Indian equity indices extended losses for a second straight session on 6 August, with Nifty closing below 24,600. Sensex ended 166.26 points lower, or 0.21%, at 80,543.99, while Nifty declined 75.35 points, or 0.31%, to settle at 24,574.20.
After a flat opening, Nifty traded in a narrow range throughout the day and closed near the day’s low. Market participants largely stayed on the sidelines ahead of the RBI’s Monetary Policy Committee (MPC) decision. As anticipated, the central bank kept the policy rate unchanged and maintained a neutral stance, leading to a muted reaction across the market.
MarketSmith India’s best stock recommendations for today—7 AugustBuy: SBI Life Insurance Co. Ltd (Current price: ₹1,854)Why SBI Life is recommended: Strong financial performance and growth, favourable industry tailwinds.Key metricsP/E: 74.8152-week high: ₹1,936.00Volume: ₹151.86 croreTechnical analysis: Reclaimed its 50-DMA and is trending above all its key moving averagesRisk factors: Regulatory and taxation risk, distribution concentration and bancassurance dependency, interest rate, and market riskBuy: ₹1,854Target price: ₹2,050 in 2-3 monthsStop loss: ₹1,770Buy: ICICI Prudential Life Insurance Co. Ltd (Current price: ₹619)Why ICICI Prudential is recommended: Strong brand and distribution network, favourable demographics, and rising insurance penetration.Key metricsP/E: 70.4552-week high: ₹794Volume: ₹137.28 croreTechnical analysis: Reclaimed 100-DMA on higher volumeRisk factors: Intense competitionBuy at: ₹610-620Target price: ₹665 in 2-3 monthsStop loss: ₹598Best stocks to buy today—recommended by Raja Venkatraman for 7 AugustKirloskar Oil Engines Ltd (CMP: ₹919.50)
KIRLOSENG: Buy CMP and dips to ₹890 | Stop: ₹875 | Target: ₹989-1,025
Why Kirloskar Oil is recommended: Kirloskar Oil Engines achieved its highest-ever Q1 standalone revenue and net profit, with a 6% year-on-year revenue growth to ₹1,636 crore and a 1% increase in net profit to ₹133 crore. After some support offered by the cloud region, the prices are holding the bullish bias. As momentum has revived, investors can look at more upside in store in the next few days.Key metrics P/E: 30.85 52-week high: ₹1,404.95Volume: 4.62mTechnical analysis: Support at ₹800; resistance at ₹1,200Risk factors: High debt levels, dependence on major customers, and economic downturns could impact returnsBuy at: CMP and dips to ₹890Target price: ₹989-1,025 in 1 monthStop loss: ₹875Balaji Telefilms Ltd (CMP: ₹99.51)
BALAJITELE: Buy CMP and dips to ₹92 | Stop: ₹88 | Target: ₹111-115
Why Balaji Telefilms is recommended: Balaji Telefilms is an Indian media and entertainment company involved in television, film, and digital content production, including its OTT platform ALTT. The prices have spent the last few days in consolidation, and the strong rebound from lower levels indicates newfound buying. With its deep foray into AI, the price action highlights some new momentum. With robust volume lead breakout, consider going long at current levels and also on dips. Key metricsP/E: 12.90 52-week high: ₹102.89Volume: 117.06kTechnical analysis: Support at ₹370; resistance at ₹550Risk factors: Market fluctuations, regulatory changes, and sector-specific challenges in the distribution industryBuy at: CMP and dips to ₹92Target price: ₹111-115 in 1 monthStop loss: ₹88JK Paper (CMP: ₹351.75)
JKPAPER: Buy above ₹352 and dips to ₹335 | Stop: ₹330 | Target: ₹380-395
Why JK Paper is recommended: JK Paper is a leader in the paper industry, specialising in office paper, coated paper, and packaging board. This counter has been consolidating at the cloud support region. A long body candle seen in Wednesday’s dull market has fuelled more potential buying interest that can emerge in this counter. Consider a buy.Key metrics P/E: 18.1252-week high: ₹523.05 volume: 243.94kTechnical analysis: Support at ₹560; resistance at ₹680Risk factors: Market volatility and fluctuations in raw material costs could impact profitabilityBuy at: Above ₹352 and dips to ₹335Target price: ₹380-395 in 1 monthStop loss: ₹330
MarketSmith India is a stock research platform and advisory service focused on the Indian stock market. Trade name: William O’Neil India Pvt. Ltd. (Sebi Registered Research Analyst Registration No.: INH000015543).
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.