Nifty outlook & two stock ideas for today by HDFC Sec’s Vinay Rajani

PUBLISHED: August 19, 2026

Disclaimer: This article is written by Vinay Rajani, CMT, senior technical analyst at HDFC Securities. Views expressed are his own. Readers’ discretion is advised.

Nifty View

Nifty closed below both its 50-day and 100-day EMAs, which cluster around 24,200, marking a decisive break of short-term trend support. This move has retraced more than 50 per cent of the 1,168-point rally from 23,606 to 24,774 registered between 24 July and 3 August 2026.

The next key support is seen near 24,050, aligning with the 61.8 per cent Fibonacci retracement of that rally and a prior gap zone. Resistance has shifted lower to the 24,300–24,350 band, with a stronger supply zone around 24,400–24,500. A decisive break and close below 24,050 would open room toward 23,800–24,000, while a reclaim of 24,350–24,400 would be needed to arrest the six-day slide and signal short-term stabilization.

Stocks to buy today

Buy GRSE: ₹2680 | SL:₹ 2490 | Target: ₹2950

GRSE‘s stock price has broken out from a falling wedge pattern on the daily chart. The price rise is accompanied by a rise in volume. The stock is placed above all key moving averages. Daily RSI has been sustaining above 50. Daily MACD has risen above the signal line.

Buy Tata Capital: ₹363.65| Stop loss: ₹350 | Target: ₹399

Tata Capital stock has broken out from the downward-sloping trend line on the daily chart. The price rise is accompanied by a rise in volume. The stock is placed above all key moving averages. Daily RSI has been sustaining above 50. Daily MACD has reached above the equilibrium and signal line.

Source link