Anand Rathi Expert Names JSW Steel, CAMS and RVNL as Buy-on-Dips Picks
Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, recommended three stocks to buy on Monday amid ongoing market consolidation. He noted that the Nifty 50 had entered an overbought zone after a sharp rally, increasing the likelihood of profit booking and sideways movement. The index remained under pressure through Wednesday, marking its longest losing streak in nearly 11 months with seven consecutive declines and a 2.1% drop over the period. On a weekly basis, the Nifty slipped 0.47% to close at 24,252, while the Sensex declined 0.60% to finish at 77,540.83.
Dongre observed that despite the recent consolidation, the broader technical structure of the Nifty remains constructive, with the index holding its long-term weekly trendline support between 23,700 and 23,800. The monthly chart continues to show a healthy higher-high and higher-low pattern, indicating the medium- to long-term uptrend is intact. He advised a buy-on-dips strategy, citing immediate support at 23,900–24,000 and broader medium-term support at 23,500–23,600. The immediate resistance zone is placed at 24,500–24,600, with a decisive breakout above 24,800 seen as a potential trigger for the next leg of the uptrend.
On the Bank Nifty, Dongre said the index remained range-bound during the week and closed marginally higher at 57,761. It continues to maintain a constructive medium-term structure and stays above its important long-term EMA support around 56,300. The 57,000 level acts as key psychological support, while the broader support zone is 56,000–56,300. On the upside, 58,000–58,500 is a crucial resistance zone, and a sustained breakout above 58,500 could strengthen the bullish setup toward the 60,000 mark.
Based on his technical analysis, Dongre recommended buying JSW Steel in the range of ₹1,285–1,295 with a target of ₹1,345 and a stop loss at ₹1,265. For Computer Age Management Services (CAMS), he advised buying at ₹450–455, targeting ₹470 with a stop loss at ₹435. RVNL was suggested as a buy between ₹225–228, with a target of ₹240 and a stop loss at ₹218. Dongre emphasized that the market appears to be undergoing a healthy phase of digestion after the earlier rally, not a structural trend reversal, reinforcing the preference for buying on dips while monitoring key levels on both indices.
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