The month of July 2024 so far has been a stock pickers paradise, with several prominent stocks delivering bumper returns in the first 15 days of the trading month, as benchmark indices scaled new highs.Driving ForcesExpectations of a pro-growth Budget, rate cut in the US, and strong liquidity back home, have been some of the key driving forces behind the recent stock market rally. As many as 71 stocks out of the Nifty 500 have delivered over 10 percent returns so far in July. In comparison, the benchmark Nifty 50 index has gained 2.4 percent, and the broader Nifty 500 index has advanced 2.9 percent thus far this July.Booming sharesAmong individual stocks, Rail Vikas Nigam (RVNL) stands tall, with over 50 percent surge. The stock from Rs 417 at the end of June has surged to Rs 626 as of July 15. The railway sector-related stock has witnessed frenzied buying on the back of new order flows from the Indian Railways.Castrol India and Oil India have soared 33 percent each. Mazagon Dock Shipbuilders, HBL Power, Indian Railway Finance Corporation (IRFC), Ircon International, NLC India, Cochin Shipyard, Railtel Corporation of India, REC, The New India Assurance Company, Rashtriya Chemicals and Fertilizers (RCF), Firstsource Solutions and MMTC were the other major gainers - up 20 - 26 percent thus far.RVNLCurrent Price: Rs 613Support: Rs 585 Rs 490Resistance: Rs 655RVNL stock is trading in a fairly overbought zone across the time frame. The stock has been riding high on the back of a momentum-driven rally. The long-term chart suggests that the bias for the stock is likely to remain positive as long as the stock sustains above Rs 490 levels.In the near term, some resistance is seen at Rs 655 levels, and support at Rs 585.Oil IndiaCurrent Price: Rs 631Support: Rs 597 Rs 582 Rs 545Resistance: Rs 673The near-term bias for Oil India is likely to remain upbeat as long as the stock trades above Rs 597 levels below which next significant support exists at Rs 582 and Rs 545. On the upside, the stock may face some resistance around the Golden Ratio of the previous swing at Rs 673 levels.IRFCCurrent Price: Rs 216Support: Rs 212 Rs 205 Rs 185Resistance: Rs 239IRFC is likely to trade with a positive bias as long as the stock holds above Rs 212 levels in the near term. Break and trade below Rs 212, can see the stock dip towards Rs 205. The price-to-moving average action remains favorable across time-frames on the charts. The daily chart suggests that the short-term bias will remain positive as long as the stock holds above Rs 187 levels. Resistance for the stock can be expected around Rs 239.CastrolCurrent Price: Rs 274Support: Rs 254 Rs 245Resistance: Rs 285Castrol stock is expected to trade with a positive bias as long as the stock sustains above Rs 254 and Rs 245 support levels, according to the long-term charts. On the upside, sustained trade above Rs 274 can lead to fresh energy at the counter. Resistance for Castrol can be expected at around Rs 285
