Benchmark stock indices ended on a mixed note on Friday, with the Sensex slipping marginally while the Nifty extended its winning run to a third consecutive session. Gains from softer crude oil prices were offset by weakness in IT stocks and Tata Group counters.
The 30-share BSE Sensex surrendered its intraday gains to close 19.63 points, or 0.03%, lower at 74,294.96. The index had climbed as much as 413.85 points, or 0.55%, during the session to hit 74,728.44. In contrast, the 50-share NSE Nifty finished 75.80 points, or 0.33%, higher at 23,346.40, marking its third straight day of gains.
Meanwhile, crude oil prices fell for a third consecutive session as market participants assessed changing risks to supplies from the Middle East. Saudi Arabia has paused some crude sales to Europe, although traders and analysts said existing supply buffers were still holding for now.
The global oil benchmark declined 0.9% to settle near $104 a barrel, extending its narrow weekly loss. Saudi Aramco is working to partially restore the East-West pipeline within days after drone attacks stemming from the Iran war, with full capacity expected to resume within six weeks, Bloomberg reported.
Analysts believe that while the recent moderation in oil prices and yields has provided near-term relief, the sustainability of the market recovery will depend on further easing of global macro risks and a meaningful revival in foreign investor inflows.
Sumeet Bagadia shares recommendationsRegarding top stocks to buy on Monday, September 21, Sumeet Bagadia recommended three stocks: HDFC Bank, Adani Ports, and JSW Steel. HDFCBANKBuy HDFCBANK in Cash @731 SL @700 TGT @790HDFCBANK is attempting a technical recovery after finding a firm floor near the lower boundary of its falling channel, with the stock closing around ₹731.00.
The price recently completed a resistance breakout and secured a close above its short-term 20-day EMA near ₹716.00, signaling immediate strength. This upside move is backed by a weekly hammer candle pattern that provided bullish traction, while shorter timeframe price action displays expanding momentum following an hourly range breakout.
Additionally, the daily RSI displays a notable positive divergence, rebounding sharply to 55.40 and confirming improving underlying momentum off recent lows. Sustained trading above short-term moving averages strengthens this setup and paves the way for further recovery toward major channel targets.
A long position in HDFCBANK Cash can be considered @ ₹731 with a Stop-Loss at ₹700 and a Target of ₹790, while adhering to strict risk management. ADANIPORTSBuy ADANIPORTS in Cash @1824 SL @1740 TGT @1980ADANIPORTS is demonstrating strong bullish momentum after completing a successful reversal from lower support levels near its 200-day EMA, with the stock closing around ₹1,824.00.
The daily chart reflects prominent accumulation around this long-term moving average, culminating in a solid bullish Marubozu-like candlestick formation that highlights aggressive buying interest. Furthermore, price action confirms a clean breakout from a rounding bottom pattern, signaling a structural trend reversal in favor of the bulls.
Supporting this move, the daily RSI has recovered sharply from oversold territory and is currently trading well above its midpoint at 64.04, indicating healthy upside momentum with room for further expansion. Sustained trading above intermediate resistance levels strengthens the overall setup and opens up the pathway toward higher targets.
A long position in ADANIPORTS Cash can be established around ₹1,824, targeting ₹1,980 with a Stop-Loss at ₹1,740, while maintaining disciplined risk management. JSWSTEELBuy JSWSTEEL in Cash @1276 SL @1220 TGT @1380JSWSTEEL is attempting a structural rebound after taking support near its crucial long-term moving average zone, with the stock closing around ₹1,275.60.
On the daily chart, the price has stabilized following a corrective drop from recent highs near ₹1,351.00 and is now displaying signs of accumulation around its primary support levels. The stock is attempting to cross back above its short-term moving averages, indicating early signs of momentum shifting back toward the bulls.
The daily RSI currently sits around 47.23 (with its signal line at 48.60), reflecting a neutral momentum phase that provides significant scope for upside expansion if the support floor holds. A sustained move above intermediate resistance zones would confirm a broader trend resumption toward fresh record highs.
A long position in JSWSTEEL Cash can be taken around ₹1,276, aiming for a Target of ₹1,380 with a Stop-Loss set at ₹1,220, while maintaining disciplined risk management. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
We advise investors to check with certified experts before making any investment decisions.