Choice Broking has suggested buying August futures contract of Pidilite Industries.

The Indian equity benchmarks extended gains in today's session with Sensex surging as much as 460 points and Nitfy was firmly trading above 11,150 led by gains in HDFC twins, Reliance Industries, ICICI Bank, Larsen & Toubro and Maruti Suzuki. Buying was visible across the board as mid- and small-cap indexes rose over 1.2 per cent each. After a healthy correction from its all-time high, the Nifty has managed to take a support at its 100 weeks moving average which indicates a bounce back move in the Index. Moreover, the Index has taken a good support at 10,815 level which is a 61.80 per cent Fibonacci retracement level of its previous up move from 10,020.35 to 12,103 level which even suggests a rebound movement in the Index.

On a daily chart, the Nifty has formed a Hammer Candlestick formation which is a Bullish Reversal formation and shows a bullish move in the Index, Choice Broking headed by executive director Sumeet Bagadia said in a report.

Here are some stock picks, share market trading ideas from Choice Broking for the near term:

Buy Strides Pharma Science shares

Choice Broking has recommended buying Strides Pharma shares in the range of Rs 425.55-422 for target of Rs 445 with stop loss at Rs 412. On an hourly scale, the stock has given a breakout of its upper band of falling wedge formation which is a reversal formation and signifies a bull run in the counter. A daily momentum indicator RSI reading is at 68.45 level with a positive crossover which points out for a positive breath in the stock, Choice Broking said.

Buy Pidilite Industries August futures

Choice Broking has suggested buying August futures contract of Pidilite Industries in the range of Rs 1,325 to Rs 1,320 for target of Rs 1,393 with stop loss at Rs 1,291. On a weekly chart, the stock has been trading with its upward rising trend line along with support at its 21 weeks simple moving average which indicates a continues of upward trend, Choice Broking said.

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Buy HDFC Bank August futures

Choice Broking has recommended buying August future contract of HDFC Bank in the range of Rs 2,215-2,224 for target of Rs 2,375 with stop loss at Rs 2,150. After a healthy correction from its all-time high, the stock has halted its downside move with the support at its 50 weeks moving average which shows a bounce back movement in the counter. Moreover, the stock has taken the support at Rs 2,195 level with a 50 per cent retracement level of its previous up move from Rs 1,885 to Rs 2,503.30 which suggests a northward movement in the counter, Choice Broking said.

Disclaimer: Investors are advised to make their own assessment before acting on the information.