Stock market update: Trends gave up as the willingness to fight back failed to emerge, and continued selling pressure finally led prices to buckle. The sentiment remains muted as there is still no clarity on what lies ahead.
Three stocks to trade as recommended by Raja Venkatraman of NeoTrader for today:
Best stocks to buy today (all buy trades are rates of equity and sell rates are based on F&O)
Welspun Living Ltd: Buy above ₹180 | Stop ₹172 | Target ₹195 (multiday)
Indegene Ltd: Buy above ₹570 | Stop ₹538 | Target ₹625 (multiday)
Lenskart Solutions Ltd: Buy above ₹630 | Stop ₹597 | Target ₹697 (multiday)
Stock market recap: Indian equities closed on a cautious note on Tuesday, 18 August 2026, as global optimism was tempered by domestic headwinds. The Nifty 50 slipped 0.18% to settle at 24,322.70, while the Sensex edged higher by 0.12% to 78,145.60 after a volatile session marked by derivatives expiry. Elevated crude prices near $88 per barrel continued to weigh on investor sentiment, raising concerns over inflationary pressures and fiscal balances.
Banking and financial stocks declined around 0.5% each, as uncertainty over the Reserve Bank of India’s draft loan-pricing rules clouded earnings visibility. Broader markets showed resilience, with small-caps gaining 0.3% and mid-caps advancing 0.2%, supported by selective buying. Tata Motors extended its rally, rising 3.2% on strong quarterly performance and robust demand outlook, while Tata Group shares steadied after recent leadership-related volatility. Overall, ten of sixteen sectors ended lower, reflecting cautious positioning despite supportive global cues.
Outlook for trading
As the market remains muted amid geopolitical tensions, it tested our patience on Monday but did not give up the lower levels. However, the trend on the weekly expiry day was disappointing, indicating that the Nifty could not hold. In the last report, we had mentioned: “From the charts above, we can see that the trends are down into some strong set of supports yet again.”
On the charts, we note that after the recent consolidation, the trends have dipped lower throughout the week since Monday. Taking some cues from the Option data, we can add that the levels around 24000, which had steady Put writers, have now ensured that the upward possibility gets more wings. With the PCR nearing 0.75, we can expect some trended move today. Stay alert.
The emerging trend clearly suggests that the dips seen last week held the support zone, and the gap-down opening was covered, ensuring prices traded above the range that developed in the last few days. Hence, one should track the ongoing trends, as the upmove needs to continue above 24300 (Nifty Spot) to renew the bullish bias. Moments on hourly charts indicate that prices, after settling down, seem to have resumed selling pressure. With the gradual, hesitant rise emerging from lower levels, we can expect it to remain hesitant.
For shorts, we need to see the Nifty move above 24,100, which is the immediate support level as per the Open Interest data. If we witness a 30-minute range breakout on Wednesday, we can consider trading on either side, as the trend remains tentative and we expect some resistance to kick in.
While the trends in the indices are unclear under pressure, there is plenty of action on both sides of the stocks.
We can observe that the current scenario is attempting to move out of a ranging action, and a possible short-covering action may emerge today. Now, we can observe that Nifty has gone past important supports, clearly suggesting a short build-up that has complete control, with the next set of supports at 24,300 now turning into resistance for the recovery. We can look at how to use every pullback to short into.
At the moment, the bearishness continues to drag the index lower at every attempt at recovery. As we have been mentioning, we see the Nifty decisively move below 24,300. The Open Interest data retains that 24200 as the Max Pain Point that will come into play. With a slow gyrating market in play, it's best to tone down the participation.
Three stocks to trade, recommended by NeoTrader’s Raja Venkatraman:
WELSPUNLIV (Cmp ₹177.79)
Why it’s recommended: Welspun Living Ltd is a global leader in home textiles and flooring solutions. Since April 2026, the stock has been witnessing sharp profit-booking, and prices have been taking support at the Tenkan Sen and Kijun Sen lines and are slowly heading higher. The strong Q1 numbers and the sector revival are adding to the buying interest that is generating an upward bias. The burst of volume above its value area resistance, 1,800, has been attracting some buying interest to stage a fresh breakout. With the Directional Index firmly inching higher, it can lead to a strong upward move in the coming weeks. Go long.
Key metrics:
P/E Ratio: 52.41
52-week high: ₹178,
Volume: 53.71M
Technical analysis: Support at ₹1,700 | Resistance at ₹2,250.
Risk factors: Heavy reliance on the US retail market and cotton price volatility
Buy: Above ₹180.
Stop loss: ₹172.
Target price: ₹195 (two months)
INDGN (Cmp ₹567.70)
Why it’s recommended: INDGN is a Bengaluru-based, tech-native healthcare and life sciences solutions company using AI and data analytics to streamline clinical trials, regulatory compliance, and product commercialisation. After showing a decline for almost 15 months, negative news flows are being absorbed, and a revival is underway. With the prices reflecting a revival and the Pharma sector showing strong resilience, we consider going long. A consolidation breakout with some steady volumes that is indicating a potential recovery in play. Consider going long.
Key metrics:
P/E: 60.36,
52-week high: ₹596.50,
Volume: 161.90K.
Technical analysis: Support at ₹1,200 | Resistance at ₹1,500.
Risk factors: Client and geographic concentration, heavy reliance on major biopharma spending in North America and Europe, foreign exchange volatility
Buy: Above ₹570
Stop loss: ₹538
Target price: ₹625 (two months)
LENSKART (Cmp ₹628.40)
Why it’s recommended: Lenskart Solutions Ltd is an Indian multinational omnichannel eyewear corporation that designs, manufactures, distributes, and retails prescription glasses, sunglasses, contact lenses, and eye care accessories across India. The stock has been experiencing volatility but is slowly and steadily climbing higher. After a brief consolidation, the positive Q1 results are getting priced in and are once again given a new phase of life to the prices. The reaction into the Tenkan Sen and Kijun Sen at higher levels and the steady upward bias to move higher signals that there is no sign of let-up in momentum. A strong long-body candle could be a key signal to go long.
Key metrics:
P/E Ratio: 208.42
52-week high: ₹627.35
Volume: 10.86M
Technical analysis: Support at ₹600 | Resistance at ₹750.
Risk factors: Heavy reliance on Chinese raw material imports (over 50%), high valuation multiples and profit quality dependent on one-off accounting gains.
Buy: Above ₹630.
Stop loss: ₹597.
Target price: ₹697.
Raja Venkatraman is co-founder, 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.