Here are three stocks to buy or sell as recommended by Raja Venkatraman of NeoTrader for Wednesday, 16 July.
FORTIS (Cmp 799.25)
FORTIS: Buy above 800 and dips to ₹780, stop ₹770 target ₹865-880
Why it’s recommended: Fortis Healthcare is experiencing several positive trends, in the form of strong core hospital business growth, margin expansion, and a rebound in diagnostic business performance. With a strong thrust above the cloud the prices are hinting at some possible upside in the counter. After facing some resistance around 325 region the prices are steadily heading higher. Post surpassing this level the rise in momentum supported by steady volumes are highlighting possibility of more upward traction.
Key metrics:
P/E: 947.98,
52-week high: ₹813,
Volume: 2.21M.
Technical analysis: Support at ₹275, resistance at ₹500.
Risk factors: Market volatility and sector-wide fluctuations in geopolitical news could impact returns.
Buy at: CMP and dips to ₹780.
Target price: ₹865-880 in 1 month.
Stop loss: ₹770.
GREAVESCOT (Cmp 212.48)
GREAVESCOT: Buy CMP and dips to ₹201, stop ₹195 target ₹225-240
Why it’s recommended: Greaves Cotton, a diversified engineering company in India, is experiencing several tailwinds across its business segments, especially in the context of India’s economic growth and the burgeoning electric vehicle market. As momentum remains strong with robust volume lead breakout after a phase of consolidation shows signs of bottoming out. Consider going long at current levels and also on dips.
Key metrics:
P/E: 26.61,
52-week high: ₹319.50
Volume: 5.03M.
Technical analysis: Support at ₹185, resistance at ₹250.
Risk factors: Highly cyclical industry, leading to unpredictable earnings and cash flows.
Buy at: CMP and dips to ₹201.
Target price: ₹225-240 in 1 month.
Stop loss: ₹195.
MAHABANK (Cmp 57.17)
MAHABANK: Buy above 58 and dips to ₹52.50, stop ₹50 target ₹63-65
Why it’s recommended: The stock has been on a steady upward bounce and every dip that it had been undergoing some steady consolidation since last 8 days until this July when prices started bottoming out. On back of robust results the strong upmove seen in the prices are signalling possibility of more upward traction. Consider a long opportunity.
Key metrics:
P/E: 7.97,
52-week high: ₹70.75
Volume: 27.38M.
Technical analysis: Support at ₹45, resistance at ₹80.
Risk factors: Sluggish growth, negative quarterly results, and reduced institutional investor participation.
Buy at: above 58 and dips to ₹52.50.
Target price: ₹63-65 in 1 month.
Stop loss: ₹50.
Stock market today
After four straight red sessions, Indian benchmarks finally caught a bid on July 15, with Nifty closing around 25,200. The trigger: June’s retail inflation cooled to 2.1 percent—its lowest in 77 months—fueling fresh buying. Eyes now shift to the reaction to the US CPI print for the next directional cue.
The day opened flat, but bulls seized momentum midmorning, driving Nifty toward intraday resistance near 25,250. Sector wide accumulation powered gains, lifting Sensex by 317 points (0.39%) to 82,571 and Nifty by 113.5 points (0.45%) to 25,196 at the close.
All major sectors ended in the green. Pharma, autos, media, PSU banks, consumer durables, and realty stocks rallied 0.5–1%. Meanwhile, BSE Midcap and Smallcap indices extended the bounce, climbing nearly 1% for a second straight day. Overall, the market looks primed for a breakout—provided the US CPI doesn’t spook bulls. Short-term traders will watch support at 25,100 and resistance at 25,300 closely.
Outlook for trading
After some fast-paced decline triggered by the geopolitical tensions the market tested our patience on Tuesday but did not give up the lower levels. The revival seen on Tuesday has clearly confirmed after the last few days the Nifty managed to hold on and did not give up, as the overall sentiment continues to favour the buyers. In the last report we had mentioned “From the charts above we can see that the trends are down into some strong set of supports yet again.”
As we can note on the charts the markets moved very much in line to head lower as the trends could not muster enough momentum. One the charts we note that the KS line has been held and potential to move higher has now opened.
Taking some cues from the Option data, we can add that the higher levels around 24800 that had steady Call writers have now moved to 25500 and the lower side remains open with some meaningful Put writing at 25000 highlighting that if the selling steps up there is some OI to absorb the negative bias.
The trend that is emerging clearly suggests that the dips seen until last week managed to hold the support zone and the gap down opening was covered to ensure that the prices traded above the range area that developed in the last few days. Hence , one should track the trends that are in progress as upmove needs to hold their positive reaction from 25000 (Nifty Spot)to renew the bullish bias. Momentums on intraday charts are indicating that the prices after revival seems to be biding some time to decide on the next course of. With the gradual and hesitant rise emerging from lower levels we can expect the rise to test our patience.
For undertaking shorts, we need to see Nifty move above 25000 which is the immediate support as per the Open Interest data. If we witness a 30-minute range breakout on Wednesday we can consider to trade on either side as the trends still remain tentative where we expect some resistances to kick in.
While the trends in the indices are still unclear there is plenty of action as far as the stocks are concerned.
Raja Venkatraman is the co-founder of 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.
