Stocks to buy: Benchmark indices Sensex and Nifty pared most of their early losses to end slightly lower on Friday, supported by a decline in crude oil prices and late-session buying in IT stocks and private sector lender HDFC Bank.
The 30-share BSE fell 120.83 points, or 0.16%, to close at 74,781.76. The index had declined as much as 742.43 points, or 0.99%, during the session to hit an intraday low of 74,160.16.
The 50-share NSE Nifty ended 79.70 points, or 0.34%, lower at 23,398.10. It slipped as much as 246.4 points, or 1.04%, during the day to touch 23,231.40.
Stock market this week
Nifty 50
witnessed a sharp gap-down opening at 23,270.30, falling 207 points initially, before finding a strong base around the 23,250 zone. The index touched a low of 23,231.40 and later recovered towards 23,448.10, finally closing at 23,398.10, down 79.70 points (-0.34%). Strong buying emerged from the day’s lower levels, with short covering visible after the recent decline. Nifty formed a strong bullish candle, although it remained below the previous day’s close. RSI stands at 27.22, indicating an oversold zone, while PCR was at 1.02. India VIX rose 4.15% to 12.28, reflecting higher volatility.
On the Nifty 50 outlook, Sumeet Bagadia, Executive Director at Choice Broking, said that from a technical perspective, Nifty is likely to maintain a Sideways bias, with the 23,250–23,300 zone acting as the immediate support area. Resistance is placed at 23,500–23,600, and a sustained move above 23,600 could support further recovery, particularly if short covering continues.
“On the downside, a decisive break below 23,250 may resume the broader selling pressure. The expected trading range for the next session is 23,250–23,600. Sector-wise, Nifty IT Services, Private Bank and Media were among the key gainers, while Realty, Metal and Chemical remained the major laggards. Auto and Oil & Gas also stayed under pressure,” he said.
Bank Nifty
Bank Nifty started the session with a sharp gap-down of around 501 points at 55,970.15 and initially declined to 55,699.45. However, the index formed a pin bar during the first hour, indicating buying interest at lower levels, followed by a strong recovery and breakout above 56,000. Bank Nifty moved close to the day’s high of 56,645.85 and settled at 56,606.55, gaining 134.60 points (0.24%). The daily chart formed a strong bullish candle, but the index continues to trade below all key moving averages. RSI stands at 41.05, indicating that momentum remains cautious despite the recovery.
Meanwhile, on the outlook, Bagadia said that looking ahead, 55,700–56,000 will remain the key support zone, while 56,900–57,000 is likely to act as the immediate resistance area. Holding above 56,000 could help sustain the recovery and allow the index to move towards the resistance zone, whereas a break below 55,700 may bring renewed selling pressure.
“A decisive move above 57,000 would improve the near-term structure, while the broader trend remains cautious below the key moving averages. The expected trading range for the next session is 55,700–57,000 with a Sideways bias,” he added.
Stocks to buy
Sumeet Bagadia has recommended three stocks to buy on Tuesday, 15 September. The three stock picks by Bagadia are – South Indian Bank, Inox Wind, and Paisalo Digital.
1] South Indian Bank: Buy at ₹46.18 | Target Price: ₹50 | Stop Loss: ₹44
2] Inox Wind: Buy at ₹76.50 | Target Price: ₹84 | Stop Loss: ₹72.30
3] Paisalo Digital: Buy at ₹84.23 | Target Price: ₹93 | Stop Loss: ₹79.80
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.