The Sensex ended at 83,450.96, rising 174 points, or 0.21%, while the Nifty 50 settled 43 points, or 0.17%, higher at 25,725.40. Broader markets also rose, with the BSE 150 MidCap Index up 0.31%, and the BSE 250 SmallCap Index climbing 0.86%.
Investors’ wealth rose by more than ₹1 trillion from previous day as total market capitalization of BSE-listed firms ticked up to ₹470 trillion.
Best stocks to buy today (All Buy trades are rates of Equity & Sell rates are based on F&O)
UNITDSPR: Buy above ₹1430, stop ₹1395 target ₹1530 (Multiday)
GPIL: Buy above ₹273, stop ₹262 target ₹290 (Multiday)
SHYAMMETL: Buy above ₹899, stop ₹875 target ₹970 (Multiday)
Stock market performance | 17 February
On 17 February, Indian equity benchmarks extended their gains for the second straight session, supported by strong buying in IT and PSU banking stocks. After a weak start, the market staged a sharp rebound, with the Sensex recovering over 600 points intraday before closing at 83,509, up 174 points (0.21%). The Nifty 50 settled at 25,725, higher by 42 points (0.17%), aided by fresh mid-session buying.
Sectoral performance was mixed: IT and PSU banks led the rally, while FMCG and private banks added steady support.
However, profit booking in metals and realty counters capped the upside. Broader markets outperformed the benchmarks, with the Nifty Midcap index rising 0.27% and the Smallcap index advancing 0.56%, reflecting broad-based investor interest. Overall, the session highlighted resilience in frontline indices and stronger momentum in mid- and small-cap segments, signalling continued optimism despite selective profit-taking.
Outlook for trading
Strong undercurrent on Wednesday helped the Nifty survive the volatility of the market and ensured that the rise sustained above critical support zones as the market was whipped around quite a bit. At the moment the global trends remain the key drivers of the sentiment. There really isn’t much by way of local news flow to contain the volatility induced.
A follow-through seen to the long body candle seen on Monday to close on the positive side ensured that the bullish vibes extended into the next day. Trading therefore was quite difficult thru the week and it would have been a wonder if one came out largely unscathed in the week. As one can see the Daily charts the prices have tread into strong supports and with the encouraging newsflow would look to seek help of at the current close and will need more tailwinds that can fuel more upside.
A sideways action has forced us to reconsider the trends as market still struggles to hold on to the higher levels seen at the start of the month. The supplies at higher level continues to test the confidence but the recovery that is emerging swiftly from lower levels is signalling that the recent highs will once again could be challenged. The attempts continue to emerge as the market tries to carve out a bullish possibility.
Nifty has managed to hold itself above the 25500 zone and has graduated above 25700 that has now opened door towards 25900 which acts as the next big hurdle as the immediate resistance for some bullish moves. With the Open Interest data clearly indicating a revival one should keep tracking a 30-minute range breakout on trading continues to be an important metric for creating some longs. One should keep looking at every dip as a buying opportunity.
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Overall, the PCR is steady holding above 1 and also with some steady Put writing at 25700 could now open doors to higher levels. Nifty now seeks to contest the next resistance around 25900 mark while Bank Nifty aims to clear 62000 as Options data are clearly favouring strong bullishness that can persist through the week.
Three stocks to trade, recommended by NeoTrader’s Raja Venkatraman:
United Spirits (current market price ₹1424) – Buy above ₹1430, stop ₹1395 target ₹1530 (Multiday)
- Why it’s recommended: United Spirits Ltd (UNITDSPR), a subsidiary of Diageo (54.8% stake), is India’s leading alcoholic beverage company and the world’s second-largest spirits company by volume. Post the sharp declines seen since last few months have been laid to rest a steady revival is indicating a strong recovery. On the Daily charts we also found a move beyond the cloud region getting formed leading to a sustained revival. With a push beyond the cloud region and a strong upside has emerged in the previous trading sessions. Buy.
- Key metrics:
- P/E: 60.38,
- 52-week high: ₹1644.90,
- Volume: 567.46K
- Technical analysis: Support at ₹1320, resistance at ₹1555.
- Risk factors: sudden policy changes, tax hikes, and potential advertising bans, entry of new global players.
- Buy : above ₹1430.
- Stop loss: ₹1395.
- Target price: ₹1530. (2 Months)
Godawari Power and Ispat (current market price ₹273) – Buy above ₹273, stop ₹262 target ₹290 (Multiday)
- Why it’s recommended: Godawari Power & Ispat Ltd (GPIL), part of the Hira Group based in Raipur, operating a vertically integrated model from captive iron ore mines to finished products with captive power generation. After some consolidation at the cloud region the last few sessions has been backed by volume and the strong thrust seen in the last two sessions are clearly indicating strong thrust post the numbers above the recent range is clearly indicating are not giving up. With sustained upmove being witnessed we can consider going long now.
- Key metrics:
- P/E: 43.56,
- 52-week high: ₹1939.30,
- Volume: 125.65M.
- Technical analysis: Support at ₹1880, resistance at ₹2200.
- Risk factors: Cyclical nature of the steel industry, large-scale capital expenditure (capex), and regulatory factors.
- Buy : above ₹273
- Stop loss: ₹262
- Target price: ₹290 (2 Months)
Shyam Metalics and Energy (current market price Rs 896.75) – Buy above ₹899, stop ₹875 target ₹970 (Multiday)
Why it’s recommended: Shyam Metalics and Energy Ltd (SMEL) is a leading Indian integrated metal producer headquartered in Kolkata, producing steel, ferro alloys, and aluminium products with a focus on long steel products, pellets, and sponge iron. The sharp descending momentum came to rest and is now showing a rebound after the strong Q3 numbers, we can look at the trends to show an upmove after a sharp drawdown reported a surprise Q3 revenue. The higher high higher low since last few weeks seems to be producing a sharp breakout above recent value area region with volumes. Go long.
Key metrics:
P/E Ratio: 49.89
52-week high: ₹1000.90
Volume: 106.70K
Technical analysis: Support at ₹833, resistance at ₹1050.
Risk factors: Subdued global demand, margin compression, and declining profitability, with recent quarters showing revenue degrowth.
Buy: Above ₹899.
Stop loss: ₹875.
Target price: ₹970.
Raja Venkatraman is co-founder, NeoTrader. His Sebi-registered research analyst registration no. is INH000016223.
Investments in securities are subject to market risks. Read all the related documents carefully before investing. Registration granted by Sebi and certification from NISM in no way guarantees performance of the intermediary or provide any assurance of returns to investors.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
