Vinay Rajani of HDFC Securities suggests buying these stocks on July 24

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Nifty fell for the third session in a row, with a minor fall of 0.12 per cent. During the session, Nifty hit an intraday low of 24074 and recovered sharply thereafter in the second half.

From the low, Nifty recovered 470 points towards 24544 and ended the session at 24479. Nifty managed to close above its 20 DMA, currently placed at 24311 odd levels. On the higher side 24595 and 24855 could act as a resistance, while 24074 becomes the new support for the Nifty.

Buy Strides Pharma (Rs 982): | Targets Rs 1045, 1090 | Stop-loss: Rs 950

Stock price has broken out from downward sloping trend line on the monthly chart. Price rise was accompanied by healthy volumes. Stock price has been trading above all important moving averages, indicating bullish trend on all time frames. Indicators and oscillators have turned bullish on weekly and monthly charts. Stock price has been forming higher tops and higher bottoms on the weekly and monthly charts 

Buy Deepak Fert (Rs 790): | Targets Rs 840, 885 | Stop-loss Rs 745

Stock price has surpassed the crucial resistance of double top placed at 780. For last two trading session, stock has been finding support near its 20 DMA, placed at 742. Stock price has also formed double bottom at 730 and reversed north. Indicators and oscillators have been showing strength on the weekly and monthly charts.

(Vinay Rajani, CMT, senior technical and derivative analyst, HDFC securities. Views expressed are his own.)