Kalyan Jewellers, Paytm, Lodha among buzzing stocks in July; how to trade?

The NSE Nifty 50 and the broader Nifty 500 index are holding gains of nearly 1 per cent each thus far in July despite the sharp volatility seen in the market owing to the West Asia conflict.  Meanwhile, 36 out of the Nifty 500 stocks delivered over 10 per cent returns in the first-half of the month. CE Info Systems, Kalyan Jewellers, eClerx Services,   Sumitomo Chemical, Zensar Technologies, Cemindia Projects, Info Edge (India), One97 Communications (Paytm) and Lodha Developers rallied in the range of 20-45 per cent.  Here’s a technical outlook on 3 of the above mentioned buzzing stocks in July by Muthuselvaraj M, technical research analyst at Mirae Asset Sharekhan. 

Technical outlook on Kalyan Jewellers, Paytm and Lodha Developers by Mirae Asset Sharekhan.

  Kalyan Jewellers  Current Market Price: ₹541  Recommendation: Buy  Likely Upside: ₹595-₹665  Key Support: ₹455 
 

  Kalyan Jewellers exhibits a robust higher-top, higher-bottom pattern following a breakout from its falling channel on the daily timeframe. The stock is currently trading above all major exponential moving averages, signalling underlying strength, says Muthuselvaraj M, technical research analyst of Mirae Asset Sharekhan.  The analyst anticipates a potential rally toward the ₹595–₹665 range in the short to medium term, with key support firmly established at ₹455.  “With both daily and weekly momentum indicators showcasing positive sentiment, the stock appears well-positioned to sustain its bullish trajectory in the coming period,” says Muthuselvaraj.  Paytm  Current Market Price: ₹1,360  Recommendation: Buy  Likely Upside: ₹1,500-₹1,600  Key Support: ₹1,245 

  The analyst highlights that Paytm stock has trended upward after breaking out of its triangle pattern on the daily timeframe. Muthuselvaraj says this suggests a continued move toward the ₹1,500–₹1,600 range, provided it holds the ₹1,255 support level in the short to medium term.  The price is well-supported by all moving averages, indicating strength and presenting buying opportunities during any corrective phase toward ₹1,255. With daily and weekly momentum indicators in positive territory, we expect the rally to continue in the short to medium term, explains the analyst.  Lodha Developers  Current Market Price: ₹1,161  Recommendation: Buy  Likely Upside: ₹1,260-₹1,375  Key Support: ₹1,075 

  Lodha has formed a bullish pattern after breaking out of its falling channel. This suggests a potential rally toward the ₹1,260–₹1,375 range in the short to medium term, with immediate support at ₹1,075 on any decline, says Muthuselvaraj.  The analyst is bullish on the stock as the daily and weekly momentum indicators show positive strength, signalling buying opportunities near support levels.  Disclaimer: Views and outlook shared on the stock belong to the respective brokerages and are not endorsed by Business Standard. Reader’s discretion is advised. (Charts source: Mirae Asset Sharekhan)