Buy or sell stocks: Benchmark equity indices, the Sensex and the Nifty 50, ended little changed on Monday, July 13, as gains in select heavyweight IT and banking stocks helped offset weakness elsewhere, even as crude oil prices stayed elevated amid rising geopolitical tensions in the Middle East.
The Sensex had plunged more than 700 points during the trading session before recovering all its losses to settle 47 points, or 0.06%, higher at 77,616.40. Meanwhile, the NSE Nifty 50 ended nearly unchanged, gaining just 4 points, or 0.02%, to close at 24,211.
Stock market today
Nifty 50
Nifty 50 ended almost flat at 24,211.00, up 4.10 points (+0.02%), after recovering sharply from an early gap-down opening of around 167 points. The index touched an intraday low of 24,000.20 before witnessing strong buying interest from the psychological 24,000 level. It gradually moved higher throughout the session, hit an intraday high of 24,259.80, and finally settled near 24,211. Intraday price action remained constructive, with buyers consistently absorbing declines, indicating a buy-on-dips approach.
According to Sumeet Bagadia, Executive Director at Choice Broking, Nifty formed a small-bodied bullish candle, reflecting resilience despite the weak opening. Immediate support is placed at 24,000–24,050, while 24,400–24,450 remains the key resistance zone. The RSI continues to hold above the 50 mark, indicating a positive bias, while the MACD remains above the signal line, suggesting the broader bullish momentum is still intact despite some moderation in strength.
“In the derivatives segment, the PCR stands at 1.10, indicating a mildly bullish undertone. Significant Call Open Interest is concentrated at 24,200–24,300, while notable Put Open Interest is seen at 24,000–24,100, reinforcing the immediate support zone,” said Bagadia.
Bank Nifty
Bank Nifty ended the session on a positive note, closing at 58,131.45, up 85.55 points (+0.15%). After witnessing a sharp gap-down opening of around 430 points, Bank Nifty attracted strong buying interest from lower levels, erasing most of the early losses. The index recovered from an intraday low of 57,492.05 to hit 58,219.90, before settling at 58,131.45, up 85.55 points (+0.15%). The formation of a strong recovery candle highlights buying at lower levels and reflects resilience despite the weak start.
Bagadia noted that the index continues to hold above the 50-Day and 200-Day EMA confluence along with the previous swing-high breakout zone, reinforcing the broader positive trend. Immediate support is placed at 57,400–57,500, while 58,900–59,000 remains the next resistance zone.
“The RSI has improved to 58.96, indicating strengthening momentum while remaining comfortably above the neutral 50 mark. As long as Bank Nifty holds above 57,400–57,500, the overall bias is expected to remain positive, with a sustained move above 59,000 likely to extend the ongoing uptrend,” said Bagadia.
Sumeet Bagadia’s stocks to buy
Sumeet Bagadia recommends five breakout shares to buy on Tuesday, 14 July: Welspun Living, PCBL Chemical, Tarsons Products, Saregama India, and Neogen Chemicals.
1] Welspun Living: Buy at ₹174, Target ₹188, Stop Loss ₹163.5
Welspun Living has resumed its primary uptrend after witnessing a strong bullish engulfing candle on the daily chart, reflecting aggressive buying interest at higher levels. The stock is currently trading to its fresh 52-week high, indicating sustained bullish momentum and strong market participation. Technically, it continues to maintain a higher high–higher low structure, which confirms that buyers remain firmly in control.
The stock is comfortably trading above its key EMAs, highlighting a well-established uptrend across all timeframes. RSI is placed at 66.57, suggesting healthy momentum without entering extreme overbought territory. As long as the stock holds above 163.5, the bullish structure remains intact. A sustained move above support zone could extend the rally towards the 188 mark over the coming sessions.
2] PCBL Chemical: Buy at ₹323.55, Target ₹350, Stop Loss ₹310
PCBL Chemical has shown a significant improvement in its technical structure after successfully holding its 50-day and 100-day EMA support during the previous week. In the latest trading session, the stock has decisively crossed above its 200-day EMA, indicating a potential shift from a medium-term consolidation phase into a fresh uptrend. Additionally, the 20-day EMA is on the verge of crossing above the 200-day EMA, which would further strengthen the bullish setup.
RSI is currently placed at 60.58, reflecting improving momentum and increasing buying strength. The stock is also trading above all its short-term moving averages, supporting the positive outlook. As long as 310 remains protected, the trend is expected to stay positive, while a sustained move above support zone could open the path towards the 350 target.
3] Tarsons Products: Buy at ₹316, Target ₹340, Stop Loss ₹300
Tarsons Products continues to exhibit a strong bullish structure with a consistent higher high–higher low formation on the daily timeframe, signalling sustained buying interest. The recent breakout above the important 300 resistance zone has confirmed a fresh swing high breakout, further strengthening the overall trend. Volumes have started improving alongside the price advance, indicating healthy participation from buyers during the breakout.
Technically, the stock is trading above all its key short-term moving averages, while the 100-day EMA is approaching a bullish crossover above the 200-day EMA, which would add further confirmation to the ongoing uptrend. Momentum indicators also remain supportive of higher prices. As long as the stock holds above 300, the bullish structure remains intact, with the potential to advance towards the 340 target in the near term.
4] Saregama India: Buy at ₹498, Target ₹840, Stop Loss ₹470
Saregama India continues to display strong price action by consistently sustaining above its 20-day EMA, highlighting continued buying interest on every minor decline. The stock has maintained a positive trend after a sharp breakout and is comfortably trading above all major moving averages, reflecting strength across multiple timeframes. A key bullish development is the successful crossover of the 100-day EMA above the 200-day EMA, indicating a strengthening long-term trend.
RSI is currently placed around 61.91 and has witnessed a positive crossover, suggesting improving momentum with scope for further upside. The immediate support and recommended stop-loss is placed at 470, which coincides with the 20-day EMA and recent swing support. A sustained move above support zone could pave the way for an extended rally towards the 840 target over the medium term.
5] Neogen Chemicals: Buy at ₹2150, Target ₹2323, Stop Loss ₹2040
Neogen Chemicals continues to remain one of the stronger charts, currently trading near its 52-week high, reflecting sustained institutional buying and strong bullish sentiment. The stock has maintained a well-defined higher high–higher low formation, confirming that the primary trend remains firmly positive. An important technical observation is that every decline towards the 20-day EMA has witnessed fresh accumulation, indicating that buyers are actively defending lower levels.
The stock is also trading comfortably above its key EMAs, reinforcing the overall bullish setup. Momentum remains healthy, while price action continues to respect the rising moving averages. As long as the stock sustains above the 2040 support zone, the positive structure is expected to remain intact, with the potential to move towards the 2323 target in the coming sessions.
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.
