Buy or sell stocks: Frontline indices, the Sensex and the Nifty 50, extended their rally for a second straight session on Tuesday, February 17, supported by gains in select heavyweights such as ITC, Bharat Electronics Limited, and Infosys. The Sensex closed at 83,450.96, up 174 points, or 0.21%, while the Nifty 50 advanced 43 points, or 0.17%, to settle at 25,725.40.
Stock market today
Nifty Outlook
On Tuesday, the Nifty 50 traded with a mildly positive bias and witnessed intraday volatility but managed to hold above the 25,700 zone and closed at 25,725, indicating sustained buying interest on dips and gradual stabilisation after recent choppy sessions.
Sumeet Bagadia, Executive Director at Choice Broking, believes that Nifty’s inability to reclaim the 26,000 zone indicates that this band continues to act as a strong overhead resistance.
“The 25,550–25,600 range now emerges as an important near-term support area, where demand has been consistently visible during intraday declines. Sustaining above this zone keeps the short-term consolidation structure intact. On the immediate, for the next trading day upisde resistance is placed near 25,850–25,900. A sustained breakout and close above this band would be required to revive stronger upside momentum,” Bagadia said.
Bank Nifty Outlook
Bank Nifty outperformed the broader market on Tuesday and closed at 61,174, reflecting continued relative strength in banking and financial stocks. The index remained comfortably above the key 60,500 level, highlighting sustained institutional buying interest and resilience within the banking space despite intraday fluctuations.
On the technical outlook, Bagadia said, “Structurally, the 60,850–60,950 zone now acts as an important near-term demand and support area. The daily formation candlestick is now supported by steady price action and higher low formation. As long as Bank Nifty holds above this band, the short-term trend structure remains positive and supportive of further upside.”
Sumeet Bagadia’s stocks to buy
Regarding stocks to buy today, Sumeet Bagadia recommended these five breakout stocks: Godawari Power and Ispat Limited, Bharat Electronics, Canara Bank, Kirloskar Brothers, and Fertilisers And Chemicals Travancore.
1] Godawari Power and Ispat Limited: Buy at ₹273, Target ₹293, Stop Loss ₹263.
GPIL is trading near ₹273 and is showing strong strength after a breakout with a decisive bullish candle above the major resistance level of ₹268, suggesting the beginning of a fresh upward move and renewed buying interest. The stock is trading firmly above its 20-, 50-, and 200-day EMAs, confirming a strong broader bullish trend. Immediate support is placed near ₹268. The RSI stands at 60.53 and is rising, indicating improving momentum and strengthening trend continuation. Short-term traders may consider buying at current levels, with a stop loss at ₹263 and a target of ₹293, while maintaining prudent risk management.
2] Bharat Electronics: Buy at ₹446.85, Target ₹480, Stop Loss ₹431.
BEL is trading near ₹446 and has demonstrated strong sustainability after consolidating around its 20-day EMA for the past few sessions. The stock has now broken out from this consolidation, reflecting strengthening bullish momentum and renewed buying interest. If the stock takes a minor pullback toward ₹439, it would indicate a healthy retracement and a potential buying opportunity on dips. Short-term traders may consider buying at current levels, with a stop loss at ₹431 and a target of ₹480, while maintaining prudent risk management.
3] Canara Bank: Buy at ₹149.11, Target ₹160, Stop Loss ₹143.89.
Canara Bank is trading near ₹149.11 and has shown a bullish reversal from its swing low, indicating trend stabilization and emerging buying interest. The stock has recently broken out above its 50-day EMA with a strong bullish candle, reflecting improving sentiment and a shift toward positive momentum. Downside support is placed near ₹145, suggesting a strong demand zone and limited downside risk in the near term. Healthy volumes further validate the strength of the move. The RSI at 51.33 signals improving momentum and strengthening trend bias. Short-term traders may consider buying at current levels, with a stop loss at ₹143.89 and a target of ₹160, while maintaining prudent risk management.
4] Kirloskar Brothers: Buy at ₹1647.20, Target ₹1765, Stop Loss ₹1589.
Kirloskar Brothers is displaying early signs of a bullish reversal after recovering nearly 14% from its recent low, indicating strong accumulation and growing buying interest. The stock has decisively broken its falling trendline and is now forming a higher-high, higher-low structure, which suggests a shift in trend direction and the potential start of a fresh uptrend. It has also crossed above its 20-day and 50-day DEMAs and is now approaching the 200-day EMA, reflecting improving strength and positive structural momentum. The ₹1600 level is expected to act as a strong downside support. Short-term traders may consider buying near ₹1647, with a stop loss at ₹1589 and a target of ₹1765, while maintaining disciplined risk management.
5] Kirloskar Brothers: Buy at ₹810.30, Target ₹868, Stop Loss ₹781.
FACT is trading near ₹810.30 and is showing healthy consolidation around its 20-day EMA, suggesting the potential for a bullish breakout. The stock is taking firm support near the ₹775 level, reflecting strong demand and accumulation at lower levels, while immediate resistance is placed near ₹830. The RSI at 49.11 indicates neutral momentum with a positive bias, suggesting scope for a directional move on breakout. Short-term traders may consider initiating long positions at current levels, with a stop loss at ₹781 and an upside target of ₹868, while maintaining disciplined risk management.
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.
