Indian Stock Market to Open Weak; Sumeet Bagadia Recommends JM Financial, Monarch Networth Capital Among Breakout Stocks to Buy Today

The Indian stock market is expected to start on a negative note today, Wednesday, September 4, due to weak performances in major Asian markets and a sharp decline in US stock markets. The drop in the US was largely driven by a sell-off in technology stocks and concerns about a potential recession following weak economic data.

In the previous session, the Sensex and Nifty 50, India’s main stock indices, closed without much movement, although mid- and small-cap stocks saw gains. Experts believe that the domestic market may consolidate in the short term due to high valuations and a lack of new positive triggers.

Expert’s Stock Picks

Sumeet Bagadia, Executive Director at Choice Broking, maintains that the Indian stock market is still in a bullish trend. He highlighted that the Nifty 50 index has strong support at the 25,000 level but faces resistance between 25,250 and 25,300. Bagadia advises investors to consider buying on dips as long as the Nifty stays above 25,000.

“Nifty is encountering resistance around 25,250 to 25,300, while 25,000 serves as solid support. Despite this, the overall market trend remains positive, and any dip should be seen as a buying opportunity as long as the index stays above 25,000. Investors should focus on specific stocks and consider breakout stocks for intraday trading,” Bagadia explained.

Stocks to Buy Today

Here are Sumeet Bagadia’s stock recommendations for today:

• JM Financial
  • Previous Close: ₹118.53
  • Buying Price: ₹118.53
  • Target Price: ₹125
  • Stop Loss: ₹114
• D-Link (India)
  • Previous Close: ₹661.75
  • Buying Price: ₹661.75
  • Target Price: ₹699
  • Stop Loss: ₹636
• Garware Hi-Tech Films
  • Previous Close: ₹3,521.55
  • Buying Price: ₹3,521.55
  • Target Price: ₹3,730
  • Stop Loss: ₹3,385
• Bombay Burmah Trading Corporation
  • Previous Close: ₹2,673.75
  • Buying Price: ₹2,673.75
  • Target Price: ₹2,815
  • Stop Loss: ₹2,580
• Monarch Networth Capital
  • Previous Close: ₹856.65
  • Buying Price: ₹856.65
  • Target Price: ₹905
  • Stop Loss: ₹825

These stocks are recommended based on their potential for positive price movement, and investors are encouraged to consider these for intraday trading today.