Indian stock market benchmarks—the Sensex and the Nifty 50—closed lower on Thursday, 17 July, amid profit booking in select heavyweights including Infosys, HDFC Bank, and Reliance Industries.
The Sensex declined 375 points, or 0.45%, to settle at 82,259.24, while the Nifty 50 fell 101 points, or 0.40%, ending the day at 25,111.45.
However, mid- and small-cap stocks outperformed. The BSE Midcap index edged up 0.07%, and the BSE Smallcap index gained 0.30%.
Ltd Amid this, here are key stock recommendations by top market experts:
Two stock recommendations for today by MarketSmith India
Buy: Cholamandalam Financial Holdings Ltd (current price: ₹2,141)
- Why it’s recommended: Diversified financial services portfolio, consistent focus on risk management and value creation
- Key metrics: P/E: 8.35, 52-week high: ₹ 2,231.60, volume: ₹ 66.17 crore
- Technical analysis: Cup-with-handle pattern breakout on above average volume
- Risk factors: Regulatory risks, market and economic volatility, and concentration risk
- Buy: ₹2,141
- Target price: ₹2,490 in two to three months
- Stop loss: ₹1,990
Buy: Dhanuka Agritech (current price: ₹1,779)
- Why it’s recommended: Diversified product portfolio, strong distribution network, strategic alliances with global innovators
- Key metrics: P/E: 26.09, 52-week high: ₹ 1,926, volume: ₹21.17 crore
- Technical analysis: Bullish flag breakout
- Risk factors: Monsoon dependency, raw material volatility and China dependency
- Buy at: ₹ 1,779
- Target price: ₹ 2,100 in two to three months
- Stop loss: ₹ 1,640
Three stocks to trade, recommended by NeoTrader’s Raja Venkatraman
CONCORDBIO (Cmp 1920.50)
- Why it’s recommended: Concord Biotech Limited is an India-based research and development-driven biopharma company. The Company is engaged in the research and development, manufacturing, marketing, and selling of pharmaceutical products. After the recent profit booking, we are seeing that the prices have bottomed out forming a rounding pattern to show some strong upmove on Thursday.
- Key metrics: P/E: 53.87, 52-week high: ₹2664, Volume: 624.34K.
- Technical analysis: Support at ₹1722, resistance at ₹2120.
- Risk factors: High volatility, negative investor sentiment, and long-term bearish trends.
- Buy: above 1930 and dips to ₹1860.
- Target price: ₹2105-2155 in 1 month.
- Stop loss: ₹1830.
ECLERX (Cmp ₹3669.10)
- Why it’s recommended: eClerx Services Ltd stock price underwent some consolidation and thereafter the strong surge seen can be attributed to a combination of factors, including an increasing demand for digital services ,favourable market conditions and internal strategies. These factors, coupled with mixed market sentiment, have contributed to an improving outlook for this stock in the last few days. With the momentum indicator once again showing some positive vibes, we can look for initiating a long.
- Key metrics: P/E: 48.63, 52-week high: ₹3877; Volume: 173.98K.
- Technical analysis: Support at ₹3320, resistance at ₹3950.
- Risk factors: Market fluctuations, environmental and social impacts.
- Buy: above 3670 and dips to ₹3600.
- Target price: ₹4050-4150 in 1 month.
- Stop loss: ₹3570.
SHYAMMETL (Cmp ₹919.80)
SHYAMMETL: Buy above 920 and dips to ₹880, stop ₹870 target ₹1000-1020
- Why it’s recommended: Shyam Metalics and Energy Ltd is diversifying into railways with ₹450 crore wagon plant at Kharagpur (4,800 wagons/year; commercial production by FY27). It plans aggressive capex across ferro alloys, aluminium foils and energy businesses for capacity-led growth. Also, the charts have shown formation of a swing formation of V shaped recovery every time the prices have dipped into the cloud support and a subsequent upward drive is seen on the charts.
- Key metrics: P/E: 52.44, 52-week high: ₹956.90, volume: 1.02M.
- Technical analysis: Support at ₹800, resistance at ₹1100.
- Risk factors: Raw Material volatility and competition that is recently emerging from domestic players could impact profitability.
- Buy at: CMP and dips to ₹880.
- Target price: ₹1000-1020 in 1 month.
- Stop loss: ₹870
Top 3 stocks recommended by Ankush Bajaj for 18 July
Buy: Tata Steel Ltd — Current Price: ₹159.90
Why it’s recommended: After recent selling pressure, Tata Steel has shown a strong pullback and broken above the upper trendline of a falling wedge pattern—a bullish reversal signal. The breakout signifies trend reversal and momentum pick-up, aiming for a short-term move towards ₹170+.
Key metrics: Breakout zone: Upper trendline breakout of falling wedge pattern, signalling trend reversal.
Pattern: Falling wedge breakout with bullish follow-through.
RSI: Recovering from oversold zone, confirming momentum shift.
Technical analysis: The structure suggests that the bottom may be in place, with higher highs and higher lows starting to form. Momentum is favouring the bulls for a target zone of ₹170 and potentially higher.
Risk factors: A move below ₹155 would invalidate the wedge breakout and may lead to renewed weakness. Use a strict stop-loss to manage risk.
Buy: Prestige Estates Projects Ltd — Current Price: ₹1,783.00
Why it’s recommended: Prestige Estates Projects Ltd is exhibiting a strong bullish setup backed by a rectangle pattern breakout on the 45-minute chart at ₹1,770. The Relative Strength Index (RSI) on the daily timeframe is at 70, indicating solid momentum yet still positioned for further upside. This multi-timeframe confluence of breakout signals suggests strength in trend continuation.
Key metrics: Breakout zone: Rectangle breakout on 45-minute timeframe at ₹1,770 with high volume support.
Pattern: Rectangular range breakout confirming bullish continuation.
RSI: Bullish, currently at 70 on daily timeframe, suggesting strong trend with momentum.
Technical analysis: The stock’s structure shows sustained bullishness, with the breakout level likely to serve as a strong support. If broader sentiment remains positive, the price is expected to test ₹1,815– ₹1,830 in the short term.
Risk factors: A close below ₹1,757 would negate the breakout signal and could lead to a short-term correction. Traders should trail with a tight stop-loss.
Target price: ₹1,815– ₹1,830
Buy: Jindal Steel & Power Ltd — Current Price: ₹950.45
Why it’s recommended: On the daily chart, Jindal Steel & Power has broken out of a triangle pattern, hinting at a bullish continuation with a medium-term target of ₹1,100+. Additionally, the 15-minute timeframe shows a rectangle breakout near ₹950, aligning short- and medium-term momentum toward ₹980+.
Key metrics: Breakout zone: Triangle breakout on daily; rectangle breakout near ₹950 on intraday chart.
Pattern: Multi-timeframe confluence of bullish breakout structures.
RSI: Holding strong, supporting trend continuation.
Technical analysis: With clear breakout levels and alignment across timeframes, the setup points toward a steady climb toward ₹970– ₹980, with further upside if momentum persists.
Risk factors: A fall below ₹939 would negate the breakout structure, and short-term weakness could set in. Maintain a disciplined stop-loss.
Target price: ₹970– ₹980
Raja Venkatraman is the co-founder of NeoTrader. His Sebi-registered research analyst registration no. is INH000016223.
MarketSmith India is a stock research platform and advisory service focused on the Indian stock market. Its trade name is William O’Neil India Pvt. Ltd, and its Sebi registration number is INH000015543.
Ankush Bajaj is a Sebi-registered research analyst. His registration number is INH000010441.
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 guarantee 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.
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