Stocks to buy: Indian equities staged a sharp recovery in the final hour of Thursday’s session on September 10, as buying in select financial heavyweights helped the benchmark indices break their three-session losing streak.
The Nifty 50 ended 0.20% higher at 23,477, while the S&P BSE Sensex gained 0.19% to close at 74,902. However, the broader market remained under pressure, with the Nifty Midcap 100 and Nifty Smallcap 100 indices declining 0.38% and 0.07%, respectively.
Stock market today
Nifty 50
Nifty ended the session at 23,477.80, gaining 46.30 points (+0.20%), despite starting on a weaker note and spending most of the day in a narrow range. The index slipped to an intraday low of 23,380.10 and struggled to build momentum during regular trading hours. However, a sharp recovery during the Closing Auction Session (CAS) lifted the index from the day’s low and helped it finish in positive territory, while also creating a notable late-session swing.
“Despite the positive close, the broader technical structure remains weak, with Nifty trading below its key moving averages and having slipped below the rising trendline on the daily chart. RSI at 28.94 versus its average of 39.97 highlights weak momentum and an oversold condition. India VIX at 11.7950 eased, while PCR at 1.00 suggests a balanced options setup. Call OI is concentrated around 23,400–23,500, while Put OI is visible around 23,500–23,300. A sustained recovery above key moving-average resistance, along with stabilization near current levels, would be required for a meaningful trend reversal,” said Sumeet Bagadia, Executive Director at Choice Broking.
Bank Nifty
Bank Nifty also witnessed a subdued session, opening lower and remaining under pressure for most of the trading day. The index declined to an intraday low of 56,231.85, but a sharp recovery during the Closing Auction Session helped it regain ground and close at 56,471.95, up around 176.40 points (+0.31%). The late recovery provided some relief, although the index continues to trade below the 200-Day EMA, keeping the broader technical setup cautious.
“Momentum remains relatively weak, with RSI at 38.83, still below the midpoint despite the positive closing. The index would need a sustained move above key moving-average resistance to establish a stronger recovery. On the downside, 56,000–56,100 remains the important support zone, while 56,600–56,750 will act as the immediate resistance. Until the resistance band is decisively crossed, the near-term structure is likely to remain cautious,” Bagadia added.
Sumeet Bagadia’s stocks to buy
Sumeet Bagadia recommends five breakout shares to buy on Friday, 11 September: Blue Star, Redington, Manappuram Finance, Clean Science and Technology, and Atul.
1] Blue Star: Buy at ₹1514, Target ₹1620, Stop Loss ₹1461
BLUESTARCO is trading around 1514, is indicating a technical pullback on the daily chart after forming a base near its recent swing low around 1432 and producing a solid bullish rebound candle. The price action has reclaimed its immediate 20 EMA and is attempting to push toward overhead resistance represented by the 50, 100, and 200 EMAs. Meanwhile, the RSI (14) has curled upward to 49.80, crossing decisively above its signal line from near-oversold territory to reflect reviving momentum and initial accumulation by buyers. With downside risk defined at recent support, a corrective rally toward higher resistance levels looks probable. Maintain a stop loss at 1461 for a target of 1620.
2] Redington: Buy at ₹392, Target ₹420, Stop Loss ₹378
REDINGTON is currently trading at 392, registered a decisive breakout to new intermediate highs on the daily chart, extending its well-defined series of higher highs and higher lows. The stock is comfortably trading above its key exponential moving averages—the 20, 50, 100, and 200 EMAs—which are positively stacked to confirm an underlying uptrend and provide firm structural support. Concurrently, the RSI (14) has surged to 70.43, holding well above its signal line to reflect expanding upside momentum and robust buyer accumulation. Supported by healthy trading volumes, further trend continuation remains likely. Maintain a stop loss at 378 for a target of 420.
3] Manappuram Finance: Buy at ₹331, Target ₹355, Stop Loss ₹320
MANAPPURAM is currently trading at 331, staging a technical rebound on the daily chart after bouncing from its intermediate demand zone near the 320 mark. The stock has reclaimed the 100 EMA and is comfortably trading above its key exponential moving averages—the 20, 50, 100, and 200 EMAs—which are positively stacked to confirm an underlying uptrend and provide firm structural support. Concurrently, the RSI (14) has curled upward to 41.58, attempting a bullish crossover against its signal line from near-oversold territory to reflect reviving buying interest. With the reversal setup intact, further upside continuation remains likely. Maintain a stop loss at 320 for a target of 355.
4] Clean Science and Technology: Buy at ₹848, Target ₹908, Stop Loss ₹818
CLEAN is currently trading at 848, showing steady signs of a trend reversal on the daily chart after breaking out of an extended multi-month accumulation base. The price action has pushed firmly above its short- to medium-term 20, 50, and 100 EMAs, making a decisive attempt to conquer the long-term 200 EMA overhead. Meanwhile, the RSI (14) is holding constructively at 58.50, reflecting building buying momentum and stabilizing sentiment above the midline. With the bottoming pattern favoring continued upside traction, maintain a stop loss at 818 for a potential target of 908.
5] Atul: Buy at ₹6356, Target ₹6800, Stop Loss ₹6133
ATUL is trading around 6356, displaying signs of a technical rebound on the daily timeframe after defending its key demand zone near 6200. The price action is attempting to reclaim its key exponential moving averages—the 20, 50, 100, and 200 EMAs—which are clustered closely together, indicating a tight volatility contraction and potential mean reversion setup. The RSI (14) has curled upward to 42.73, crossing above its signal line from oversold territory to reflect emerging buying interest and positive divergence. With downside risk contained around support, a pullback toward higher resistance levels looks probable. Maintain a stop loss at 6133 for a target of 6800.
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.
