Broader markets also advanced, with the Midcap index up 0.08% and the Smallcap index climbing 0.68%.
Against this backdrop, market expert Raja Venkatraman has released his top stock picks for investors seeking opportunities today, 18 September. His analysis provides a clear roadmap for navigating the current market landscape with confidence.
Three stocks to trade, recommended by NeoTrader’s Raja Venkatraman:Subros (current price Rs 967.35) – Buy above ₹970 and dips to ₹915, stop loss ₹898; target price ₹1125-1150
Why it is recommended: After spending a lot of time in consolidation the trends at the moment in this counter has now come out of its recent challenge. With a strong thrust above the cloud the prices are hinting at some possible upside in the counter. After generating some support around 950 region the prices are steadily heading higher. Post surpassing this level the rise in momentum supported by steady volumes are highlighting possibility of more upward traction.
Key metrics: P/E: 40.41, 52-week high: ₹1083.20, Volume: 214.44K.
Technical analysis: Support at ₹805, resistance at ₹1200.Risk factors: Market volatility and sector-wide fluctuations in geopolitical news could impact returns.Buy: Above 970 and dips to ₹915.Target price: ₹1125-1150 in 1 month.Stop loss: ₹898.Minda Corp (current price ₹531.75) – Buy above ₹532 and dips to ₹515, stop loss ₹500, target price ₹580-610
Why it is recommended: Minda Corp. Ltd, the flagship company of the Spark Minda Group, is a major Indian manufacturer of automotive components for original equipment manufacturers (OEMs). The sharp decline since June after a moderate rise post its results are finding some strong supports at the TS & KS levels to break out of the cloud. With some revival seen in the last two days one can look at going long at current levels and also on dips.
Key metrics: P/E: 64.65, 52-week high: ₹623.40, Volume: 622.49K.
Technical analysis: Support at ₹460, resistance at ₹750.Risk factors: Rising input costs, increased operational expenses, and potentially foreign exchange impacts.Buy: above ₹532 and dips to ₹515Target price: ₹580-610 in 1 month.Stop loss: ₹500.JK Tyre (current price 377.05) – Buy above 377 and dips to ₹367, stop ₹360 target ₹407-425
Why it’s recommended: The JK Tyre stock that had been undergoing some steady upward trajectory. The pullback into the TS & KS Bands since last 8 days are generating steady demand at lower levels. On back of robust results the strong up-move seen in the prices are signalling possibility of more upward traction. Consider a long opportunity.
Key metrics: P/E: 25.07, 52-week high: ₹437.05, volume: 364.72K.
Technical analysis: Support at ₹340, resistance at ₹425.Risk factors: Volatility of raw material prices, intense competition, high debt levels, and the execution risk associated with its capital expenditure plans.Buy: above ₹377 and dips to ₹367.Target price: ₹1141-1165 in 1 month.Stop loss: ₹1020.
Stock Market Today
Indian equities extended gains for a second session, with the Sensex and Nifty closing higher. Nifty crossed the 25,300 mark for the first time since July 11, buoyed by positive cues from India-US trade discussions that spurred buying across sectors. Attention now turns to the US Federal Reserve’s policy decision, with markets largely expecting a 25-basis point rate cut.
Technically, a breakout from the symmetrical triangle pattern on the daily chart has negated the lower-top, lower-bottom formation, strengthening bullish momentum. Despite intraday resistance near 25,340–25,350, Nifty settled at 25,330, up 0.36%.
Sector-wise, PSU Banks led with a 2.61% surge, followed by Defence, up nearly 2%. Metals and FMCG declined. Tata Consumer and SBIN topped the Nifty 50 gainers, while HDFC Life and Bajaj Finserv lagged. Smallcaps outperformed midcaps, with respective gains of 0.68% and 0.08%. The advance-decline ratio favoured bulls, reflecting broad-based buying beyond heavyweight-driven moves.
Outlook for Trading
After some steady rise seen continuing after some rest to the geopolitical tensions the market continues to show that we could be looking at some bullish moves to sustain. However, the rise seen this week indicates that Nifty after spending some time at lower levels could sustain the momentum. The revival seen this week has clearly confirmed that the last few days the Nifty managed to hold on and did not give up, as the overall sentiment continues to favour the buyers.
As we can note on the charts the markets moved very much in line to challenge the resistance zone highlighted yesterday and move higher. On the charts we note that the supply zone has been broken and potential to move higher has now gained more strength. Taking some cues from the Option data, we can add that the higher levels around 24500 that had steady Put writers have now moved to 25250-25000 highlighting that if the selling steps up there is some OI to absorb the negative bias.
The trend that is emerging clearly suggests that the dips seen last week managed to hold the support zone and the gap down opening was covered to ensure that the prices traded above the range area that developed in the last few days. Hence , one should track the trends that are in progress as up-move needs to continue their way above 25700 (Nifty Spot) to renew the bullish bias.
Momentums on hourly charts are indicating that the prices after taking a breather as selling pressure has receded for now. With the gradual and hesitant rise emerging from lower levels we can expect the rise to remain hesitant.
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As we are awaiting the outcome of the event we are now looking at how the trends are going to unfold and how we should be planning the road ahead. Looking at the recent move in Nifty a move above 25200 which was the immediate resistance as per the Open Interest data holds more promise in the near term.
If we witness a 30-minute range breakout on Thursday we can consider to trade on either side as the trends still remain tentative where we expect some resistances to kick in. We are entering a phase where we can expect some volatile scenario to kick in.
Raja Venkatraman is co-founder, NeoTrader. His Sebi-registered research analyst registration no. is INH000016223.
Investments in securities are subject to market risks. Read all the related documents carefully before investing. Registration granted by Sebi and certification from NISM in no way guarantees performance of the intermediary or provide any assurance of returns to investors.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.