On July 31, the Nifty 50 rose 0.27%, while the benchmark Sensex also moved higher. Market breadth was positive with 1,842 shares gaining and 1,147 falling on the NSE. The rally appears to be gaining momentum, and analysts point to several stocks showing bullish technical patterns.
Rajesh Palviya of Axis Securities highlighted BLS E-Services, which has broken the Rs 255‑260 resistance on a weekly close and seen higher volumes. The stock sits above its 20‑, 50‑, 100‑, and 200‑day moving averages, and its RSI and Bollinger Band signals suggest continued upward pressure.
Hero MotoCorp also crossed a six‑ to eight‑month trendline resistance on a weekly close, with volume confirming the move. The shares are above key moving averages and have positive RSI readings, indicating a short‑term reversal and a potential rise.
Jio Financial Services broke out of a descending triangle at Rs 250, backed by strong volumes. The 20‑, 50‑, and 100‑day moving averages are in bullish alignment, and the RSI remains in favorable territory across all time frames.
Hitesh Rathi of Angel One discussed Anant Raj, which after a swing breakout above Rs 595 has taken profits near the Rs 615‑620 zone but shows signs of a resumption. He also noted Anthem Biosciences forming a bullish symmetrical triangle and Blue Jet Healthcare creating higher highs and lows, both pointing to continued upward momentum.
Jatin Gedia of Teji Mandi pointed out Shipping Corporation of India, which broke an inverted head‑and‑shoulders pattern with above‑average volume, suggesting a buy. KEI Industries broke a falling wedge at the 50% Fibonacci retracement and is expected to target Rs 5,224. Escorts Kubota, after a consolidation, has a breakout that could push it towards Rs 3,224.
Overall, the market shows a positive trend with multiple stocks displaying strong technical setups. Traders may look for buying opportunities near identified support levels as the rally continues.