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

Indian stock market: Indian benchmark indices, the Sensex and the Nifty 50, extended their winning streak to a third straight session on Friday, July 31, supported by mixed global cues and easing crude oil prices.

The Sensex climbed 166 points, or 0.21%, to close at 78,094.64, while the Nifty 50 gained 66 points, or 0.27%, to settle at 24,383.60.

“The Indian equity benchmarks ended the week on a strong positive note, with the Nifty 50 closing at 24,383, registering a weekly gain of 2.59%, while the Bank Nifty settled at 57,264, advancing by nearly 1%. Sectoral performance remained robust throughout the week, led by Information Technology, Automobiles, New-Age businesses, Financial Services, Pharmaceuticals, and Oil & Gas, all of which delivered gains in the range of 3%–5%, reflecting broad-based buying interest across the market,” said Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi.

Ganesh Dongre's market outlook for next week

Nifty 50

According to Dongre, the Nifty continued to exhibit resilience after successfully defending the 23,800 support level highlighted in the previous outlook. Last week, the index had failed to surpass the 24,500–24,600 resistance zone, which coincides with the 200-day Exponential Moving Average (EMA) and continues to act as a significant technical hurdle. However, the market structure remained constructive, as the index held its long-term trendline support in the 23,700–23,800 zone on the weekly chart, while the monthly chart continued to display a healthy higher-low formation, indicating that the primary uptrend remains intact. During the current week, the Nifty reclaimed the 24,300 level and closed near the crucial 200-day EMA, supported by strong short-covering activity ahead of the monthly derivatives expiry, reinforcing the positive near-term sentiment.

“Looking ahead, derivative data suggests that the Nifty has entered an overbought zone on the weekly chart following the recent sharp rally. Nevertheless, the broader technical structure continues to remain positive. Therefore, we maintain our buy-on-dips strategy, as any corrective decline is likely to attract buying interest. The index is expected to trade within the 23,800–24,600 range during the coming week, while the 23,500–23,600 zone is expected to provide strong medium-term support. A decisive breakout and sustained close above 24,600 would represent a major technical trigger, potentially accelerating the next leg of the rally towards the 25,000 mark,” Dongre said.

Bank Nifty

On the Bank Nifty outlook, Dongre said that the index also maintained its positive bias during the week, rising nearly 1% to close around the 57,300 mark after witnessing a strong rebound from its 200-day EMA. The index continues to hold this crucial support, reinforcing a constructive medium-term outlook. However, a decisive and sustained breakout above the 58,000–58,500 resistance zone is essential to trigger fresh buying momentum and open the path towards the 60,000 mark. Until such a breakout occurs, the index is likely to remain in a consolidation phase.

“On the downside, immediate support is placed near the 56,000 level, which coincides with the 200-day EMA and is expected to provide a strong cushion against any corrective decline. Overall, the technical structure of the Bank Nifty remains positive, and as long as it sustains above its key support levels, the broader trend is expected to maintain a gradual upward bias,” he added.

Weekly stocks to buy or sell

Indusind Bank: Buy at ₹1000-1010, target price of ₹1065, stop loss of ₹975.

Zydus Lifesciences: Buy at ₹1120-1130, target price of ₹1175, stop loss of ₹1100.

NHPC: Buy at ₹78-79, target price of ₹85, stop loss of ₹75.

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.