Angel One: Nifty50 Dip, Cautious Market, Top Stock Picks

Angel One has advised investors to avoid aggressive market positioning after the Nifty50 index recorded a 0.83 percent decline this past week, settling at 24366.

Osho Krishan, Chief Manager – Technical & Derivative Research at Angel One, noted sustained weakness across broader market segments, urging caution.

The market sentiment remains cautious, marked by indecisiveness around the 20 DEMA, according to Angel One’s analysis.

Nifty50 Technical Levels to Watch

• The Nifty has undergone a healthy 38.20 percent retracement of its recent rally, coinciding with a sloping trendline breakout neckline.
• A sustained move below 24265 could signal a bearish shift, potentially leading to support zones of 24200-24150.
• Conversely, a decisive move above 24500 might trigger a bullish reversal towards 24730.

Investors are urged to closely monitor both domestic and global developments while maintaining disciplined risk management strategies.

Despite the broader market caution, Angel One has provided three specific stock recommendations with a bullish outlook for August 17.

Bullish Stock Picks for August 17

• Aequs (AEQUS): Last close ₹249. Recommended buy around ₹240, stop loss ₹215, targets ₹285-290. The stock shows a secular uptrend, trading above its 20-day EMA with strong bullish indicators.
• Asahi India Glass (ASAHIINDIA): Last close ₹939. Recommended buy around ₹930, stop loss ₹869, targets ₹1020-1050. This stock exhibits strong momentum, a potential bullish reversal pattern, and a positive RSI crossover supported by volume.
• Dynamatic Technologies (DYNAMATECH): Last close ₹5011. Recommended buy around ₹11100-11000, stop loss ₹10300, targets ₹12000-12200. The company has seen buying traction, rebounding above key EMAs with supportive volumes and positive momentum indicators.