Nifty is oversold and holding support; Angel One's Rajesh Bhosale flags 2 stocks to buy right now

Monday's session has been predictably choppy — markets swinging between green and red with no clear directional conviction. But beneath the surface noise, Angel One's equity technical analyst Rajesh Bhosale sees a market that is quietly building a case for a bounce, and he has two specific stock calls to back that view.

What the charts are saying

The key technical development, according to Bhosale, came last Thursday — when the Nifty bounced sharply from lower levels and formed what chartists call a "meeting line" candlestick pattern. This is a recognised bullish reversal formation, and Monday's intraday action — where the index is finding support at lower levels rather than breaking down — is reinforcing that signal.

"Considering the oversold condition, we will have a buy-on-dip approach. On the downside, 22,400 to 22,200 is a strong support zone," says Bhosale.


The 22,200–22,400 band is the floor that Bhosale says traders should watch closely. On the upside, 23,000 is the critical level — it marks the upper boundary of the current falling channel pattern. A sustained move above 23,000 would be the signal for broader momentum to kick in. Until that happens, the playbook is stock-specific rather than index-driven.

Two trading calls for the near term

With the broader index rangebound, Bhosale is directing attention to two counters that have shown relative strength during the recent market fall — and are now breaking out of short-term trading ranges with strong volume support.

BSE has held its RSI above the 40 zone throughout the broader market decline — a sign of underlying strength relative to the index. Monday's range breakout accompanied by strong volume traction confirms fresh buying interest is entering the counter. For RBL Bank, the picture is similar: the stock has crossed all its short-term moving averages in one session, with fresh long formations visible in the derivatives data — a pattern Bhosale reads as a technically clean setup.

The bottom line

Nifty is oversold but not broken — the 22,200–22,400 support zone is holding and the chart structure favours a buy-on-dip strategy. Broader momentum needs a 23,000 breakout to materialise. Until then, stock-specific trades in relative strength names like BSE and RBL Bank offer the better near-term risk-reward.