Buy or sell stocks: The Indian stock market extended its losing streak to a second straight session on Wednesday, August 12, with the benchmark indices, Sensex and Nifty 50, experiencing significant intraday volatility.
Both indices fell nearly 1% at their session lows before recovering most of their losses to close marginally lower. The 30-share BSE Sensex ended 188 points, or 0.24%, down at 77,966.35, while the NSE Nifty 50 settled at 24,435.95, declining 36 points, or 0.15%.
Stock market today
Nifty 50
Nifty 50 closed at 24,435.95, down 35.75 points (-0.15%), after witnessing selling pressure during the first half of the session. The index declined to an intraday low of 24,265.25, but witnessed a recovery in the later half and managed to regain the 24,400 mark. RSI at 54.81 continues to indicate a positive undertone, while 24,200–24,250 remains the key support zone and 24,500–24,550 the immediate resistance.
“From the derivatives perspective, PCR at 1.01 indicates a balanced setup, while India VIX declined 1.62% to 11.6625, reflecting contained volatility. Significant Call OI is placed around 24,500–24,600, whereas Put OI is concentrated around 24,400–24,300. Nifty holding above 24,400 keeps the recovery structure intact, with a sustained move above 24,500–24,550 required for further upside,” said Sumeet Bagadia, Executive Director at Choice Broking.
Bank Nifty
Bank Nifty remained the stronger performer and settled at 57,885.85, gaining 439.60 points (+0.77%). The index picked up momentum as the session progressed, with buying emerging strongly in the second half. Supportive performance from private banking stocks aided the recovery, while Bank Nifty continues to trade above key short-term moving averages. RSI at 54.25 further supports the improving technical setup.
“On the downside, 57,250–57,400 continues to be the crucial support range, which needs to hold to maintain the positive structure. The index is now nearing the 58,200–58,500 resistance band, and a decisive breakout above this zone would provide fresh upward momentum. Until then, the bias remains positive with buying interest expected around key support levels,” he added.
Sumeet Bagadia’s stocks to buy
Sumeet Bagadia recommends five breakout shares to buy on Thursday, 13 August: Berger Paints India, Electronics Mart India, Indo Borax and Chemicals, KRN Heat Exchanger and Refrigeration, and HFCL.
1] Berger Paints India: Buy at ₹558, Target ₹600, Stop Loss ₹533
BERGEPAINT is showing renewed strength after a sustained recovery from its recent corrective phase and is currently trading around ₹558. The stock continues to maintain a healthy higher high–higher low formation, reflecting improving bullish momentum. In the latest trading session, it formed a strong bullish candlestick and gained nearly 4.5%, indicating fresh buying interest at higher levels. Technically, the stock is trading above all its key moving averages, while the recent crossover of the 100-day EMA above the 200-day EMA adds further confirmation of a medium-term trend reversal.
RSI has also witnessed a positive momentum pickup and is trading around 67.08, supporting the ongoing uptrend. The ₹533 zone is expected to act as a crucial support and should be maintained as the stop-loss level. If BERGEPAINT sustains above ₹558, it could extend its rally towards ₹600, with improving volumes likely to validate the breakout.
2] Electronics Mart India: Buy at ₹193.6, Target ₹210, Stop Loss ₹183
EMIL has witnessed a strong breakout after several weeks of consolidation and is currently trading around ₹193.60 with exceptional momentum. The stock has delivered a sharp bullish move backed by significantly higher trading volumes, indicating aggressive institutional participation. Technically, EMIL is comfortably trading above its 20-day, 50-day, 100-day and 200-day EMAs, confirming a well-established bullish trend across all timeframes. The recent breakout above the previous resistance zone near ₹168 further strengthens the positive outlook and suggests continuation of the ongoing uptrend.
Momentum indicators remain firmly supportive, reflecting sustained buying interest despite the recent rally. On the downside, ₹183 is expected to act as an immediate support and should be maintained as the stop-loss level. As long as the stock sustains above the breakout zone, it has the potential to rally towards the ₹210 mark in the near term.
3] Indo Borax and Chemicals: Buy at ₹449, Target ₹490, Stop Loss ₹425
INDOBORAX continues to trade with a strong bullish bias after reclaiming higher levels from its recent corrective phase and is currently trading around ₹449. The stock has resumed its higher high–higher low formation, reflecting sustained buying interest and improving trend strength. Technically, it is comfortably trading above its 20-day, 50-day, 100-day and 200-day EMAs, highlighting a firmly established medium-term uptrend. After witnessing a healthy pullback, the stock has again attracted fresh buying near its short-term moving averages, indicating that dips are being accumulated.
Momentum remains positive, while the recent recovery towards previous swing highs suggests further upside potential. The ₹425 level is expected to provide strong support and should be considered as the stop-loss point. If INDOBORAX sustains above ₹449, it may extend its upward move towards the ₹490 target in the coming sessions.
4] KRN Heat Exchanger and Refrigeration: Buy at ₹1332, Target ₹1414, Stop Loss ₹1260
KRN continues to exhibit a strong bullish structure after successfully resuming its upward journey from the recent consolidation phase. The stock is currently trading around ₹1,332 and remains firmly above all its key moving averages, indicating sustained strength in the prevailing trend. The recent breakout above the ₹1,300 resistance zone has been supported by improving price action, while the 20-day & 50-day EMA continues to provide immediate support during minor pullbacks. The overall chart pattern reflects a healthy higher high–higher low formation, suggesting that buyers continue to dominate at higher levels.
Momentum indicators have also improved, signalling the possibility of further upside in the near term. On the downside, ₹1,260 is likely to act as a strong support and should be maintained as the stop-loss level. A sustained move above current levels could propel KRN towards the ₹1,414 target.
5] HFCL: Buy at ₹221.5, Target ₹240, Stop Loss ₹209
HFCL is maintaining a strong uptrend after witnessing a sharp breakout in recent months and is currently trading around ₹221.50. The stock continues to form a higher high–higher low structure, reflecting sustained buying momentum and a healthy bullish trend. Technically, it is trading comfortably above its 20-day, 50-day, 100-day and 200-day EMAs, confirming strength across all major timeframes. Following a brief consolidation near ₹200, the stock has once again attracted fresh buying interest and resumed its upward move, with the 20-day EMA acting as a reliable dynamic support.
Momentum remains positive, suggesting that the broader trend is intact despite intermittent profit booking. The ₹209 level serves as an important support and should be maintained as the stop-loss point. If HFCL sustains above current levels, it could gradually extend its rally towards the ₹240 target.
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.
