Buy or sell stocks: The Indian stock market closed in the red on Tuesday, July 21, with benchmark indices, the Sensex and the Nifty 50, declining for a second straight session as mounting tensions in the Middle East and a rise in crude oil prices continued to dampen investor sentiment.
The Sensex fell 238 points, or 0.31%, to settle at 77,470.11, while the Nifty 50 slipped 51 points, or 0.21%, to close at 24,187.70.
Stock market today
Nifty 50
Nifty 50 opened at 24,216 on a weak note and fell to an intraday low of 24,135 during the first half of the session. Buying interest emerged near the previous day’s low, helping the benchmark recover steadily through the latter half of the session. The index eventually closed at 24,187 with -0.21%, trimming most of its intraday losses and reflecting resilience despite a lack of strong follow-through buying. Throughout the session, Nifty traded within a narrow range, indicating cautious participation and the absence of any strong directional trigger. Overall, the price action suggests that buyers continue to defend lower levels while traders remain selective amid mixed market sentiment.
According to Sumeet Bagadia, Executive Director at Choice Broking, Nifty has formed a small-bodied Doji-like candle, highlighting indecision after the recent recovery while indicating that buyers continue to defend lower levels and find strong support near the 100 EMA.
“The index remains within a consolidation phase, with price action suggesting that a decisive breakout on either side of the current range will determine the next directional move. As long as the index sustains above the immediate support zone of 24,050–24,100, the short-term undertone is likely to remain positive. On the upside, 24,300–24,350 will act as the immediate resistance zone, and a sustained move above this hurdle could trigger fresh buying momentum. Until then, the index is expected to remain within the 24,050–24,350 range, with the overall bias remaining Sideways to Bullish,” said Bagadia.
Bank Nifty
Bank Nifty opened at 57,853 and traded with a subdued tone throughout the session, reflecting continued consolidation. The index touched an intraday high of 58,228, while persistent selling pressure pushed it to an intraday low of 57,803 before stabilising. Selective buying during the latter part of the session helped the index recover modestly, allowing it to close at 57,835, down 0.19%. The narrow trading range highlighted a lack of aggressive participation from both buyers and sellers, suggesting that market participants remained cautious ahead of fresh triggers. Overall, the day’s price action reflected consolidation with a slightly negative undertone.
Bagadia noted that Bank Nifty formed a Gravestone Doji candle, signalling indecision and a pause in momentum after recent volatility. Despite the intraday weakness, the broader market structure remains stable, as the index continues to hold above its important support zone.
“Immediate support is placed at 57,450–57,500, while 58,200–58,250 remains the key resistance area. A sustained move above the resistance zone could revive bullish momentum, whereas a decisive break below support may invite fresh selling pressure. Until a breakout or breakdown occurs, Bank Nifty is expected to trade within the 57,450–58,250 range, with the overall bias remaining Sideways,” he added.
Sumeet Bagadia’s stocks to buy
Sumeet Bagadia recommends five breakout shares to buy on Wednesday, 22 July: Rain Industries, Chennai Petroleum Corporation, Balaji Amines, Cyient DLM, and INOX India.
1] Rain Industries: Buy at ₹223, Target ₹240, Stop Loss ₹210
Rain Industries is trading around 223, demonstrates strong momentum expansion on its daily chart, staging a fresh breakout past its recent swing high. The stock continues to reinforce its bullish structural framework, trading comfortably above its ascending 20, 50, 100, and 200-day exponential moving averages. Down on the indicator panel, the daily relative strength index has accelerated near 67, validating sharp buying velocity and clear buyer dominance over the tape with ample room to extend further. Backed by this robust continuation setup, the asset is technically well-aligned to press forward toward an upside target of 240. To manage risk effectively against sharp intraday pullbacks or sudden volatility, a strict stop loss must be maintained at 210.
2] Chennai Petroleum Corporation: Buy at ₹1258, Target ₹1350, Stop Loss ₹1195
Chennai Petroleum Corporation is currently trading at 1258, showcases strong momentum expansion on its daily chart, pushing aggressively toward its recent swing high to sustain its primary uptrend. The stock continues to reinforce its bullish structural framework, trading comfortably above its ascending 20, 50, 100, and 200-day exponential moving averages to signal strong buyer control over the tape. Down on the indicator panel, the daily relative strength index has accelerated near 62.86, confirming expanding upward velocity with plenty of headroom before reaching overextended territory. Backed by this robust continuation pattern, the asset is technically well-aligned to press forward toward an upside target of 1350. To protect the setup against sharp intraday pullbacks or sudden market volatility, a strict stop loss must be maintained at 1195.
3] Balaji Amines: Buy at ₹2366, Target ₹2525, Stop Loss ₹2230
Balaji Amines is currently trading at 2366, showcases strong momentum continuation on its daily chart, rebounding sharply off its short-term exponential moving average to resume its primary mark-up phase. The stock continues to demonstrate a robust structural profile, maintaining a healthy distance above its ascending 20, 50, 100, and 200-day exponential moving averages to highlight persistent buyer dominance over the tape. Down on the indicator panel, the daily relative strength index has turned upward near 60.57, confirming expanding buying velocity with ample headroom before reaching overextended territory. Backed by this constructive continuation setup, the asset is technically well-positioned to push forward toward an upside target of 2525. To protect the setup against sharp intraday pullbacks or sudden market volatility, a strict stop loss must be maintained at 2230.
4] Cyient DLM: Buy at ₹623, Target ₹670, Stop Loss ₹586
Cyient DLM is currently trading at 623, demonstrates an explosive momentum breakout on its daily chart, surging past prior high bands into a distinct high-velocity mark-up phase. The price action maintains an exceptionally strong structural profile, widening its vertical gap safely above the steeply ascending 20, 50, 100, and 200-day exponential moving averages to highlight aggressive institutional accumulation. Down on the indicator panel, the daily relative strength index has accelerated deeply into bullish momentum territory near 77.72, confirming fierce buying conviction and strong upward velocity. Backed by this robust trend continuation setup, the stock is technically well-aligned to push forward toward an upside target of 670. To protect against sharp profit-taking or sudden market mean-reversion pullbacks, a strict risk-management stop loss must be anchored at 586.
5] INOX India: Buy at ₹2093, Target ₹2250, Stop Loss ₹1965
INOX India is trading around 2093, showcases an explosive momentum breakout on its daily chart, surging past prior resistance bands to challenge its fresh swing highs. The price action maintains an exceptionally strong structural profile, preserving a wide cushion safely above its ascending 20, 50, 100, and 200-day exponential moving averages to highlight aggressive institutional accumulation. Down on the indicator panel, the daily relative strength index has accelerated near 64.25, confirming strong upward velocity and robust buying conviction with ample room to extend further. Backed by this convincing continuation setup, the stock is technically well-aligned to press forward toward an upside target of 2250. To manage risk effectively against sharp intraday pullbacks or sudden volatility, a strict stop loss must be maintained at 1965.
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.
