The Indian stock market ended Thursday's session on September 17 with moderate gains, as investors largely shrugged off the US Federal Reserve's rate hike, which had already been factored into market expectations. According to reports from Mint, the Nifty 50 closed at 23,270, rising 0.23% from the previous session, while the Sensex advanced 0.10% to finish at 74,413. The broader market performed better, with the Nifty Midcap 100 climbing 1% and the Nifty Smallcap 100 gaining 0.76%. As reported by Choice Broking's Sumeet Bagadia, the market showed resilience despite the cautious near-term bias, with the 23,000–23,120 zone remaining the key support area and 23,370–23,500 as the immediate resistance band.
Bank Nifty closed at 56,055.75, down 236.70 points (-0.42%), reversing sharply after touching 56,570.45 in early trade. According to Choice Broking's analysis, the index gave up its opening gains as aggressive profit booking emerged at higher levels and eventually closed near the day's low. The long upper-shadow bearish candle highlights strong supply at elevated levels and keeps the short-term setup under pressure. The 55,500–55,700 region remains the immediate support zone, while 56,300–56,500 is likely to act as the key resistance area. With the PCR at 0.96 and VIX easing to 12.29, the near-term bias remains cautious to bearish.
According to reports from Raise Securities, achieving a new multi-year high suggests robust long-term performance and enables investors to identify companies breaking previous records, potentially indicating sustained growth and strong fundamentals. The analysis recommends looking for stocks crossing price levels not seen in several years and analyzing why the breakout occurred—such as improved financial performance, industry changes, or strong investor demand—to confirm if the trend has long-term support. This approach aligns with Sumeet Bagadia's recommendation of five breakout stocks to buy on Friday, 18 September: Tata Investment Corporation, Paradeep Phosphates, Welspun Living, Kaynes Technology India, and CDSL, which have staged sharp technical rebounds with strong volume expansion and are trading above key exponential moving averages.
Tata Investment Corporation is recommended at ₹719 with a target of ₹770 and stop loss at ₹694. According to Choice Broking, the stock has cleared key resistance levels on the back of massive volume expansion and is trading above all key exponential moving averages. Paradeep Phosphates is suggested at ₹154 with a target of ₹165 and stop loss at ₹148, having staged a sharp technical rebound after taking dynamic support near its 50 EMA. Welspun Living is recommended at ₹212 with a target of ₹227 and stop loss at ₹205, displaying strong bullish continuation after taking dynamic support near its 20 EMA. Kaynes Technology India is suggested at ₹3520 with a target of ₹3765 and stop loss at ₹3396, having staged a technical rebound after defending its recent swing base near 3395. CDSL is recommended at ₹1350 with a target of ₹1445 and stop loss at ₹1302, having staged a sharp technical rebound from the 1300 demand zone with healthy volume expansion.
