Stocks to buy: Indian equities staged a sharp recovery in the final hour of Thursday’s session on September 10, as buying in select financial heavyweights helped the benchmark indices break their three-session losing streak.
The Nifty 50 ended 0.20% higher at 23,477, while the S&P BSE Sensex gained 0.19% to close at 74,902. However, the broader market remained under pressure, with the Nifty Midcap 100 and Nifty Smallcap 100 indices declining 0.38% and 0.07%, respectively.
Nifty ended the session at 23,477.80, gaining 46.30 points (+0.20%), despite starting on a weaker note and spending most of the day in a narrow range. The index slipped to an intraday low of 23,380.10 and struggled to build momentum during regular trading hours. However, a sharp recovery during the Closing Auction Session (CAS) lifted the index from the day’s low and helped it finish in positive territory, while also creating a notable late-session swing.
“Despite the positive close, the broader technical structure remains weak, with Nifty trading below its key moving averages and having slipped below the rising trendline on the daily chart. RSI at 28.94 versus its average of 39.97 highlights weak momentum and an oversold condition. India VIX at 11.7950 eased, while PCR at 1.00 suggests a balanced options setup. Call OI is concentrated around 23,400–23,500, while Put OI is visible around 23,500–23,300. A sustained recovery above key moving-average resistance, along with stabilization near current levels, would be required for a meaningful trend reversal,” said Sumeet Bagadia, Executive Director at Choice Broking.
Bank Nifty also witnessed a subdued session, opening lower and remaining under pressure for most of the trading day. The index declined to an intraday low of 56,231.85, but a sharp recovery during the Closing Auction Session helped it regain ground and close at 56,471.95, up around 176.40 points (+0.31%). The late recovery provided some relief, although the index continues to trade below the 200-Day EMA, keeping the broader technical setup cautious.