Buy or sell stocks: Domestic benchmark indices ended largely unchanged on Thursday, July 16, as investor sentiment remained subdued amid weak global cues and rising geopolitical tensions between the US and Iran.
The BSE Sensex edged up by just 1 point to close at 77,186.87, while the NSE Nifty 50 slipped 6 points to settle at 24,072.75.
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Nifty 50
Nifty 50 ended the session at 24,072.75, slipping 5.75 points (-0.02%) after a choppy trading day. The index traded in a narrow range, touching an intraday high of 24,186.50 before profit booking in the second half pulled it down to 24,050.00. However, buying interest near lower levels helped the index recover most of the losses by the close, reflecting continued support around the 24,000 mark. Ongoing geopolitical tensions kept investors cautious, resulting in subdued market participation.
According to Sumeet Bagadia, Executive Director at Choice Broking, Nifty formed a small bodied candle within the previous day’s range, highlighting indecision near the current resistance zone while holding above its short-term moving average. Sector-wise, Media, Consumer Durables, Chemicals and IT outperformed, whereas Banking, Financial Services, Realty and PSU Banks witnessed mild weakness.
“The RSI remained stable at 52.15, while the MACD continued above the signal line, indicating a positive undertone despite slowing momentum. The PCR stood at 1.07, with 24,100–24,200 CE and 24,000–24,100 PE emerging as key OI zones. Immediate support is placed at 23,900–23,950, while 24,250–24,300 remains the crucial resistance,” said Bagadia.
Bank Nifty
Bank Nifty settled at 57,582.25, declining 175.60 points (-0.30%) in a choppy trading session. The index started the day on a slightly positive note but failed to sustain higher levels as selling emerged during the session. Although intraday weakness persisted, the index remained above its immediate support area and eventually closed near the middle of the day’s trading range, indicating a lack of strong directional momentum.
Bagadia noted that the index formed a small bearish candle, reflecting profit booking and a pause in the recent recovery.
“Despite the short-term softness, the index continues to trade above its important medium-term moving averages, keeping the broader structure constructive. Support is seen at 57,000–57,200, while 57,900–58,000 is expected to act as the immediate hurdle. Holding above support could encourage renewed buying interest, whereas a decisive breach may result in further corrective moves,” Bagadia added.
Sumeet Bagadia’s stocks to buy
Sumeet Bagadia recommends five breakout shares to buy on Friday, 17 July: Tanla Platforms, India Nippon Electricals, Apcotex Industries, Info Edge (India), and Venus Pipes and Tubes.
1] Tanla Platforms: Buy at ₹588, Target ₹635, Stop Loss ₹560
Tanla Platforms has registered a decisive breakout above its recent consolidation range above 570, indicating a revival in bullish momentum after months of corrective price action. The stock is now trading above its key EMAs, reflecting a strong improvement in both short and long-term trend structure. The latest bullish candle has emerged with a noticeable pickup in volumes, suggesting fresh accumulation at higher levels.
The moving averages have also aligned positively, reinforcing the strength of the ongoing uptrend. RSI has strengthened to around 66, highlighting improving momentum while still leaving room for further upside. A sustained move above support zone could trigger a rally towards ₹635 in the near term. On the downside, ₹560 remains a key support level and should be maintained as the stop-loss to protect against any short-term weakness.
2] India Nippon Electricals: Buy at ₹1206, Target ₹1300, Stop Loss ₹1150
India Nippon Electricals continues to exhibit a strong bullish structure, with the stock consistently forming higher highs and higher lows after a sharp breakout from its recent consolidation range above 1100. The price is firmly holding above all its key moving averages, confirming that buyers remain in control across both the short and long-term trend. The recent pullback from the intraday high has been shallow, indicating healthy profit booking rather than any sign of trend reversal.
The 20-day EMA is rising sharply and continues to provide dynamic support, while RSI remains above 73, reflecting sustained buying momentum. The breakout has also been accompanied by healthy volume expansion, reinforcing confidence in the ongoing uptrend. As long as the stock sustains above ₹1,150, the bullish bias remains intact, with ₹1,300 emerging as the next potential upside target.
3] Apcotex Industries: Buy at ₹542, Target ₹580, Stop Loss ₹516
Apcotex Industries has regained momentum after successfully absorbing profit booking near its recent highs, signalling that the broader uptrend remains firmly intact. The stock continues to trade above its key EMAs, reflecting a strong bullish setup with positive moving average alignment. The recent breakout above the ₹516 resistance zone has converted the earlier supply area into an immediate support, strengthening the overall price structure.
Momentum indicators remain constructive, with RSI holding above the 60 mark, suggesting sustained buying strength without entering an overextended zone. Volume activity has also remained supportive during the breakout, indicating fresh accumulation by market participants. As long as APCOTEXIND sustains above support zone, the positive bias is expected to continue, with the stock having the potential to advance towards the ₹580 target in the near term.
4] Info Edge (India): Buy at ₹1207, Target ₹1300, Stop Loss ₹1140
Info Edge (India) has confirmed a strong trend reversal after breaking above a prolonged consolidation range above 1070 levels and reclaiming its long-term moving averages. The stock is currently trading above the key EMAs, indicating a healthy shift in market structure with buyers regaining complete control. Following the sharp breakout, the stock has entered a narrow consolidation near its recent highs, which reflects strength rather than exhaustion.
The move has also been supported by a meaningful surge in trading volumes, signalling fresh accumulation at higher levels. RSI has strengthened to around 76, highlighting sustained bullish momentum despite the recent rally. A sustained close above ₹1,207 could trigger the next leg of the upmove towards ₹1,300. On the downside, ₹1,140 remains a key support level and should be maintained as the stop-loss.
5] Venus Pipes and Tubes: Buy at ₹1813, Target ₹1950, Stop Loss ₹1717
Venus Pipes and Tubes has maintained its bullish momentum by consistently respecting higher support levels, indicating that the prevailing uptrend remains healthy. The stock recently witnessed a strong rebound after a brief consolidation, suggesting that buyers are accumulating on every dip. Technically, the price continues to trade above its key EMAs, with all moving averages sloping higher, reflecting sustained trend strength.
The latest upmove has also been supported by an improvement in trading volumes, reinforcing the credibility of the breakout. RSI is holding near 65, highlighting positive momentum while still leaving room for additional upside. If the stock sustains above support zone, it could extend its rally towards ₹1,950. On the downside, ₹1,717 remains a critical support level and should be maintained as the stop-loss.
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.
