Recommended stocks to buy today, 18 July, by India's leading market experts

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:

SHYAMMETL: Buy above 920 and dips to ₹880, stop ₹870 target ₹1000-1020

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 at: ₹159.90

Target price: ₹170.00+

Stop loss: ₹155.00

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.

Buy at: ₹1,783.00

Target price: ₹1,815– ₹1,830

Stop loss: ₹1,757.00

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.

Buy at: ₹950.45

Target price: ₹970– ₹980

Stop loss: ₹939.00

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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