Buy or sell stocks: The Indian stock market settled higher on Wednesday, July 15, with benchmark indices Sensex and Nifty 50 ending in positive territory. The broader market also remained upbeat, as the mid- and small-cap indices advanced by up to 0.5%, despite heightened US-Iran tensions and a rise in crude oil prices.
The 30-share Sensex gained 130 points, or 0.17%, to close at 77,185.43, while the Nifty 50 climbed 26 points, or 0.11%, to settle at 24,078.50.
Stock market today
Nifty 50
Nifty 50 closed at 24,078.50, gaining 26.45 points (+0.11%) after witnessing sharp intraday swings. The index opened with a mild gap-up of around 34 points and extended its early momentum to an intraday high of 24,220.35 during the first half. However, sustained profit booking from higher levels erased most of the gains, dragging the index to an intraday low of 24,010.55. Fresh buying near the psychological 24,000 mark helped Nifty recover from the day’s lows and settle with marginal gains. The intraday setup highlighted strong resistance near higher levels, while buyers continued to defend declines around key support zones.
According to Sumeet Bagadia, Executive Director at Choice Broking, Nifty formed a candle with a long upper wick, indicating supply emerging near resistance despite the index maintaining its short-term recovery structure above key moving averages.
“The RSI edged up to 52.31, reflecting a mildly positive momentum, while PCR at 1.08 suggests a balanced to slightly bullish derivative setup. Max Pain remained at 24,100, with significant Call OI at 24,100–24,200 and Put OI at 24,100–24,000, reinforcing 24,100 as the immediate pivot. Support is placed at 23,900–23,950, whereas 24,250–24,300 remains the immediate resistance zone,” said Bagadia.
Bank Nifty
Bank Nifty closed the session at 57,757.85, advancing 295.55 points (+0.51%) after witnessing sharp intraday volatility. The index opened with a positive gap of around 181 points at 57,643.75 and extended its gains during the first half to hit an intraday high of 58,148.80. However, profit booking emerged at higher levels in the latter half, pulling the index down to 57,545.20 before it pared some losses and settled with moderate gains. Better relative performance in PSU banking stocks, while private banks remained subdued, helped the index maintain a positive close.
Bagadia noted that the index has formed a small-bodied candle with a long upper wick, reflecting supply pressure near higher levels.
“Despite the intraday reversal, the index continues to trade above its important medium-term moving averages, indicating that the broader trend remains favourable. Support is seen at 57,300–57,500, whereas 58,100–58,200 will act as the immediate resistance zone. A sustained move above this hurdle may strengthen bullish momentum, while a breach below support could invite fresh profit booking,” he said.
Sumeet Bagadia’s stocks to buy
Sumeet Bagadia recommends five breakout shares to buy on Thursday, 16 July: Jubilant Pharmova, Tamilnad Mercantile Bank, Chennai Petroleum, Indigo Paints, and Knowledge Marine & Engineering Works.
1] Jubilant Pharmova: Buy at ₹1028, Target ₹1100, Stop Loss ₹977
Jubilant Pharmova has emerged from a prolonged consolidation phase and is now showing strong signs of a fresh bullish breakout. The stock has delivered a decisive close above the psychological ₹1,000 mark while sustaining above all its key moving averages, indicating improving trend strength. The 20-day EMA is on the verge of crossing above the 200-day EMA, signalling a potential long-term bullish crossover. Price action is also holding near its previous swing-high zone, suggesting buyers remain firmly in control.
The breakout has been supported by a notable rise in trading volumes, adding credibility to the move, while RSI has strengthened sharply to 67.68, reflecting strong momentum. A sustained move above current levels could drive the stock towards ₹1,100. On the downside, ₹977 acts as an important support and should be maintained as the stop-loss, coinciding with the 20-day EMA.
2] Tamilnad Mercantile Bank: Buy at ₹816, Target ₹875, Stop Loss ₹777
Tamilnad Mercantile Bank continues to display a strong bullish structure by consistently forming higher highs and higher lows, reflecting sustained buying interest. The stock has successfully broken above the crucial ₹800 resistances and is now trading in its all-time high zone, confirming a continuation of the prevailing uptrend. Price remains comfortably above all major moving averages, highlighting robust trend strength across multiple timeframes.
The RSI is positioned at 63.42, indicating healthy momentum without entering overbought territory, leaving room for further upside. The recent breakout has also been accompanied by positive price action, suggesting that buyers remain firmly in control. If the stock sustains above support zone, it could extend its rally towards ₹875. On the downside, ₹777 serves as an important support level and should be maintained as the stop-loss to manage downside risk.
3] Chennai Petroleum: Buy at ₹1157, Target ₹1250, Stop Loss ₹1105
Chennai Petroleum has shown impressive resilience after spending the past few weeks consolidating around its crucial 50-day EMA. The stock has now delivered a strong bullish close above all its key moving averages, indicating renewed buying momentum and a possible continuation of the broader uptrend. Price action suggests that demand has returned after a healthy consolidation, with the stock reclaiming important resistance levels.
The recent breakout is backed by improving momentum, while the stock continues to trade comfortably above its short and medium-term averages. If buying interest sustains, the stock has the potential to revisit its previous swing-high and all-time high zone near ₹1,250. On the downside, ₹1,105 remains a crucial support level, coinciding with the 50-day EMA, and should be maintained as the stop-loss to protect against any unexpected reversal.
4] Indigo Paints: Buy at ₹1084, Target ₹1165, Stop Loss ₹1017
Indigo Paints has staged a strong recovery after successfully defending its long-term trendline support and the 200-day EMA, highlighting sustained buying interest at lower levels. The stock has gradually regained strength and is now trading above all its key moving averages, reflecting improving momentum and a positive shift in trend. Recent price action indicates that buyers have reclaimed control after the corrective phase, with the stock holding firmly above important support levels.
The RSI has also improved to 61.96, suggesting healthy momentum while still leaving room for additional upside. If the stock sustains above the current breakout zone, it could witness further buying towards ₹1,165, which coincides with its previous resistance area. On the downside, ₹1,017 remains the key stop-loss level as it aligns closely with the 200-day EMA and long-term support.
5] Knowledge Marine & Engineering Works: Buy at ₹2448, Target ₹2650, Stop Loss ₹2330
Knowledge Marine & Engineering Works continues to remain one of the strongest trending counters, maintaining a well-defined higher high–higher low structure over the past several months. The stock is currently trading near its all-time high zone after witnessing a sustained rally from its 100-day EMA, which acted as a strong base for the latest upward move. Price remains comfortably above all major moving averages, confirming a firmly established bullish trend.
Momentum indicators also remain supportive, with the RSI strengthening to 64.25, reflecting healthy buying momentum. The recent breakout has been accompanied by improved volumes, adding confidence to the continuation of the ongoing trend. As long as the stock sustains above current levels, it has the potential to advance towards ₹2,650. On the downside, ₹2,330 should be maintained as the stop-loss to safeguard against any short-term correction.
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.
