Buy or sell stocks: Market indices, the Sensex and Nifty 50, closed lower on Friday, 14 August, ending their two-week winning run. Investor sentiment remained subdued amid uncertainty surrounding a potential US-Iran peace agreement, fluctuations in crude oil prices, rising bond yields, and concerns over a possible resurgence in inflation.
The Sensex fell 71 points, or 0.09%, to settle at 78,009.25, while the Nifty 50 declined 30 points, or 0.12%, to close at 24,366. Mid- and small-cap stocks witnessed sharper declines, with the Nifty Midcap 100 index falling 0.53% and the Nifty Smallcap 100 index losing 0.69%.
On a weekly basis, the Sensex shed 490 points, or 0.62%, while the Nifty 50 declined 205 points, or 0.83%. In contrast, the Nifty Midcap 100 gained 0.50% during the week, whereas the Nifty Smallcap 100 slipped 0.65%.
Stock market today
Nifty 50
Nifty 50 ended the session at 24,366, down 29.85 points (-0.12%), after opening at 24,361.90, while touching an intraday high of 24,405.20 and a low of 24,296.80. The index experienced a range-bound yet volatile session, with price action oscillating within a narrow band and lacking sustained directional momentum. Buying interest emerged near the lower levels, while the index faced selling pressure around the higher end of the intraday range. The daily candle formed a bullish Doji, reflecting indecisiveness between buyers and sellers. Technically, Nifty closed marginally below its 200-day EMA, indicating resistance from the long-term moving average, while the RSI at 52.21 points towards a neutral momentum setup. India VIX eased to 11.30, while PCR stood at 1.00, indicating a balanced market undertone. Sector-wise, Media, Consumer Durables and IT Services were among the stronger performers, whereas Financial Services, Pharma and Financial Services-related sectors remained under pressure.
According to Sumeet Bagadia, Executive Director at Choice Broking, Nifty continues to maintain a Sideways bias, with the index likely to remain range-bound until a decisive breakout occurs on either side.
“Immediate support is placed at 24,200–24,250, while 24,500–24,550 remains the key resistance zone. A sustained move above the resistance could strengthen buying momentum and open the door for further upside, whereas a break below support may intensify corrective pressure. The expected trading range for the next session is 24,200–24,550,” said Bagadia.
Bank Nifty
Bank Nifty ended the session on a weak note, closing at 57,491.10, down 144.10 points (-0.25%) after opening at 57,589, with an intraday high of 57,681.45 and low of 57,380.45. The index remained volatile during the session, with early weakness followed by a recovery attempt in the second half, but selling pressure resurfaced towards the close. The daily chart formed a bearish red candle and closed below the 20-Day EMA, indicating some deterioration in the short-term setup. The 5-minute chart also reflected profit booking from the higher levels, keeping the intraday structure cautious.
Bagadia noted that the index is likely to maintain a Sideways bias unless a decisive breakout occurs from the broader trading zone.
“Immediate support is placed at 57,000–57,200, while 57,700–58,000 remains the key resistance area. Sustained strength above 58,000 could improve the momentum and open the way for further upside, whereas a break below 57,000 may intensify selling pressure. The expected trading range for the next session is 57,000–58,000,” he said.
Sumeet Bagadia’s stocks to buy
Sumeet Bagadia recommends five breakout shares to buy on Monday, 17 August: SJS Enterprises, Honasa Consumer, Suven Life Sciences, Sumitomo Chemical India, and Asahi India Glass.
1] SJS Enterprises: Buy at ₹2532, Target ₹2750, Stop Loss ₹2380
SJS Enterprises is witnessing a strong uptrend and is currently trading around ₹2532 after registering a fresh breakout near its lifetime high zone. The stock continues to maintain a perfect higher high–higher low formation, highlighting sustained buying interest and a healthy bullish structure. Technically, the stock has consistently taken support from its 20-day EMA, which has acted as a strong demand zone on multiple occasions, resulting in sharp rebounds and continuation of the prevailing trend. The 20-day EMA remains the key level to watch for trend sustainability.
Momentum indicators also remain supportive, with the RSI witnessing a positive crossover and trading around 65.49, indicating strengthening bullish momentum. A sustained move above current levels can trigger fresh buying interest and extend the rally towards ₹2750. On the downside, ₹2380 remains a crucial support and should be maintained as the stop-loss.
2] Honasa Consumer: Buy at ₹503, Target ₹550, Stop Loss ₹466
Honasa Consumer is witnessing strong buying momentum after closing at ₹502.80, up 4.87%, and decisively crossing the important psychological ₹500 mark with a strong bullish move. The breakout indicates renewed investor confidence and suggests the possibility of further upside in the coming sessions. Technically, the stock is trading comfortably above its 20, 50, 100 and 200-day EMAs, confirming a robust medium-to-long-term bullish trend. It is also trading near its 52-week high, reflecting sustained strength and continued accumulation at higher levels.
The rising 20-day EMA is expected to act as immediate support on any short-term correction. A sustained move above the current breakout zone could pave the way for an advance towards ₹550, while ₹466 should be maintained as the crucial stop-loss.
3] Suven Life Sciences: Buy at ₹342, Target ₹370, Stop Loss ₹322
Suven Life Sciences is showing strong bullish momentum after closing at ₹342.60, gaining 4.95% and forming a bullish candlestick that reflects aggressive buying interest. The stock has recovered sharply from a recent minor pullback, indicating that the broader uptrend remains intact. Technically, the 20-day EMA has acted as a dynamic support zone, with the stock repeatedly attracting buyers on declines and bouncing higher from this crucial demand area. It also continues to trade comfortably above the 50, 100 and 200-day EMAs, reinforcing the positive medium-term trend.
Sustaining above the current levels could trigger fresh buying momentum and drive the stock towards ₹370. On the downside, ₹322 remains a crucial support level and should be maintained as the stop-loss.
4] Sumitomo Chemical India: Buy at ₹565, Target ₹610, Stop Loss ₹540
Sumitomo Chemical India has witnessed a strong reversal from lower levels and is currently trading around ₹565 after successfully reclaiming key resistance levels. The stock has formed a bullish higher high–higher low pattern, reflecting improving price structure and continued buying interest. It is trading above its 20, 50, 100 and 200-day EMAs, confirming a positive trend across multiple time frames. The recent breakout above the ₹550 zone indicates fresh momentum and suggests that the stock may continue its upward journey in the coming sessions.
The 20-day EMA is gradually rising and is expected to act as immediate support during any short-term correction. Momentum indicators also remain favorable, with the RSI holding comfortably above the neutral zone, indicating sustained bullish strength. A sustained move above ₹565 could lead to further upside towards ₹610, while ₹540 remains the key support and should be used as the stop-loss.
5] Asahi India Glass: Buy at ₹939, Target ₹1010, Stop Loss ₹888
Asahi India Glass is showing signs of a fresh bullish breakout after spending several weeks consolidating within a broad range. The stock is currently trading around ₹939 and has successfully moved above its important moving averages, indicating strengthening momentum. Technically, the 20-day, 50-day, 100-day and 200-day EMAs are aligned positively, reflecting a healthy medium-term trend. The recent breakout from the consolidation zone suggests renewed buying interest and opens the possibility for a continuation of the uptrend. The 20-day EMA is likely to act as immediate support, while the 50-day EMA provides a strong demand base in case of any short-term correction.
Momentum indicators remain supportive, with the RSI holding above 60, confirming improving buying strength. If the stock sustains above ₹939, it could extend its rally towards ₹1010. On the downside, ₹888 remains the crucial support level and should be maintained as the stop-loss.
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.
