Leading brokerage Nuvama Wealth Management has issued its daily stock recommendations for July 2, 2026, identifying three high-conviction buys: REC, Oberoi Realty, and Home First Finance Company India. The picks come from Aakash K Hindocha, Vice President - Research at Nuvama Professional Clients Group, who also shared technical outlooks on the Nifty and Bank Nifty indices.
REC (BUY): Breakout from Year-Long Consolidation
Hindocha recommends buying REC with a last closing price (LCP) of ₹370, a stop loss at ₹362, and a target of ₹392. The stock has broken out from a one-year consolidation phase and is holding above both its 200-week moving average and 200-day moving average simultaneously, according to the analyst. An eight-week high closing on daily and weekly scales indicates momentum is about to unfold. The merger event is now behind, suggesting prices are set to find equilibrium with upside bias.
Oberoi Realty (BUY): Double Bottom & Inverted Head and Shoulders
Oberoi Realty is recommended for purchase at an LCP of ₹1,804, with a stop loss at ₹1,738 and a target of ₹1,970. The stock has reversed from sub-1,600 levels after forming a double bottom pattern. A momentum breakout was witnessed in the previous week as the stock crossed its prior swing highs. An inverted head-and-shoulders breakout is also in play on daily and weekly charts, which could drive an additional 8–10% upside from current levels, the analyst notes.
Home First Finance Company India (BUY): Correction Over
Home First Finance Company India is flagged as a buy at LCP ₹1,200, stop loss ₹1,135, and target ₹1,365. After a 52-week price correction, the stock appears to have bottomed based on recent price action. Over the past three months, multiple higher lows have formed, enabling a breakout from a sloping trendline that marks the end of the correction. The stock has reclaimed its 200 DMA and registered a fresh seven-week high closing on daily charts, undergoing a short-term bullish flag breakout. The analyst adds that traction in realty stocks is likely to act as a tailwind for the housing finance sector.
Index Outlook: Nifty & Bank Nifty
Nifty consolidated through monthly expiry sessions with a negative bias, ending with an 80-point cut, followed by a double-sized bounce on the first day of the July series. The index remains in a buy-the-dip range, staying below 23,950 with support near 23,800. Short covering is likely above 24,000, while a larger move unfolds above 24,200. The analyst sees the leg open for a retest of 24,150 and 24,600 on the upside. Both oil blends have cooled to 15-week lows, which may curb incremental selling.
Bank Nifty mirrored the Nifty with two consecutive days ending below the previous day’s low before stepping back for a larger move forward. The first day of the July series ended above the prior day’s high, negating the pullback and resuming the uptrend. The index has reversed from its April 2026 resistance, which has acted as support through the past month, offering a buying opportunity with support near 57,100. Upside is seen for a retest of 58,800.
Summary of Recommendations
| Stock | LCP (₹) | Stop Loss (₹) | Target (₹) | Key Setup |
|---|---|---|---|---|
| REC | 370 | 362 | 392 | Breakout from 1-yr consolidation; above 200 WMA & 200 DMA |
| Oberoi Realty | 1,804 | 1,738 | 1,970 | Double bottom reversal; inverted H&S breakout |
| Home First Finance | 1,200 | 1,135 | 1,365 | Correction ended; higher lows; flag breakout; 200 DMA reclaimed |
(Disclaimer: Recommendations and views on the stock market or any other asset classes are those of the analyst and do not represent the views of The Times of India.)
Sources:
