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Stocks to buy: The Indian stock market ended Thursday’s session on September 17 with moderate gains, as investors largely shrugged off the US Federal Reserve’s rate hike, which had already been factored into market expectations. The Nifty 50 closed at 23,270, rising 0.23% from the previous session, while the Sensex advanced 0.10% to finish at 74,413. The broader market performed better, with the Nifty Midcap 100 climbing 1% and the Nifty Smallcap 100 gaining 0.76%. Nifty 50 closed at 23,270.60, up 53 points (+0.23%), recovering steadily from the opening levels before facing profit booking near 23,364. The Inside Bar formation, along with the upper shadow, reflects indecision and supply at higher levels. RSI at 29.95 remains in the oversold zone, suggesting weak momentum despite the modest recovery. “The 23,000–23,120 zone remains the key support area, while 23,370–23,500 is the immediate resistance band. Put OI around 23,200–23,000 may cushion declines, whereas Call OI around 23,300–23,500 could restrict upside. With PCR at 0.96 and VIX easing to 12.29, the near-term bias remains cautious, with 23,000 acting as the key directional level,” said Sumeet Bagadia, Executive Director at Choice Broking. Bank Nifty closed at 56,055.75, down 236.70 points (-0.42%), reversing sharply after touching 56,570.45 in early trade. The index gave up its opening gains as aggressive profit booking emerged at higher levels and eventually closed near the day’s low. The long upper-shadow bearish candle highlights strong supply at elevated levels and keeps the short-term setup under pressure. “The 55,500–55,700 region remains the immediate support zone, while 56,300–56,500 is likely to act as the key resistance area. Sustaining above support could help stabilize the index, whereas a decisive breakdown may extend weakness. For now, the near-term bias remains cautious to bearish, particularly while the index stays below the resistance zone,” Bagadia added. Sumeet Bagadia recommends five breakout shares to buy on Friday, 18 September: Tata Investment Corporation, Paradeep Phosphates, Welspun Living, Kaynes Technology India, and CDSL. 1] Tata Investment Corporation: Buy at ₹719, Target ₹770, Stop Loss ₹694 TATAINVEST is trading around 719, has staged a sharp bullish rebound on the daily timeframe, clearing key resistance levels on the back of massive volume expansion. The stock has decisively surged and is now comfortably trading above its key exponential moving averages—the 20, 50, 100, and 200 EMAs—which are beginning to turn upward and provide firm structural support beneath current price action. With the strong follow-through buying confirming renewed accumulation and a solid shift in near-term trend, further upside remains likely. Maintain a stop loss at 694 for a target of 770. 2] Paradeep Phosphates: Buy at ₹154, Target ₹165, Stop Loss ₹148 PARDEEP is currently trading at 154, is staging a sharp technical rebound on the daily chart after taking dynamic support near its 50 EMA (149.28) and printing a strong bullish candle. Looking at the moving averages, the stock remains comfortably placed above its medium- to long-term trend indicators, with the 50, 100, and 200 EMAs positively aligned below the price to provide firm structural support while the price tests the immediate 20 EMA hurdle (154.05). Supported by this demand-zone bounce and volume expansion, further upside continuation remains likely. Maintain a stop loss at 148 for a target of 165. 3] Welspun Living: Buy at ₹212, Target ₹227, Stop Loss ₹205 WELSPUNLIV is currently trading at 212, is displaying strong bullish continuation on the daily timeframe after taking dynamic support near its 20 EMA and bouncing sharply with a large green candle. Looking at the moving averages, the stock is comfortably trading above its key exponential moving averages—the 20, 50, 100, and 200 EMAs—which remain positively stacked and sloping upward to confirm an underlying uptrend and healthy structural alignment. Backed by solid volume expansion and dominant buyer participation near swing highs, further upside traction remains likely. Maintain a stop loss at 205 for a target of 227. 4] Kaynes Technology India: Buy at ₹3520, Target ₹3765, Stop Loss ₹3396 KAYNES is currently trading at 3520, is staging a technical rebound on the daily chart after defending its recent swing base near 3395 and bouncing back with a solid green candle. Looking at the moving averages, the stock is attempting to push back toward its tightly clustered exponential moving averages, testing immediate resistance at the 50 EMA and 20 EMA, with the 100 EMA and 200 EMA positioned above as subsequent overhead targets. Supported by this demand-zone defence and positive price action, a corrective push higher remains likely. Maintain a stop loss at 3396 for a target of 3765. 5] CDSL: Buy at ₹1350, Target ₹1445, Stop Loss ₹1302 CDSL is trading around 1350, has staged a sharp technical rebound from the 1300 demand zone, showing aggressive buying interest after a brief dip. On the moving average front, the price has reclaimed the 100 EMA (1341.7) and is pressing directly into the resistance cluster formed by the 50 EMA (1354.8), 200 EMA (1356.0), and 20 EMA (1363.1), where an upside breakout could accelerate a mean-reversion move toward higher levels. Supported by a healthy uptick in volume from multi-week lows, the setup favors further recovery. Maintain a stop loss at 1302 for a target of 1445. 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. Vaamanaa covers business and stock market news. Started in 2020, she has been producing news on digital platforms for over 4.5 years now. She writes on markets, commodities, IPOs, and industry. She has worked for news channels like Jagran New Media and Business Insider India. You can reach out to her at vaamanaa.sethi@htdigital.in. Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates. Oops! Looks like you have exceeded the limit to bookmark the image. Remove some to bookmark this image.
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