Stock market recap: Indian equity benchmarks staged a strong rebound on Wednesday, with the Sensex climbing 888.68 points to close at 77,654.60 and the Nifty 50 advancing 264.85 points to settle at 24,250.20.
The rally was broad-based, supported by robust June-quarter earnings and optimism ahead of the US Federal Reserve’s policy decision, despite mixed global cues and a rebound in Brent crude prices.
Three stocks to trade, recommended by NeoTrader’s Raja Venkatraman:
MAPMYINDIA (Cmp ₹1163.10)
Why it’s recommended: MapmyIndia, officially known as C.E. Info Systems Ltd., is an Indian technology company that provides digital maps, geospatial software, and location-based IoT solutions. After nearly months of decline the stock managed to form a double bottom. The continued rounding at lower levels have given rise to some accumulation that can be considered for a buying opportunity. At 1150 the prices are at the cusp of a strong trended move. With the markets showing some promise of revival yet again. With a strong thrust above there recent value resistance around 1100 could carry the prices higher. Consider going long.
Key metrics:
P/E: 45.44,
Volume: 1.07M
Technical analysis: Support at ₹750, resistance at ₹950.
Risk factors: Project Delays, Automotive Dependency and Corporate Governance.
Buy: above ₹1165.
Stop loss: ₹1110.
Target price: ₹1295 (2 Months)
SONATASOFTW (Cmp ₹317.45)
Why it’s recommended: Sonata Software Limited is an Indian IT services and technology solutions company they provide proprietary Platformation™ framework, strong Microsoft and AWS partnerships, and global delivery model. The stock after a phase of sharp decline in the IT sector and has been performing well after some sharp profit booking in since last few months. The last quarter of 2026 has seen some revival ahead of its Q1 numbers is indicating a promising outlook has seen a sharp upmove unfolding. With an uptick seen in the sector the Relative Strength Index and a possible upmove and is now moving higher. Consider going long.
Key metrics:
P/E Ratio : 31.90,
52-week high: ₹421.40,
Volume: 8.13M
Technical analysis: Support at ₹2800, resistance at ₹3500.
Risk factors: High client concentration, partnership vulnerabilities (specifically with Microsoft), and macroeconomic exposure.
Buy: above ₹318
Stop loss: ₹299
Target price: ₹355 (2 Months)
CONCORDBIO (Cmp 1330.40)
Why it’s recommended: Concord Biotech Limited is an R&D-driven biopharmaceutical company headquartered in Ahmedabad, Gujarat, India, specializing in fermentation-based Active Pharmaceutical Ingredients (APIs) and finished formulations. The stock has been performing well after some sharp profit booking the prices reached into the Tenkan Sen and Kijun Sen to slip into consolidation to demonstrate a spirited rise to start the week. With a long body candle in play we can see that the trends are seen reviving. Go Long.
Key metrics:
P/E Ratio : 53.09,
52-week high: ₹1879.05,
Volume: 179.88K
Risk factors: Therapeutic concentration, international supply chain dependencies, and low manufacturing capacity utilization.
Buy: above ₹1335
Stop loss: ₹1290
Target price: ₹1460 (2 Months)
Stock Market Today
On 29 July, Indian equity benchmarks staged a strong rebound, with the Sensex climbing 888.68 points to close at 77,654.60 and the Nifty 50 advancing 264.85 points to settle at 24,250.20. The rally was broad-based, supported by robust June-quarter earnings and optimism ahead of the US Federal Reserve’s policy decision, despite mixed global cues and a rebound in Brent crude prices.
Sectorally, all indices except realty ended in the green, with IT, Media, Metal, Pharma, Telecom, FMCG, and Private Banks gaining 1–2%. Midcap and smallcap indices also rose, reflecting strong market breadth. Key gainers included Jio Financial Services, Hindustan Unilever, Infosys, Hindalco, and L&T, while Adani Ports, M&M, Power Grid, Eicher Motors, and HDFC Life lagged. Over 100 stocks hit 52-week highs, highlighting bullish sentiment. The rupee strengthened for the third consecutive day, closing at 95.64 per USD. Technical indicators suggest near-term strength, with resistance around 24,400 and support near 24,100.
Outlook for Trading
Strong bullish undercurrent on Wednesday helped the Nifty survive the volatility of the market and ensured that the rise sustained above critical resistance zones around 24100 that we have been mentioning. The acceptance was slow but the market held on despite being whipped around quite a bit. At the moment the global trends remain the key drivers of the sentiment.
The gap-up opening to the August series with a long body candle moves seen were also reasonably large, bringing in people to stage a steady buying participation through the day! Trading has been therefore quite difficult thru the week and it would have been a wonder if one came out largely unscathed in the week. As one can see the Daily charts the prices have tread into strong resistance at the current close and will need more tailwinds that can fuel more upside.
A strong closure above the recent gap resistance after a steady test is hinting at a potential upward drive at the start of the week. The supplies at higher level will continue to test the confidence but the recovery that is emerging swiftly from lower levels is signalling that the highs will once again be challenged. The attempts continue to emerge as the market tries to carve out a bullish possibility.
Nifty has managed to hold itself above the 24100 Fibonacci resistance zone and is now testing the 24300 zone that could open the door towards 24500, which acts as the next big hurdle as bullish moves unfold. With the Open Interest data clearly indicating a revival one should keep tracking a 30-minute range breakout on trading continues to be an important metric for creating some longs. One should keep looking at every dip as a buying opportunity.
We continue to maintain that the dip remains a buy opportunity and one should hold on to the bullish bias as the gap region now around 24050 could now be the revised support zone for the reaction that may emerge in the coming sessions. In the last two sessions, we have observed that the dips that emerge as buying interest on dips fuelled a strong surge. In coming sessions, we now have a clear zone defined for longs where Nifty would look at 24300 as the immediate resistance to breach.
Raja Venkatraman is co-founder, NeoTrader. His Sebi-registered research analyst registration no. is INH000016223.
Investments in securities are subject to market risks. Read all the related documents carefully before investing. Registration granted by Sebi and certification from NISM in no way guarantees performance of the intermediary or provide any assurance of returns to investors.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.