Buy or sell stocks: The Indian stock market remained under pressure on Wednesday, September 9, as intensifying tensions in the Middle East drove oil prices to a six-week high, raising concerns over a renewed rise in global inflation.
Extending its decline for the third consecutive session, the Nifty fell 0.86% to close at a three-month low of 23,431. The Sensex also slipped 1.08% to end the session at 74,764.
Stock market today
Nifty 50
Nifty 50 closed at 23,431.50, down 203.60 points (-0.86%), extending its decline after another gap-down start. Although the index attempted a recovery toward 23,571.55, selling resumed in the second half and dragged it to a fresh low at the close. The break below the 23,500 mark and rising trendline keeps the short-term setup firmly under pressure, while oversold RSI leaves room for a technical bounce.
“The immediate support is placed at 23,300–23,360, with a breach potentially opening further downside. On the higher side, 23,570–23,650 is likely to cap recovery attempts, followed by the broader resistance zone near 23,800. With India VIX rising to 11.92 and Call OI concentrated at higher strikes, the near-term bias remains bearish, though oversold conditions could trigger intermittent rebounds,” said Sumeet Bagadia, Executive Director at Choice Broking.
Bank Nifty
Bank Nifty ended at 56,295.55, down 482.00 points (-0.85%), as sustained selling kept the index near the lower end of the session. The breach of its rising trendline and key moving-average supports has further weakened the technical structure, while the index is now trading below the 200-Day EMA, signalling increased downside risk.
“The 56,000–56,100 zone is the immediate support to watch, and a decisive break could intensify selling pressure. Any recovery is likely to encounter resistance around 56,600–56,750, with sustained strength above this zone needed to improve the setup. Given the weak price action and oversold momentum, the near-term bias remains cautious to bearish,” Bagadia added.
Sumeet Bagadia’s stocks to buy
Sumeet Bagadia recommends five breakout shares to buy on Thursday, 10 September: One 97 Communications, Global Health, Adani Power, JSW Infrastructure, and Aditya Birla Sun Life Amc.
1] One 97 Communications: Buy at ₹1751, Target ₹1875, Stop Loss ₹1690
PAYTM is trading around 1751, has initiated a strong bullish continuation move on its daily timeframe, to test fresh highs with an expansion in daily volume (8.25M). The price action is trending firmly above all key exponential moving averages (20, 50, 100, and 200 EMAs) maintaining a solid structural alignment in its primary uptrend after rebounding off 20-day EMA support. Meanwhile, the daily RSI indicator has crossed upward into positive territory at 68.43, signaling sustained buying momentum with ample headroom for further extension. Supported by this favorable trend continuation, the stock is positioned to move toward its target of 1875. To protect against potential downside risk and intra-session pullbacks, a strict stop loss is placed at 1690.
2] Global Health (Medanta): Buy at ₹1480, Target ₹1585, Stop Loss ₹1428
MEDANTA is currently trading at 1480, is showing solid strength on the daily chart after bouncing cleanly off its 20 EMA at 1439.8 with a +3.63% gain. The stock remains in a healthy uptrend, trading well above its 20, 50, 100, and 200 EMAs, which shows buyers are still in control of the broader move. The daily RSI has turned up to 57.34, confirming positive momentum without being stretched. From here, the setup looks good for a push toward 1585, while a stop loss at 1428 keeps downside risk capped if the market turns.
3] Adani Power: Buy at ₹215, Target ₹230, Stop Loss ₹207
ADANIPOWER is currently trading at 215, signalling a constructive reversal on the daily chart after establishing a solid accumulation floor around the 200 level and reclaiming key hurdle zones. 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 advanced to 57.19, crossing decisively above its signal line and the 50 mark to reflect expanding upward momentum and active buyer participation. Given this positive rebound setup, further upside continuation remains likely. Maintain a stop loss at 330 for a target of 365.
4] JSW Infrastructure: Buy at ₹341.4, Target ₹365, Stop Loss ₹330
JSWINFRA is currently trading at 341.4, has shown a constructive rebound from its short-term base on the daily chart, resuming its upward trajectory with a strong bullish candle. The stock is comfortably trading above its key exponential moving averages—the 20, 50, 100, and 200 EMAs—which remain positively stacked to confirm an underlying uptrend and provide firm structural support. Concurrently, the RSI (14) has advanced to 56.54, crossing above its signal line to indicate improving momentum and steady accumulation by buyers. Supported by this favourable trend continuation setup, further upside looks likely. Maintain a stop loss at 330 for a target of 365.
5] Aditya Birla Sun Life Amc: Buy at ₹1066, Target ₹1140, Stop Loss ₹1030
ABSLAMC is trading around 1066, has confirmed a breakout from a tight multi-week base on the daily timeframe, printing a strong green candle to clear immediate overhead resistance. The price action is comfortably trading above its key exponential moving averages—the 20, 50, 100, and 200 EMAs—which remain positively stacked to confirm an underlying uptrend and provide firm structural support. Concurrently, the RSI (14) has advanced to 57.38, crossing decisively above its signal line and the 50 level to reflect expanding upward momentum. With the technical structure favouring a bullish continuation, further upside remains likely. Maintain a stop loss at 1030 for a target of 1140.
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.
