Buy or sell stocks: The Indian benchmark indices, the Sensex and the Nifty 50, ended sharply higher on Friday, 17 July, driven by strong buying in Reliance Industries and major private banking stocks ahead of the release of their June quarter earnings.
The Sensex surged 965 points, or 1.25%, to settle at 78,151.45, while the Nifty 50 climbed 262 points, or 1.09%, to close at 24,334.30.
Broader markets, however, underperformed the benchmarks, with the Nifty Midcap 100 index declining 0.41% and the Nifty Smallcap 100 index falling 0.21%.
Stock market today
Nifty 50
Nifty 50 ended the session at 24,334.30, gaining 261.55 points (+1.09%), after a strong broad-based rally. The index opened on a firm note and maintained positive momentum throughout the session, consistently forming higher highs and higher lows before closing near the day’s high. The sharp recovery indicates renewed buying interest, with sustained strength across large-cap stocks lifting overall market sentiment.
According to Sumeet Bagadia, Executive Director at Choice Broking, Nifty formed a strong bullish candle on the daily chart and reclaimed the key 24,300 zone, while also closing above its short-term moving averages, reflecting improving price structure.
“The index is now approaching the crucial resistance zone near 200-Day EMA, where a decisive breakout could trigger further upside momentum. Sector-wise, Private Banks, Financial Services, Auto, IT and Realty led the advance, whereas Pharma and Healthcare witnessed profit booking. The RSI strengthened to 58.48, indicating improving bullish momentum, while the MACD remained above the signal line with a rising histogram, signalling strengthening positive momentum.
In the derivatives segment, the PCR improved to 1.13, reflecting a bullish undertone. Significant Call Open Interest is placed at 24,300–24,500, while Put Open Interest remains concentrated at 24,300–24,200, indicating a strong support base. Immediate support is seen at 24,150–24,200, while 24,500–24,550 remains the next key resistance zone,” said Bagadia.
Bank Nifty
Bank Nifty witnessed a strong rebound, ending the session at 58,521.40, up 939.15 points (+1.63%). After opening with a positive bias, the index extended its gains throughout the day, supported by sustained buying across heavyweight private banking stocks. It is now approaching the previous swing-high zone and closed near the day’s high, reflecting broad-based strength. Federal Bank, Kotak Bank, and ICICI Bank emerged as the key contributors, driving the rally in the banking index.
On the Bank Nifty outlook, Bagadia said, “Technically, Bank Nifty has formed a strong bullish candlestick, confirming a decisive breakout above the recent consolidation range and strengthening the ongoing uptrend. The index is trading comfortably above its key moving averages, highlighting improving momentum and robust buying interest. Support is placed at 58,000–58,100, while 58,800–59,000 remains the immediate resistance zone. A sustained move above this hurdle could extend the rally further, while the support zone is expected to attract buying on any near-term dip.”
Sumeet Bagadia’s stocks to buy
Sumeet Bagadia recommends five breakout shares to buy on Monday, 20 July: Vaibhav Global, Bharat Forge, Aegis Logistics, Indo Borax and Chemicals, and Exide Industries.
1] Vaibhav Global: Buy at ₹262, Target ₹285, Stop Loss ₹245
Vaibhav Global is trading around 262, demonstrates a highly constructive trend reversal pattern on its daily chart, executing a decisive breakout from a multi-month accumulation floor. The price action has successfully broken above all major overhead hurdles, including its 20, 50, 100, and long-term 200-day exponential moving averages, signalling a complete structural shift in favour of the bulls. Meanwhile, the daily relative strength index has accelerated near 66, validating strong upward velocity and healthy near-term momentum with ample breathing room to extend. Driven by this impulsive reversal structure, the stock is technically well-aligned to challenge an upside target of 285. To safeguard the setup against sudden market mean reversions or sharp intraday pullbacks, a strict risk-management stop loss must be anchored at 245.
2] Bharat Forge: Buy at ₹2190, Target ₹2350, Stop Loss ₹2100
Bharat Forge is currently trading at 2190, exhibits a powerful bullish continuation pattern on its daily chart, turning up sharply from its short-term exponential moving averages to resume its primary markup phase. The stock has fiercely defended its structural uptrend, keeping its broader framework securely positioned above the ascending 20, 50, 100, and 200-day averages. Concurrently, the daily relative strength index is gaining upward traction near 64.70, validating a fresh injection of near-term buying momentum with ample headroom before hitting overextended limits. Driven by this constructive breakout pattern, the stock is technically well-aligned to push forward toward an upside target of 2350. To preserve capital against unexpected market pullbacks or short-term mean reversions, a strict risk-management stop loss must be anchored at 2100.
3] Aegis Logistics: Buy at ₹1349, Target ₹1450, Stop Loss ₹1265
Aegis Logistics is currently trading at 1349, demonstrates a powerful structural trend continuation on its daily chart, turning up sharply into a clear high-velocity markup phase. The stock maintains an excellent bullish profile, maintaining a massive structural cushion safely above its steeply ascending 20, 50, 100, and 200-day exponential moving averages to highlight persistent long-term institutional demand. Down on the indicator panel, the daily relative strength index has stabilized near 66 after a deep journey into overbought territory, validating a brief cooling off that has locked in fresh near-term velocity with room to extend further. Driven by this convincing vertical continuation pattern, the stock is technically well-aligned to challenge an upside target of 1450. To protect the setup against sharp profit-taking or sudden market mean-reversion pullbacks, a strict risk-management stop loss must be anchored at 1265.
4] Indo Borax and Chemicals: Buy at ₹466, Target ₹500, Stop Loss ₹442
Indo Borax and Chemicals is currently trading at 466, showcases a powerful structural trend continuation on its daily chart, turning up sharply to sustain its high-velocity mark-up phase. The stock maintains an excellent bullish profile, building a significant structural cushion safely above its steeply ascending 20, 50, 100, and 200-day exponential moving averages, which highlights persistent long-term institutional demand. Down on the indicator panel, the daily relative strength index has stabilized near 70.41 after a brief cooling period from overbought territory, validating robust near-term velocity with room to extend further. Driven by this convincing vertical continuation pattern, the stock is technically well-aligned to challenge an upside target of 500. To protect the setup against sharp profit-taking or sudden market mean-reversion pullbacks, a strict risk-management stop loss must be anchored at 442.
5] Exide Industries: Buy at ₹435, Target ₹460, Stop Loss ₹415
Exide Industries is trading around 435, demonstrates a powerful structural trend continuation on its daily chart, executing a clean high-volume breakout from a multi-month rounding bottom accumulation matrix. The price action has aggressively taken out intermediate swing resistances and established a steep, supportive alignment well above its ascending 20, 50, 100, and long-term 200-day exponential moving averages, signalling a complete shift in macro control back to the bulls. Down on the indicator panel, the daily relative strength index is surging aggressively near 71, validating exceptional near-term momentum and powerful buying conviction with room to extend further. Driven by this highly constructive continuation pattern, the stock is technically well-aligned to challenge an upside target of 460. To manage risk effectively against sharp intraday pullbacks or sudden volatility, a strict stop loss must be anchored at 415.
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.
