Delhivery, Kaynes Technology, Maruti Suzuki
Ganesh Dongre Recommends Delhivery, Kaynes Tech, Maruti Suzuki for Buy on Dip Strategy
The Indian stock market closed the week lower, with the Nifty 50 declining 0.83% to 24,366 and the Sensex slipping 0.62% to 78,009.25, as rising crude oil prices, Middle East tensions, and mixed global cues weighed on investor sentiment. Despite the weakness in benchmark indices, sectoral performance showed resilience, with Telecom, New-Age businesses, and Capital Goods gaining between 1% and 4% during the period.
Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, noted that the Nifty has maintained a constructive medium-term structure after holding the 23,800 support level. He observed that the index struggled to sustain gains above the 24,500–24,600 zone, which aligns with the 200-day EMA and acts as a key resistance. The Nifty is expected to trade within the 23,800–24,800 range, with 23,500–23,600 serving as strong medium-term support.
Dongre emphasized that a sustained breakout above 24,800 on the Nifty could trigger the next leg of the rally toward 25,000 and beyond. Similarly, for the Bank Nifty, which declined 0.44% to 57,491, holding above the long-term EMA near 56,300 is critical. A decisive move above 58,500 would signal renewed buying interest, while immediate support remains at 56,000.
He advised a buy-on-dips approach, urging investors to monitor geopolitical developments in the Middle East and Brent crude oil prices, as any escalation could impact inflation, risk sentiment, and equity markets.
Based on this outlook, Dongre recommended three stocks for purchase: Delhivery at ₹460 with a target of ₹480 and stop loss at ₹450; Kaynes Technology India at ₹3,660 with a target of ₹3,950 and stop loss at ₹3,580; and Maruti Suzuki India at ₹13,830 with a target of ₹14,300 and stop loss at ₹13,500.
The disclaimer accompanying the recommendations states that the views are those of the analyst and not of Mint, and investors should consult certified experts before making investment decisions.
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