Buy or sell stocks: Indian equity benchmarks, the Sensex and Nifty 50, fell sharply on Tuesday, September 8, extending their decline for the second straight trading session.
The Sensex dropped 555 points, or around 0.73%, to end at 75,577.58. Meanwhile, the NSE Nifty 50 declined 144 points, or 0.61%, to close at 23,635.10.
Stock market today
Nifty 50
Nifty 50 closed at 23,635.10, down 144.05 points (-0.61%), extending its decline for the second straight session. Persistent selling after the opening weakness pushed the index close to its intraday low, while elevated crude prices and renewed West Asia geopolitical concerns continued to keep sentiment subdued. With RSI at 30.88, momentum remains weak, although the index is nearing oversold territory.
“The 23,500–23,580 zone is the immediate support, and a sustained break below this area could open room for further downside. On the upside, 23,800–23,870 is the first hurdle, followed by 23,950–24,000 and the 50-Day EMA near 24,116. Overall, the short-term bias remains bearish, with any recovery likely to face selling pressure unless key resistance levels are reclaimed,” said Sumeet Bagadia, Executive Director at Choice Broking.
Bank Nifty
Bank Nifty closed at 56,777.55, down 310.75 points (-0.54%), continuing its weak trajectory amid pressure across private banks and financial stocks. The index remained below the previous close throughout most of the session and ended near the lower levels, keeping the near-term structure under pressure.
“The index is currently testing an important 200-Day EMA support around 56,720, making this zone crucial for the next move. Holding above this support could trigger a technical rebound, while a decisive break below it may accelerate the downside and weaken the broader trend. For now, the bias remains cautious to bearish, with recovery attempts likely to face resistance,” Bagadia added.
Sumeet Bagadia’s stocks to buy
Sumeet Bagadia recommends five breakout shares to buy on Wednesday, 9 September: Hindustan Copper, Arvind, CCL Products (India), HBL Engineering, and LIC Housing Finance.
1] Hindustan Copper: Buy at ₹533, Target ₹565, Stop Loss ₹519
HINDCOPPER has taken strong support from a rising trendline and witnessed a retracement towards the 100-day EMA, indicating buying interest emerging from the key support zone. The stock has also closed above its 20-day and 50-day EMAs, which signals improving short-term momentum and provides a positive setup for further upside. The ₹519 level remains an important technical cushion and stop-loss zone to monitor on any pullback.
Momentum is also turning supportive, with RSI positioned around 51.24, indicating a recovery in buying momentum while remaining away from overbought territory. Sustained trading above ₹533 could support further upside towards the ₹565 target, while ₹519 remains the crucial stop-loss level.
2] Arvind: Buy at ₹581, Target ₹625, Stop Loss ₹555
ARVIND has delivered a strong range breakout, indicating a fresh upward move after consolidating within a defined trading range. Following the breakout, the stock witnessed a healthy retracement towards the 20-day EMA and found buying support around this key short-term moving average. The stock has subsequently recovered strongly and closed near the higher levels of the day, indicating renewed buying interest and improving price strength. The ability to sustain above the breakout zone and 20-day EMA would be important for maintaining the positive short-term structure.
The overall momentum setup remains favourable, with RSI currently positioned around 62.07, reflecting healthy bullish momentum without entering the overbought zone. A sustained move above ₹581 could strengthen the breakout and open the path towards the ₹625 target. On the downside, ₹555 remains the crucial stop-loss and key support level, while any dips towards the breakout and 20-day EMA zone may attract fresh buying interest.
3] CCL Products (India): Buy at ₹1131, Target ₹1210, Stop Loss ₹1086
CCL is building a strong base near the lower trendline of a well-defined channel pattern, indicating sustained buying interest around this key support zone. The stock has managed to hold the lower boundary of the channel and is currently trading above all its key moving averages, reflecting a healthy underlying trend. This combination of trendline support and a positive moving-average setup provides a supportive technical backdrop for a potential upward move. Sustained price action above the channel’s lower trendline would be important for maintaining the positive structure.
Momentum is also gradually improving, with RSI currently positioned around 52.97, indicating a positive momentum setup while remaining comfortably away from the overbought zone. If CCL sustains above ₹1,131 and continues to hold the lower trendline support, the stock could move towards the ₹1,210 target. ₹1,086 remains the crucial stop-loss and key downside support level.
4] HBL Engineering: Buy at ₹731, Target ₹790, Stop Loss ₹698
HBLENGINE is showing the early signs of a strong bullish momentum phase, with the stock taking firm support near the 50-day EMA and witnessing a sharp improvement in buying interest. The recent price action has been accompanied by good volume expansion, adding further confirmation to the strength of the recovery and indicating increased participation from buyers. The stock is also trading above its key moving averages, which provides a supportive technical backdrop and suggests that the broader trend is gradually shifting in favour of the bulls. Sustaining above the 50-day EMA will be important for maintaining this positive structure and supporting further upside.
The momentum indicators are also reflecting a healthy setup, with RSI currently positioned around 61.05, indicating strong bullish momentum while remaining below the overbought zone. A sustained move above ₹731 could strengthen the ongoing momentum and open the path towards the ₹790 target. On the downside, ₹698 remains the crucial stop-loss and key support level, while the 50-day EMA is likely to continue providing support on any short-term pullback.
5] LIC Housing Finance: Buy at ₹563, Target ₹600, Stop Loss ₹545
LICHSGFIN is showing a positive technical setup after taking a good retracement towards the trendline support of a descending channel pattern on the daily chart. The stock has found buying interest near this important support zone, indicating that the retracement may be providing a favourable risk-reward opportunity for a recovery. A sustained move from the lower channel trendline could strengthen the short-term structure and support a gradual shift in momentum in favour of the bulls. RSI is currently positioned around 66.46, reflecting strong buying momentum while still remaining below the overbought threshold.
With momentum improving from the channel support zone, sustained strength above ₹563 could support an upside move towards the ₹600 target. The ₹545 level remains the crucial stop-loss and key downside support, while holding above the descending channel trendline would be important for maintaining the positive setup.
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.
