Buy or sell stocks: The Indian stock market closed largely flat on Monday, August 10, as gains in select heavyweight stocks such as Titan, Bajaj Finance and ICICI Bank were offset by declines in SBI and Reliance Industries.
The Sensex gained 43 points, or 0.06%, to close at 78,542, while the Nifty 50 edged up 13 points, or 0.05%, to end at 24,583.80.
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Nifty 50
The benchmark Nifty 50 enters the August 11 trading session with a cautiously positive bias after ending almost flat in a highly volatile session. The index closed at 24,583.80, gaining 13.15 points or 0.05%, while remaining within a narrow range throughout the day. Although the index continues to sustain above its short-term moving averages, the formation of a small daily candle indicates indecisiveness between buyers and sellers. The broader structure remains constructive, but a decisive breakout is required for the next directional move.
According to Sumeet Bagadia, Executive Director at Choice Broking, the immediate support for Nifty is placed at 24,500, followed by the stronger support zone of 24,450–24,400.
“As long as the index sustains above 24,500, the short-term trend is expected to remain sideways to positive, with buying interest likely to emerge on dips. However, a decisive break below 24,500 could increase selling pressure and drag the index towards 24,400–24,300.
On the upside, 24,650 remains the immediate resistance and a crucial breakout level. A sustained move above 24,650 could strengthen bullish momentum and pave the way for an advance towards 24,700, followed by 24,800–25,000 in the coming sessions. Until the index decisively crosses this resistance zone, traders are likely to witness range-bound and stock-specific activity,” said Bagadia.
Bagadia said that the market structure remains cautiously bullish with a sideways bias. The daily RSI continues to remain in a bullish crossover, supporting the positive undertone, while the narrow trading range reflects a lack of strong directional conviction.
“Traders should closely monitor 24,650 on the upside and 24,500 on the downside. A breakout above 24,650 could trigger the next leg of the upmove, whereas a break below 24,500 may lead to short-term weakness,” he added.
Bank Nifty
The Bank Nifty enters the new trading week with a cautiously positive bias despite underperforming the benchmark Nifty 50 in recent sessions. The index continues to trade comfortably above all its key moving averages, indicating that the broader trend remains positive even as momentum indicators suggest an ongoing consolidation phase. While banking stocks have witnessed selective profit booking, the overall structure remains constructive and supportive of higher levels over the medium term.
Bagadia further noted that the 57,400–57,500 zone remains the immediate support area for Bank Nifty. The index has repeatedly attracted buying interest around these levels, indicating that market participants continue to accumulate on declines.
“As long as Bank Nifty sustains above this support zone on a closing basis, the broader bullish trend is expected to remain intact. However, a decisive breach below 57,400 could weaken sentiment and trigger a corrective move towards the 57,000–57,200 region.
On the upside, immediate resistance is placed in the 58,400–58,500 zone. This remains the most crucial hurdle for the index in the near term. A sustained breakout above this resistance band could trigger fresh momentum buying and lead to an extension of the pullback rally towards 58,900 initially, followed by the 59,300 zone. These levels are likely to act as the next major targets if banking stocks regain leadership within the broader market,” he added.
He highlighted that the RSI continues to move sideways, reinforcing the view that Bank Nifty is currently undergoing consolidation rather than entering a fresh downtrend. Overall, the undertone for Bank Nifty remains cautiously bullish.
“The index continues to hold above its critical support zones and long-term moving averages, suggesting that the ongoing consolidation is likely a pause within a larger uptrend rather than a reversal. Traders should closely monitor the 58,500 resistance level, as a decisive breakout above this zone would confirm renewed bullish momentum and increase the probability of a move towards 59,000 and above. Until then, a range-bound strategy with a positive bias remains the preferred approach,” he added.
Sumeet Bagadia’s stocks to buy
Sumeet Bagadia recommends five breakout shares to buy on Tuesday, 11 August: Suven Life Sciences, Poly Medicure, Raghav Productivity Enhancers, Steel Strips Wheels, and Brigade Enterprises.
1] Suven Life Sciences: Buy at ₹333, Target ₹365, Stop Loss ₹315
SUVEN is showing a constructive bullish setup, having taken support near the previous weekly rounding-bottom breakout zone, coinciding with the 20/50-Day EMA support area. The fresh sideways-range breakout on the daily chart further strengthens the positive structure. RSI has found support around the midpoint and is turning upward, while the ongoing HH-HL formation reflects improving momentum and scope for a breakout above the recent swing high. The strategy remains positive with an entry around ₹333; risk can be contained at ₹315, while the upside objective stands at ₹365.
2] Poly Medicure: Buy at ₹1772, Target ₹1920, Stop Loss ₹1655
POLYMED has witnessed a strong breakout from its recent sideways consolidation after securing support around the 200-Day EMA, with the move backed by a noticeable volume spike. The stock is now sustaining above all key EMAs, reflecting improving trend strength and positive price structure. RSI at 62.86 remains above the midpoint, supporting bullish momentum. The recent price action indicates renewed buying interest, keeping the upside structure intact. Buy around ₹1,772, with SL at ₹1,655 and an upside objective of ₹1,920; maintain strict risk management.
3] Raghav Productivity Enhancers: Buy at ₹1314, Target ₹1400, Stop Loss ₹1250
RPEL is showing renewed bullish strength after a brief retracement, finding support near the previous breakout zone, which also aligns with the 20/50-Day EMA support band. The stock has bounced back with a noticeable volume surge, reinforcing the breakout strength. RSI has also taken support around the midpoint and turned upward, indicating improving momentum. For a fresh positional entry, consider RPEL around ₹1,314, with risk capped at ₹1,250 and an upside objective of ₹1,400. Maintain strict risk management.
4] Steel Strips Wheels: Buy at ₹322, Target ₹350, Stop Loss ₹305
SSWL is showing strong upside momentum after a prolonged consolidation around the 200-Day EMA zone. The stock is currently trading near ₹322 and sustaining above all key EMAs, reflecting a positive trend structure. The recent shallow retracement followed by a sharp rebound indicates continuation of the broader uptrend, with ₹350 emerging as the next upside objective. Consider buying around ₹322, with ₹305 as the protective stop-loss and ₹350 as the target. Maintain disciplined risk management throughout the trade.
5] Brigade Enterprises: Buy at ₹608, Target ₹650, Stop Loss ₹588
BRIGADE has delivered a strong breakout above the 200-Day EMA resistance, supported by a decisive sideways range breakout and noticeable volume expansion, indicating renewed buying interest. The stock is now sustaining above key EMAs, strengthening the overall technical structure and supporting further upside potential. Price action remains constructive after the breakout, with momentum favouring continuation towards higher levels. Fresh buying can be considered around ₹608, keeping ₹588 as the risk-control level, while ₹650 remains the upside objective. Maintain disciplined risk management.
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.
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