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Stocks to buy: Indian equity benchmarks came under heavy selling pressure on Tuesday, September 15, falling more than 1%. The 30-share Sensex declined 778 points, or 1.04%, to close at 74,003.82, while the NSE Nifty 50 dropped 280 points, or 1.19%, to settle at 23,118.60. The broader market witnessed sharper losses, with mid- and small-cap stocks bearing the brunt of the sell-off. The BSE 150 Midcap index fell 2.17%, while the BSE 250 Smallcap index declined 2.40%. Nifty 50 closed at 23,118.60, down 279.50 points (-1.19%), reversing sharply from an opening gap-up of nearly 178 points. The index failed to sustain gains near 23,593 and witnessed aggressive selling through the session, closing at the day’s low. The strong bearish candle, combined with RSI at 22.23, reflects intense weakness, although the deeply oversold reading leaves scope for a short-term rebound. “The 23,000–23,080 zone is the immediate make-or-break support. On the upside, 23,300–23,450 is likely to act as the first supply zone. With PCR at 0.98, VIX elevated at 13.43, and Call OI concentrated around 23,300–23,500, the near-term bias remains bearish, unless Nifty manages to reclaim the immediate resistance zone,” said Sumeet Bagadia, Executive Director at Choice Broking. Bank Nifty ended at 55,794.75, down 811.80 points (-1.43%), giving up its opening gains after facing strong rejection around the 200-Day EMA. The index declined steadily from the session high of 56,996.35 and closed near the day’s low, forming a Bearish Engulfing candle. Weak momentum, with RSI at 33.23, further confirms the deterioration in the short-term structure. “The 55,200–55,500 area is the key support zone to monitor, while 56,000–56,300 is expected to act as the immediate recovery hurdle. Failure to hold support could extend the downside, whereas a sustained move above resistance would help stabilize the setup. Overall, the near-term bias remains cautious to bearish, with PSU banking weakness adding to the pressure,” Bagadia added. Sumeet Bagadia recommends five breakout shares to buy on Wednesday, 16 September: Colgate-Palmolive (India), Gmm Pfaudler, Niva Bupa Health Insurance Company, Capillary Technologies India, and Rossell Techsys. 1] Colgate-Palmolive (India): Buy at ₹1820, Target ₹1980, Stop Loss ₹1750 COLPAL is displaying a technical setup, with the stock breaking out from a Hammer candlestick pattern formed near its support zone. The breakout has been supported by sustained price action, with the stock closing above the highs of the previous three trading sessions, indicating strengthening buying interest. Increasing volumes accompanying the move confirm market participation and conviction behind the breakout. Momentum is also turning positive, as the RSI is showing bullish divergence, with price forming lower lows while the RSI forms higher lows. This divergence indicates improving momentum and supports the strength of the breakout. With strong support around 1,750, the stock offers a favorable short-term setup for potential upside towards 1,980. 2] Gmm Pfaudler: Buy at ₹1348, Target ₹1485, Stop Loss ₹1282 GMMPFAUDLR is showing notable improvement in its price structure after clearing a key resistance zone. The stock has moved decisively beyond the upper boundary of its earlier consolidation, which was capped around previous swing highs, signaling a potential change in market sentiment. The breakout is backed by a noticeable rise in trading volumes, strengthening the validity of the move and indicating increased participation from buyers. Price acceptance above the former resistance suggests that the breakout zone could now act as an important support area. The stock presents a favorable trading setup around 1,348, with 1,282 acting as a crucial support level. Holding above this support could maintain the positive bias, while sustained momentum above the breakout zone may drive the stock towards the 1,485 target. 3] Niva Bupa Health Insurance Company: Buy at ₹81.50, Target ₹88, Stop Loss ₹78 NIVABUPA is currently trading around 81.50 and is displaying a constructive technical setup on the daily chart. The stock has given a breakout from a channel pattern, indicating improving price momentum and potential continuation of the upward trend. It is sustaining above the 200-Day EMA, strengthening the overall technical structure and providing key dynamic support. The breakout is further supported by rising volumes, signaling increased market participation and buying interest. From a trading perspective, the stock can be considered for buying near 81.50, with strong support around 78. Sustained strength above the breakout zone could open upside potential towards 88. 4] Capillary Technologies India: Buy at ₹472, Target ₹520, Stop Loss ₹449 From a technical standpoint, CAPILLARY is showing a meaningful shift in price momentum on the daily chart. The stock has moved decisively above the Hammer formation and surpassed the highs of the preceding three sessions, signaling renewed demand. The accompanying rise in volumes further validates the breakout and reflects increased participation from market participants. Adding to the positive setup, the RSI is displaying bullish divergence, indicating that momentum is improving even as the price had been under pressure. This divergence highlights strengthening underlying momentum and supports the current recovery. The setup therefore reflects improving market sentiment, with sustained trading above the breakout area likely to reinforce the stock’s positive near-term trajectory. 5] Rossell Techsys: Buy at ₹1265, Target ₹1390, Stop Loss ₹1200 ROSSTECH is exhibiting a bullish technical setup, with the stock delivering an all-time-high breakout supported by increasing volumes, indicating strong buying interest and market participation. The positive structure is further reinforced by a bullish MACD crossover, signaling improving momentum and strengthening the breakout conviction. From a technical perspective, the stock offers a favorable buying opportunity at current levels, with potential upside towards 1,390. The key support level to monitor remains 1,200, which could act as an important cushion on any decline. Overall, sustained trading above the breakout zone, along with healthy volumes and positive MACD momentum, could support further upside and maintain the bullish bias. 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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