Buy or sell: Sumeet Bagadia recommends three stocks to buy on Monday - 3 August 2026 | Stock Market News

Buy or sell stocks: The Indian stock market extended its winning streak for a third straight session on Friday, July 31, as benchmark indices closed higher despite mixed global signals. Gains were supported by encouraging June-quarter earnings, although persistent geopolitical tensions in the Middle East, elevated US bond yields and firm crude oil prices continued to cap the upside.

The Sensex climbed 166 points, or 0.21%, to settle at 78,094.64, while the Nifty 50 advanced 66 points, or 0.27%, to end at 24,383.60.

The benchmarks have now gained more than 2% in July, marking their second consecutive month of advances, as stronger-than-expected Q1 earnings continued to underpin investor sentiment.

Despite the positive momentum, market participants remained cautious amid the escalating US-Iran conflict, which is widening across the region with Egypt and Saudi Arabia becoming increasingly drawn into the hostilities. At the same time, higher US Treasury yields and fluctuations in crude oil prices kept investors on edge.

Brent crude traded above US$89 per barrel during the session, while the Indian rupee appreciated 9 paise to close at 95.41 against the US dollar. The domestic currency also posted a 1% weekly gain, its strongest performance since March, supported by reports of sustained intervention by the Reserve Bank of India (RBI).

Sumeet Bagadia, Executive Director at Choice Broking, noted that the index has now closed above the 200 EMA on the daily timeframe, signalling a positive long-term trend confirmation. Intraday price action remained constructive, with Nifty holding firmly above key short-term moving averages throughout the session

"Technically, the RSI has improved to 59.21, suggesting strengthening bullish momentum without entering overbought territory. India VIX declined 3.29% to 11.75, indicating easing volatility, while the PCR at 1.14 reflects a positive derivatives setup with buyers maintaining control. Going ahead, 24,200–24,250 will act as the immediate support zone, whereas 24,500–24,550 remains the key resistance area. As long as the index sustains above support, the broader outlook is likely to remain Bullish within the 24,200–24,550 range," he explained.

According to the Choice expert, on the daily chart, Bank Nifty continues to struggle to cross the 20 EMA, with a long upper wick indicating selling pressure emerging at higher levels. Although the index remains above its immediate support zone, it needs a decisive close above the 20 EMA to strengthen the bullish structure.

"Technically, Bank Nifty continues to trade within a well-defined range, indicating a lack of strong directional momentum. The index is likely to remain range-bound unless it registers a decisive breakout above the immediate resistance zone. Support is placed at 56,950–57,050, while 57,450–57,550 remains the key resistance area. As long as these levels hold, the index is expected to trade within the 56,950–57,550 range. The overall bias remains Sideways to Bullish," stated Bagadia.

Regarding stocks to buy on Monday, 3 August, Sumeet Bagadia recommended these three buy-or-sell stocks: Reliance Industries, Bharti Airtel, and TVS Motor.

Reliance Industries appears to be recovering after witnessing a sharp correction of nearly 22% from its all-time high to the recent swing low around ₹1,249. The stock has shown encouraging signs of strength by closing above the crucial ₹1,300 psychological mark while also reclaiming its 200-day EMA on the weekly timeframe, indicating that long-term buying interest is gradually returning. On the daily chart, the stock has moved above its 20-day EMA and is approaching the 50-day EMA, although it continues to trade below the 100-day and 200-day EMAs. This suggests that the recovery is still in its early stages.

A sustained move above ₹1,370, which coincides with the daily 200-day EMA, could trigger further upside towards ₹1,400. On the downside, ₹1,249 remains the key support and should be maintained as a strict stop-loss.

Bharti Airtel continues to maintain a strong higher-high, higher-low structure, reflecting sustained bullish momentum and consistent buying interest. The 20-day EMA has been acting as a reliable dynamic support throughout the ongoing rally, with every dip attracting fresh accumulation. Technically, the stock has witnessed a positive crossover, as the 50-day EMA has moved above the 100-day EMA and is now on the verge of crossing the 200-day EMA, signalling further improvement in the medium-term trend. The stock is comfortably trading above its major short-term moving averages, while momentum indicators continue to remain supportive.

If the current strength persists, Bharti Airtel has the potential to extend its rally towards the ₹2,060 target. On the downside, ₹1,895 should be maintained as a strict stop-loss, as it coincides with the 100-day EMA and other key technical support levels.

TVS Motor has delivered a powerful bullish breakout and is currently trading at its all-time high, supported by strong volume expansion and a well-defined higher-high, higher-low formation. The stock recently surpassed the important ₹4,000 resistance zone and previous swing highs, confirming a continuation of the primary uptrend.

The recent sequence of consecutive long bullish candles resembles the Three White Soldiers pattern, reflecting strong buying conviction and sustained bullish momentum. Each session opens within or near the previous candle's body and closes progressively higher. Technically, the stock is trading comfortably above all its key moving averages, reinforcing the strength of the ongoing trend. The RSI is currently around 80.59, indicating overbought conditions, which may lead to some short-term profit booking.

However, the broader trend remains firmly positive, making a buy-on-dips strategy favourable. As long as the stock sustains above ₹4,070, it has the potential to extend its rally towards the ₹4,600 Fibonacci extension target.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

Pranati Deva is a seasoned financial journalist with over a decade of experience in high-pressure newsroom environments, currently working as a Senior Sub Editor at LiveMint. Over the years, she has developed a reputation for sharp editorial judgement, a strong grasp of market dynamics, and the ability to translate complex financial developments into clear, engaging stories for a wide audience. <br><br> Her core areas of coverage include stock markets, leading listed companies, currencies, and commodities, with a particular strength in fast-paced, real-time market reporting. She is known for handling breaking market news, earnings-driven stock movements, and macroeconomic developments with speed, accuracy, and context—qualities that are essential in financial journalism. <br><br> Pranati has built a diverse and credible professional track record across some of India’s most respected news organisations, including MintGenie, CNBC-TV18, Business Standard and EconomicTimes.com. During her stints at these platforms, she produced data-driven market stories, curated and steered live blogs during volatile trading sessions, and conducted interviews with market veterans, fund managers, economists, and industry experts. Her work often combines on-ground reporting with analytical depth, helping readers make sense of daily market fluctuations and longer-term trends. An alumnus of the Symbiosis Institute of Media and Communications and Hansraj College, University of Delhi, Pranati brings a strong academic foundation to her journalism. She specialises in real-time financial reporting, with a keen focus on precision, balance, and insight, aiming to decode market movements in a way that is both informative and accessible to readers across experience levels.

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