Buy or sell stocks: Stock market benchmarks Sensex and Nifty 50 posted strong gains on Thursday, August 20, supported by largely positive global cues.
The 30-share Sensex surged 628 points, or 0.82%, to close at 77,537.72, while the Nifty 50 advanced 154 points, or 0.64%, to settle at 24,231.85. The uptrend was broad-based, with the Nifty Midcap 150 gaining 0.36% and the Nifty Smallcap 250 rising 0.58%.
Stock market today
Nifty 50
Nifty 50 gained 153.55 points (+0.64%) to settle at 24,231.85 after a positive opening and a steady recovery during the session. However, the Doji-like formation on the daily chart suggests that conviction remains limited despite the rebound. RSI at 48.33 has improved from lower levels but continues to remain below its average of 55.27, indicating that momentum is yet to turn decisively bullish. India VIX eased to 10.75, while PCR improved to 1.10, pointing towards a relatively balanced market setup.
“The 24,190 Fibonacci retracement level remains an important near-term reference, with 24,180–24,050 forming the immediate support zone and 24,000 acting as the key psychological level. On the upside, 24,270–24,300 is the first hurdle, followed by 24,500. Put OI concentration around 24,200–24,000 provides a supportive base, while Call OI around 24,300–24,500 indicates overhead supply. A sustained move above 24,300 would be crucial to reinforce the recovery, whereas failure to hold 24,000 could revive selling pressure,” said Sumeet Bagadia, Executive Director at Choice Broking.
5] Innova Captab: Buy at ₹1084, Target ₹1170, Stop Loss ₹1025
INNOVACAP is showing strong momentum as the stock trades close to its fresh 52-week high zone, indicating continued buying interest. The stock had nearly taken support around its 20-day EMA during the previous session, and today it has decisively reclaimed upward momentum, resuming its prior bullish trend. The latest session witnessed a strong gain of around 4.28%, reflecting renewed participation from buyers and strengthening the breakout setup. Holding above the short-term moving average suggests that the prevailing trend remains intact, while the proximity to the 52-week high indicates potential for further upside if resistance is decisively cleared.
Sustained buying momentum could push INNOVACAP towards the ₹1,170 target in the coming sessions. ₹1,025 remains the crucial stop-loss and support zone for the trade.
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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