The Indian stock market experienced sharp losses on Thursday due to renewed Russia-Ukraine tensions and scrutiny of Gautam Adani in the US courts. The Nifty 50 dropped 171 points to close at 23,346, the Sensex lost 434 points to finish at 77,144, and the Bank Nifty declined by 189 points to settle at 50,436.
Trading volumes on the NSE cash market surged by 20% compared to Tuesday, while the Nifty Mid-cap 100 and Small-cap 100 dipped 0.30% and 0.46%, respectively. Among sectoral indices, Nifty Realty and IT were gainers, whereas PSU Banks, Media, and Metal were the biggest losers.
Expert’s Market Outlook
Sumeet Bagadia, Executive Director at Choice Broking, predicts continued market volatility driven by geopolitical tensions, Adani news, and upcoming Assembly Election results. He highlighted that the Nifty 50’s crucial support zone lies between 23,200 and 23,000 (200-DEMA). Breaching this range could trigger further selling.
Bagadia advises a stock-specific trading strategy, focusing on breakout stocks for intraday opportunities.
Stocks to Buy Today: Sumeet Bagadia’s Picks
- Paytm
- Buy at: ₹845.40
- Target: ₹905
- Stop Loss: ₹816
- Dhani Services
- Buy at: ₹73.55
- Target: ₹79
- Stop Loss: ₹71
- Amber Enterprises
- Buy at: ₹6545.60
- Target: ₹6750
- Stop Loss: ₹6317
- Fortis Healthcare
- Buy at: ₹680.70
- Target: ₹728
- Stop Loss: ₹657
- ADF Foods
- Buy at: ₹302.75
- Target: ₹324
- Stop Loss: ₹292
Takeaway for Traders
Given the current market pressure, a focused, stock-specific approach is crucial. Keep an eye on these breakout opportunities for potential gains while maintaining tight stop-losses to manage risk effectively.
Disclaimer: The views and investment tips expressed by investment experts on Sharepriceindia.com are their own and not those of the website or its management. Sharepriceindia.com advises users to check with certified experts before taking any investment decisions.
