Best stocks to buy today, 17 July, recommended by NeoTrader's Raja Venkatraman

India’s macroeconomic backdrop remains robust, driven by easing inflation, lower interest rates, a healthy monsoon, and softer crude prices. Eight straight months of easing inflation have fuelled investor confidence and ignited a relief rally.

Investor caution persists, however, as the market awaits Q1FY26 corporate earnings. An upgrade in earnings estimates is key to validating current premium valuations. On the global front, mixed sentiment stems from fading hopes of a near-term U.S. Fed rate cut due to sticky inflation and fresh tariff concerns, notably a proposed 50 percent duty on copper.

Though the Jane Street episode is now behind us, it has left a residue of uncertainty that could prove an impediment to the market's progress.

SWANENERGY: Buy above ₹522 and on dips to ₹485, stop ₹475, target ₹574-595

SOBHA: Buy above ₹1,651 and on dips to ₹1,620, stop ₹,1599, target ₹1,775-1,800

EMUDHRA: Buy above ₹822 and on dips to ₹795, stop ₹785, target ₹865-885

Market indices traded in a narrow corridor on 16 July. The Sensex closed at 82,634.48, up 0.08%, and the Nifty at 25,212.05, up 0.06 %. Market breadth favored advancers, with 2,234 gainers against 1,658 losers.

The Nifty is rebounding again is now testing supports around 25,000. The ongoing rise will face challenges at immediate value area resistances on the daily chart around 25,300 then 25,500. While 25,300 is acting as a stiff resistance, a move above this would force the bears to rethink. The pullback is being currently being bought into as investors are expecting a revival.

While there has been some buying, we could be entering a critical phase as the week is coming to a close. We can now revise the next set of supports to around 22,300, where buying the dip could emerge. The Put Call Ratio (PCR) has moved to 0.87 and is just below 1 in Nifty and 0.87 in Bank Nifty, highligting a sedate approach by the bulls.

A look at Bank Nifty shows constant support from the ascending trendline, highlighting the possibility of a rebound. An encouraging trigger could carry prices higher.

At the moment the bears have not been able to drag the index much lower. Until we see Nifty move below 25,000 decisively, Open Interest data suggests immediate supports is at 25,200.

Buy above ₹522 and dips to ₹485, stop ₹475, target ₹574-595

Buy above ₹1,651 and dips to ₹1,620, stop ₹1,599 target ₹1,775-1,800

EMUDHRA: Buy above ₹822 and dips to ₹795, stop ₹785, target ₹865-885

Raja Venkatraman is the co-founder of NeoTrader. His Sebi-registered research analyst registration no. is INH000016223.

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 guarantees 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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