Following some recovery in global markets, the Indian stock market ended its three-day losing streak on Monday. The Nifty 50 index rose by 84 points to close at 24,936, while the BSE Sensex gained 375 points, finishing at 81,559. The Bank Nifty index also closed higher by 540 points, reaching 51,117.
However, cash market volumes on the NSE dropped by 17.5% compared to the previous session, marking the lowest since 29 May. Despite gains in key indices, the broader market indices ended in the red, and the advance-decline ratio stood at 0.60:1.
Sumeet Bagadia’s stock picks for today
Sumeet Bagadia, Executive Director at Choice Broking, said that the market sentiment has improved after the Nifty 50 closed above the crucial 24,900 level. He highlighted that the 24,750 to 24,800 range will be important, as the market needs to hold this support to keep the positive outlook on track. Bagadia recommended a stock-specific strategy for investors, with a focus on breakout stocks for intraday trading.
For today, Bagadia suggested buying these five stocks: Shah Alloys, Syncom Formulations, GP Petroleums, Indo Amines, and TBZ.
Market outlook today
Sharing his thoughts on the market outlook for today, Bagadia noted, “The Nifty 50 had a strong pullback on Monday, closing above 24,900, which has slightly lifted market sentiment. The first few hours of trading on Tuesday will be critical, as holding above the 24,900 level, and maintaining support between 24,750 to 24,800, will be essential for further improvement.”
He added, “Since the market is trading near record highs, it’s important to focus on individual stocks rather than the broader market. Looking at breakout stocks can be a good strategy for intraday traders.”
Sumeet Bagadia’s stock recommendations today:
- Shah Alloys: Buy at ₹82.75, target ₹87.50, stop loss ₹79.50
- Syncom Formulations: Buy at ₹26.77, target ₹28.50, stop loss ₹25.85
- GP Petroleums: Buy at ₹87.65, target ₹93, stop loss ₹84.50
- Indo Amines: Buy at ₹230.38, target ₹245, stop loss ₹223
- TBZ: Buy at ₹270.35, target ₹285, stop loss ₹260
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