Top stocks to buy this week: What's the outlook for Nifty? Check stock recommendations with 3-month horizon
Stock market recommendations:
According to Sudeep Shah, Head - Technical Research and Derivatives, SBI Securities, Dalmia Bharat, and Godrej Properties Ltd are the top stock picks for this week. Here's his view on Nifty, Bank Nifty for the week starting July 21, 2025, and the top stock picks with a 3-month horizon:
Nifty View
Last week the benchmark index Nifty ended in the red for the third consecutive week, reflecting sustained bearish sentiment in the market.
On the weekly chart, it has formed a bearish candle with a lower high and lower low's structure — a classic indication of downward momentum. Throughout the week, the index made three attempts to reclaim its 20-day EMA but faced rejection on all three occasions. It is now trading decisively below the 20-day EMA, which has started to edge lower, further reinforcing the bearish undertone.
Additionally, the upward slope of the 50-day and 100-day EMAs has begun to flatten, signalling a potential loss of medium-term momentum.
This slowdown in the EMA slope suggests growing indecisiveness and weakening strength among bulls. On the momentum front, the daily RSI is quoting at 43, marking its lowest level since April 2025. Moreover, the RSI is trading below its 9-day average, and both are in falling mode, indicating weakening internal strength and reinforcing the ongoing bearish setup.
Going ahead, Monday's trading session will be crucial for the index as heavyweights like Reliance Industries, HDFC Bank, and ICICI Bank announced their Q1 results over the weekend.
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The reaction to these earnings could provide near-term direction and either amplify the current trend or spark a reversal.
Talking about crucial levels, the zone of 24940-24900 will act as immediate support for the index as it is the confluence of the 50-day EMA level and 61.8% Fibonacci retracement level of its prior upward rally (24473-25669). If the index slips below the 24900 level, then the next crucial support is placed at the 24700 level.
On the upside, the zone of 25130-25160 will act as an immediate hurdle for the index.
Bank Nifty View
The banking benchmark index Bank Nifty also extended its losing streak, ending in the red for the third consecutive week. On the daily chart, it witnessed a breakdown from a Rising Wedge pattern on Friday and also slipped below its 20-day EMA, which is a sign of growing bearish pressure.
A key technical observation lies in the daily RSI behaviour.
Despite a mid-week pullback, the daily RSI failed to surpass the 60 level, which is a bearish sign as per RSI range shift rules. Currently, the RSI is quoting at 45, its lowest level since March 2025, indicating a notable loss of momentum and growing weakness in the trend.
Going ahead, the 50-day EMA zone of 55950-55850 will act as immediate support for the index. If the index slips below the 55850 level, then the next crucial support is placed at the 55300 level.
On the upside, the 20-day EMA zone of 56700-56800 will act as an important hurdle for the index.
Stocks Recommendations
Dalmia Bharat
The stock has given a consolidation breakout along with robust volume. Currently, all the moving averages and momentum-based indicators are suggesting strong bullish momentum in the stock. Hence, we recommend to accumulate the stock in the zone of 2260-2240 with a stoploss of Rs 2170 level.
On the upside, it is likely to test the level of 2400 in the short term.
Godrej Properties Ltd
The stock has taken a support near 2192 level and thereafter witnessed a sharp rebound along with relatively higher volume. Currently, the stock is trading above its short and long-term moving averages. The daily RSI is about to cross the 60 mark and it is in rising mode. Hence, we recommend to accumulate the stock in the zone of 2370-2350 with a stoploss of Rs 2280 level. On the upside, it is likely to test the level of 2500 in the short term.
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