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Delhi News Daily > Blog > Business > 2 top stock recommendations from Dharmesh Shah – Delhi News Daily
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2 top stock recommendations from Dharmesh Shah – Delhi News Daily

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Last updated: August 5, 2025 9:17 am
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“Going forward, we believe that “buy the dip” should be the strategy. Yes, near-term volatility cannot be ruled out, but one shouldn’t lose sight of the structural bull market. Corrections are a natural part of such a market. Historically, the market always finds some reason to correct—earlier it was geopolitical tensions, now it’s the tariff developments,” says Dharmesh Shah, ICICI Direct. Would you agree with my view that the markets are defending the 24,600 level quite well? Even in yesterday’s session, although we were trailing, we eventually ended on a strong note—almost like winning with flying colours.
Dharmesh Shah: Absolutely. Both markets and cricket are, and always have been, unpredictable. Given the way things are shaping up right now, we believe that the 24,400–24,500 zone continues to be a very strong support for the Nifty.

One important point to highlight is that despite the ongoing tariff developments, the market seems to be holding this support zone of 24,400 to 24,550, which also coincides with the March and June lows. Over the last two-and-a-half months, if you look at the broader trend, the market has largely been trading within the 24,400–25,000 range.

Going forward, we believe that “buy the dip” should be the strategy. Yes, near-term volatility cannot be ruled out, but one shouldn’t lose sight of the structural bull market. Corrections are a natural part of such a market. Historically, the market always finds some reason to correct—earlier it was geopolitical tensions, now it’s the tariff developments.

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That said, these reasons are likely to be absorbed in the near term. We expect the 24,200–24,400 zone to act as a strong support, and over the coming weeks, we should see a gradual recovery. The last five weeks have largely been corrective in nature, with the index appearing oversold in parts. So, while some near-term volatility may persist, the broader trend remains intact. Our near-term target for the Nifty is around 25,300.

Also, please share your trading ideas for the day.
Dharmesh Shah: Looking at the market setup, we should focus on stocks that have delivered results better than expectations. In the large-cap space, we are focusing on the domestic theme, and L&T remains our top pick.

L&T posted strong numbers across parameters, with a robust order inflow of approximately ₹94,000 crore. The company’s future guidance also appears promising. Technically, the stock is finding strong support at the 52-week EMA, and momentum indicators are giving a buy signal. We expect L&T to gradually move towards ₹3,812, with a stop loss at ₹3,498.

Apart from that, we remain constructive on the hospitality sector. We expect consumption to pick up in the second half of this series. Indian Hotels looks positive within the hotel space. The stock appears to be finding support at the lower end of a seven-month triangle pattern. We expect Indian Hotels to reach a target of ₹788, with a stop loss at ₹723.

So, L&T and Indian Hotels are our top picks for the day.



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