Buy or sell stocks: The Indian stock market remained rangebound for the fourth straight session on Thursday, August 13, as investors stayed cautious amid uncertainty surrounding a possible US-Iran agreement and the potential reopening of the Strait of Hormuz. Sentiment remained subdued despite a decline in crude oil prices, driven by expectations of weaker global demand this year.
The Sensex closed 114 points, or 0.15%, higher at 78,079.96, while the Nifty ended at 24,395.85, down 40 points, or 0.16%.
Stock market today
Nifty 50
Nifty ended the session at 24,395.85, down 40.10 points (-0.16%), after a volatile trading session. The index started on a firm footing and initially recovered towards 24,400–24,420, but profit-booking at higher levels led to a decline towards the day’s low of 24,311.40. Although buying emerged again from lower levels, the recovery remained limited, keeping the index in a narrow range towards the close.
“From a technical perspective, 24,150–24,200 remains the crucial support zone, while 24,500–24,550 continues to cap the upside. Sectoral performance was mixed, with Chemical, Realty and FMCG providing support, whereas Metal, Banking and Healthcare remained weak. A decisive move above 24,550 would improve the near-term setup, while a breach of 24,150 could revive selling pressure,” said Sumeet Bagadia, Executive Director at Choice Broking.
Bank Nifty
Bank Nifty extended its weakness and settled at 57,635.25, down 250.60 points (-0.43%), as selling pressure persisted across the banking segment. Both Private Bank and PSU Bank indices remained under pressure, weighing on the broader banking index. Despite the decline, Bank Nifty managed to sustain above its immediate support area, limiting the downside during the session.
“The 57,250–57,400 band remains an important support zone for the index, while 58,000–58,200 is positioned as the key resistance area on the upside. Holding above the support zone would keep the recovery possibility intact, while a sustained breakout above 58,200 would provide stronger confirmation of a positive reversal,” Bagadia said.
Sumeet Bagadia’s stocks to buy
Sumeet Bagadia recommends five breakout shares to buy on Friday, 14 August: Jana Small Finance Bank, GHCL Textiles, Authum Investment & Infrastructure, Knowledge Marine & Engineering Works, and Bharat Seats.
1] Jana Small Finance Bank: Buy at ₹571, Target ₹620, Stop Loss ₹543
JSFB is witnessing a strong continuation of its bullish trend, currently trading around ₹571 after gaining nearly 4.5% in the latest session. The stock has resumed its higher high–higher low formation, indicating sustained buying interest after a brief consolidation. Technically, JSFB is trading comfortably above its 20, 50, 100 and 200-day EMAs, reflecting a firmly established medium-term uptrend. The recent bullish candlestick near the 20-day EMA highlights strong demand emerging on every decline, making this zone a key support area. RSI is placed around 61, suggesting improving momentum without entering overbought territory.
As long as the stock sustains above ₹543, the bullish structure is expected to remain intact. A decisive move above the recent swing highs could drive the stock towards the ₹620 target, while healthy volumes will be crucial in confirming the breakout.
2] GHCL Textiles: Buy at ₹121.25, Target ₹131, Stop Loss ₹115.7
GHCL Textiles is maintaining a perfect higher high–higher low formation, highlighting sustained buying momentum and a healthy uptrend. The stock is currently trading around ₹121.25, supported by a strong 4.6% gain in the latest session. One of the key technical observations is that the stock has been consistently taking support near its 20-day EMA, bouncing back from this zone on every corrective move, making it an important demand area. It is also trading very close to its all-time high, indicating continued strength and the possibility of a fresh breakout.
The RSI has witnessed a positive crossover and is trading around 62, signalling improving momentum. As long as the stock remains above ₹115.7, the bullish trend is likely to continue. Sustaining above current levels could lead to an advance towards the ₹131 target, supported by healthy participation in volumes.
3] Authum Investment & Infrastructure: Buy at ₹579, Target ₹630, Stop Loss ₹547
AIIL is showing renewed buying strength after consolidating near its recent swing highs and is currently trading around ₹579, registering a gain of more than 4% in the latest session. The stock continues to trade above its 20, 50, 100 and 200-day EMAs, confirming that the broader trend remains firmly positive. Recent price action suggests that buyers are defending lower levels effectively, with the 20-day EMA acting as an important short-term support zone. Momentum indicators are gradually improving, while the latest bullish candlestick reflects fresh accumulation after a brief pullback.
As long as the stock sustains above the ₹547 stop-loss level, the current bullish structure is expected to remain intact. A sustained move above the recent swing high could trigger fresh upside momentum towards the ₹630 target. Rising volumes on advances would further strengthen the bullish outlook.
4] Knowledge Marine & Engineering Works: Buy at ₹2709, Target ₹2929, Stop Loss ₹2555
KMEW continues to exhibit a strong higher high–higher low formation, reaffirming the strength of its ongoing primary uptrend. The stock is currently trading around ₹2,710 after gaining over 4% and remains well positioned above all its key moving averages. It has been consistently finding support near the 20-day EMA, with every decline attracting fresh buying interest, making this level a significant demand zone. The stock is also trading very close to its all-time high, indicating that momentum remains firmly in favour of the bulls.
The RSI has registered a positive crossover and is trading around 66.73, reflecting strengthening price momentum without showing major signs of exhaustion. As long as ₹2,555 holds as support, the trend remains positive. A sustained breakout above recent highs could extend the rally towards the ₹2,929 target, backed by improving volume participation.
5] Bharat Seats: Buy at ₹245, Target ₹264, Stop Loss ₹231
Bharat Seats is displaying encouraging price action, currently trading around ₹245 after posting a gain of over 4% in the latest trading session. The stock has resumed its upward trajectory following a brief consolidation and is once again forming a higher high–higher low pattern, signalling continued buying interest. Technically, it is trading comfortably above its 20, 50, 100 and 200-day EMAs, confirming a strong bullish trend across multiple timeframes. The recent breakout above the consolidation range has been accompanied by improving momentum, while the RSI near 63 indicates healthy strength without entering overbought territory.
The ₹231 zone is expected to act as a crucial support and stop-loss level. If the stock sustains above current levels with supportive volumes, it has the potential to extend its rally towards the ₹264 target in the near term.
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.
