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Raja Venkatraman recommends two stocks for 16 September
Market expert Raja Venkatraman shares his top stock picks for 16 September. Here’s his technical outlook and trade strategy.
Stock market recap: Benchmark Sensex tumbled 778 points and the broader Nifty fell to a five-month low on Tuesday, as surging oil prices, geopolitical tensions and weak global markets weighed on investor sentiment.
The 30-share Sensex fell 777.94 points, or 1.04%, to close at 74,003.82, its lowest level in three months, dragged by losses in blue-chip banking, auto and oil & gas stocks. The 50-share NSE Nifty fell 279.50 points, or 1.19%, to settle at 23,118.60, its lowest close since 6 April.
- Why it’s recommended: AEGISVOPAK is India's leading third-party owner and operator of liquid and gas storage terminals. Since July, the stock has been drifting into a sideways phase and forming a rounding pattern heading higher and steadily heading higher . The news of preference shares has one again triggered some interest as the volumes have picked up suggesting more upward traction. With the Average Directional Index firmly inching higher , it can lead to some strong upward move in the coming weeks. Go long.
RAINBOW [Cmp ₹1453.70 - Buy above ₹1455, stop loss ₹1390, target price ₹1595 (Multiday)]
- Why it’s recommended: RAINBOW is a leading Indian healthcare chain that specializes in pediatric, obstetrics, and gynaecology services. After some strong upward traction, the rise since March 2026 has been quite prolific and the recent market condition lead to some small profit booking. However, the recent pullback in momentum while prices are holding good indicates that we can expect the upward drive to continue.
How the stock market performed on 15 September
On 15 September, Indian markets came under pressure as the rupee weakened to its lowest level in over a month, slipping 0.4% to 95.9550 against the dollar. Surging crude prices and expectations of a US rate hike weighed on sentiment, though likely RBI intervention capped losses. Brent crude jumped over 2% to $108.20 a barrel, stoking concerns of a wider trade deficit and inflationary risks.
Fresh data showed India’s August goods trade deficit narrowed to $26.8 billion, largely due to lower gold imports. However, economists cautioned that rising energy costs could keep the deficit near $30 billion in coming months. Signs of broadening inflation prompted Citi and Deutsche Bank to advance their RBI rate hike calls to October, pushing the 10-year bond yield to its highest since mid-May.
Equities mirrored the cautious mood, with the Nifty 50 slipping around 1%, as traders braced for tighter monetary policy and awaited the US Fed’s decision, where markets priced a near-certain hike.
Bank Nifty has been stronger in comparison to Nifty and the sustained buying at lower levels is slowly and gradually building up as can be seen on every rally indicating that it is inclined for some downward bias as the trends are unable to head higher. While sector rotation is happening, we are reaching a point where the indices have become divergent.
Private Bank has been under great deal of stress post its Q1 numbers and is not able to contribute much showing on the Bank Nifty as well. The stocks could not impact the Bank Nifty condition much however the trends are expected to carry the Bank Nifty while upper end of the value resistance zone as the indicators were tiring out. The rise witnessed in Bank Nifty is seen struggling as the attempt to hold on is seen fizzling out as bearish pressure is emerging at higher levels. Currently , due to lack of triggers we are witnessing a ranging action that could keep the trends from recovering swiftly.
Today we will consider looking at a look at Nifty that could help us connect the market with the trends that are in play. Now, the lack of participation is slowly and steadily curbed the bullish enthusiasm. After an encouraging start the markets gave up the higher levels to quickly give away the advantage.
As we continue to maintain the move below 24000 would once again attract some strong bearishness. At the current juncture we can see that the higher levels are being used to short into. One should continue to maintain a move below 55000 on Bank Nifty spot would be a crucial , at higher levels 58500 would be a significant level to watch out for. Bank Nifty is a sector that should be tracked. Until 58500 is exceeded we could look at stock specific action where there are divergent views been displayed across all the component stocks.
PSU Banks and private banks are working slowly and the erratic vibes from private sector being exhibited is making it difficult for the Bank Nifty to recover. This in turn will spill over to the other sectors like Auto, Realty and Finance. Despite markets remaining muted the sustained showing in select sectors would continue to attract some bullish momentum. some prowess of a recovery the inability of Bank Nifty to clear the 60100 mark seems limited in this curtailed week. Till then this index holds the key for some trends to emerge
The current market setup has shifted into a more unplanned scenario, with the Nifty struggling to hold on to 23,000. This level not only represents the last stop for any bullish revival but also aligns with the max pain point, which continues to cap upward momentum. Open Interest data reinforces the presence of hurdles at higher levels, suggesting limited progress unless a decisive breakout occurs.
Traders should closely monitor Wednesday’s 30‑minute range, as a sustained move above or below this threshold could provide the trigger for a new trend.
There is no attempt being made at covering the shorts , meanwhile the lack of buying interest is keeping the lid on the recovery scenario. With the continued attempt to head into a weak zone out of a ranging action and a possible short covering action may emerge today. Now, we can observe that Nifty would look at 23150 which is the immediate support as we head into the last trading day of the week. The trends seem brittle so one has to be wary of what lies ahead.
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.