Buy or sell stocks: The Indian stock market benchmarks, the Sensex and Nifty 50, ended lower on Monday, August 17, as investors maintained a cautious approach and continued to favour selective sectors and stocks amid better-than-expected Q1FY27 earnings and ongoing geopolitical uncertainties.
The Sensex declined 281 points, or 0.36%, to close at 77,728.16, while the Nifty 50 ended at 24,287.65, down 78 points, or 0.32%. Meanwhile, mid- and small-cap stocks outperformed the benchmark indices, with the Nifty Midcap 100 gaining 0.05% and the Nifty Smallcap 100 rising 0.36%.
Stock market today
Nifty 50
Nifty opened on a weak note and remained under pressure in the initial part of the session, touching a low of 24,226.95. Buying at lower levels helped the index recover from the day’s low, though the bounce lacked strength and Nifty eventually closed at 24,287.65, down 78.35 points (-0.32%). The daily setup continues to reflect consolidation, with RSI around 49 indicating a largely neutral momentum. Nifty Realty and Metal outperformed, while IT and FMCG remained the key laggards.
“The derivatives setup also points towards a balanced market, with PCR at 1.00 and India VIX at 11.3250, remaining relatively subdued. Call writing around 24,300–24,500 is likely to act as an overhead hurdle, whereas Put writing around 24,300–24,200 offers support on declines. Technically, 24,160–24,250 remains the crucial support band; holding this zone can keep the index in consolidation, while a sustained move beyond 24,380–24,450 would be required to bring back stronger recovery momentum,” said Sumeet Bagadia, Executive Director at Choice Broking,
Bank Nifty
Bank Nifty witnessed sharp swings through the session, with early weakness taking the index down to 57,119.60 before buyers stepped in at lower levels. The recovery gathered pace in the second half and pushed the index to an intraday high of 57,757.25, although some profit-booking near the highs trimmed the gains. Bank Nifty eventually settled at 57,497.80, nearly unchanged, but its ability to sustain above key moving averages and the rising trendline keeps the underlying structure relatively firm.
“Going ahead, 57,000–57,150 will remain an important demand zone, and holding this area would help maintain the current stability. On the higher side, 57,800–58,000 is the immediate supply region, with a decisive breakout above 58,000 likely to improve the short-term momentum. Until such a breakout occurs, the index may continue to witness two-way movement within the broader range,” Bagadia added.
Sumeet Bagadia’s stocks to buy
Sumeet Bagadia recommends five breakout shares to buy on Tuesday, 18 August: Concord Biotech, Kfin Technologies, KEI Industries, Oberoi Realty, and Finolex Cables.
1] Concord Biotech: Buy at ₹1515, Target ₹1650, Stop Loss ₹1437
CONCORDBIO is witnessing a strong bullish setup and is currently trading around ₹1515 after delivering a decisive trendline breakout on the daily chart. The stock has formed a strong bullish candle and closed firmly above the psychological ₹1500 level, providing confirmation of the breakout and reflecting renewed buying interest. Technically, the stock is trading above all the key moving averages, highlighting a positive trend structure and sustained strength across the short- and medium-term timeframes. The breakout above ₹1500 is likely to remain an important level for sustaining the current upward momentum.
Momentum indicators are also supportive, with the RSI trading around 73.49, indicating strong bullish momentum and continued buying strength. A sustained move above ₹1515 can attract further buying interest and potentially extend the uptrend towards ₹1650. On the downside, ₹1437 remains the crucial support and should be maintained as the stop-loss. Traders may consider buying CONCORDBIO in cash at ₹1515, with a Stop Loss of ₹1437 and a Target of ₹1650.
2] Kfin Technologies: Buy at ₹973, Target ₹1075, Stop Loss ₹925
KFINTECH is witnessing a positive technical setup after undergoing strong accumulation around its 20, 50 and 100-day EMAs, from where the stock has delivered a healthy upward move. The recent price action has further strengthened the bullish structure, with the stock closing decisively above its 200-day EMA, confirming a shift in long-term trend sentiment and indicating renewed buying interest. The successful move above the 200-day EMA adds further conviction to the prevailing upside and suggests that the stock could sustain its positive momentum in the coming sessions.
Momentum indicators remain supportive, with the RSI trading around 63.48, reflecting healthy bullish momentum without entering an extreme zone. A sustained hold above the 200-day EMA could attract further buying interest and potentially drive the stock towards ₹1075. On the downside, ₹925 remains the crucial support and should be maintained as the stop-loss. Traders may consider buying KFINTECH in cash at ₹973, with a Stop Loss of ₹925 and a Target of ₹1075.
3] KEI Industries: Buy at ₹5873, Target ₹6250, Stop Loss ₹5680
KEI is showing strong bullish momentum with a perfect higher high–higher low formation, reflecting a sustained uptrend and consistent buying interest. The stock continues to maintain a healthy bullish structure, with successive upward price formations indicating strength across the recent trading sessions. Technically, the stock is trading comfortably above all key EMAs, including the 20, 50, 100 and 200-day EMAs, reinforcing the positive medium- to long-term trend and highlighting strong underlying demand.
Sustaining above the current levels could trigger fresh buying momentum and drive the stock towards ₹6250. On the downside, ₹5680 remains a crucial support level and should be maintained as the stop-loss. Traders may consider buying KEI in cash at ₹5873, with a Stop Loss of ₹5680 and a Target of ₹6250. RSI stands at 73.30, indicating strong bullish momentum.
4] Oberoi Realty: Buy at ₹1931, Target ₹2125, Stop Loss ₹1832
OBEROIRLTY has witnessed a strong bullish setup after forming a Symmetrical Triangle pattern on the daily chart and delivering a decisive breakout with a strong bullish candle. The price action reflects renewed buying interest and indicates improving momentum following the consolidation phase. The successful breakout from the pattern suggests that the stock may continue its upward trajectory in the coming sessions, with the bullish candle providing further confirmation of strength and a potential continuation of the prevailing trend.
The breakout zone is expected to act as immediate support during any short-term correction. Momentum indicators also remain favorable, with the RSI trading around 65.90, indicating healthy bullish momentum and sustained buying strength. A sustained move above the current levels could lead to further upside towards ₹2125, while ₹1832 remains the key support and should be used as the stop-loss. Traders may consider buying OBEROIRLTY in cash at ₹1931, with a Stop Loss of ₹1832 and a Target of ₹2125.
4] Finolex Cables: Buy at ₹1321, Target ₹1460, Stop Loss ₹1252
FINCABLES is showing a strong bullish setup after breaking out of an Ascending Channel pattern, signalling a positive shift in the prevailing trend. The stock has witnessed a healthy upward move following the breakout and today formed a retracement candle, indicating some short-term profit booking while the broader bullish structure remains intact. The breakout from the channel reflects renewed buying interest and suggests the possibility of further upside once the stock resumes its upward momentum. The breakout zone is likely to act as an important support area during any near-term correction.
Momentum indicators remain supportive, with the RSI trading around 76.77, confirming strong buying strength and sustained bullish momentum. If the stock sustains above the breakout zone, it could extend its rally towards ₹1460. On the downside, ₹1252 remains the crucial support level and should be maintained as the stop-loss. Traders may consider buying FINCABLES in cash at ₹1321, with a Stop Loss of ₹1252 and a Target of ₹1460.
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.
