponential Moving Average (EMA), will be a key technical trigger to watch. While selective profit booking may emerge in certain sectors after the recent rally, the overall strategy continues to favour buying on dips. A weekly close above 24,300 would further strengthen the bullish outlook and could pave the way for an advance towards 24,600, followed by the psychological 25,000 mark. On the downside, the 23,800–23,600 region is expected to remain a strong demand zone, providing support against any corrective pullback,” he said.

Bank Nifty

On the Bank Nifty outlook, Dongre said that the index continues to exhibit a constructive technical structure. The index has been consistently sustaining above its key 200-day EMA, reinforcing a positive medium-term outlook.

“A decisive move above the 59,000 mark is required to trigger the next leg of the rally. Until then, the index is likely to remain range-bound within the 56,500–59,000 zone while consolidating its recent gains. Immediate support is placed near the 56,000 level, which coincides with the 200-day EMA and is expected to act as a strong cushion during any near-term correction. Overall, as long as the Bank Nifty continues to hold above its key support levels, the broader trend is expected to remain positive with a gradual upward bias,” he added.

Weekly stocks to buy or sell

Wipro: Buy at ₹172-175, target price of ₹192, stop loss of ₹163.

Kotak Mahindra Bank: Buy at ₹385-390, target price of ₹405, stop loss of ₹375.

Bharat Electronics: Buy at ₹408-412, target price of ₹430, stop loss of ₹400.

Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.