The Indian stock market experienced a significant sell-off last Friday due to weak global market trends and rising US-China tensions. The Nifty 50 index dropped 269 points to close at 24,530, while the BSE Sensex fell 738 points to finish at 80,604. The Bank Nifty index also declined by 355 points, closing at 52,265. Cash market volumes on the NSE were down by 8.8 percent due to tech outages, with the broad market indices falling more than the Nifty and the advance-decline ratio hitting a 1.5-month low of 0.18:1.
Sumeet Bagadia’s Stock Recommendations for Today
Sumeet Bagadia, Executive Director at Choice Broking, noted that the Indian stock market has become cautious after last Friday’s sharp selling. He mentioned that the Nifty 50 index faces resistance at the 24,850 to 24,900 range and has established a crucial base at 24,200. With the Union Budget 2024 scheduled for Tuesday this week, Bagadia advised investors to adopt a stock-specific approach until the budget is presented in parliament. He suggested five breakout stocks for intraday trading, as they still appear strong on the charts despite last Friday’s performance.
Breakout Stocks to Buy Today
- RVNL (Rail Vikas Nigam Limited)
- Buy at ₹613
- Target: ₹645
- Stop loss: ₹590
- Navkar Corp
- Buy at ₹127.70
- Target: ₹135
- Stop loss: ₹123
- NECC
- Buy at ₹35.50
- Target: ₹37.35
- Stop loss: ₹34.25
- Electrosteel Castings
- Buy at ₹202.70
- Target: ₹212
- Stop loss: ₹195
- Shaily Engineering
- Buy at ₹844
- Target: ₹920
- Stop loss: ₹805
Stock Market Outlook Today
Regarding the Nifty 50 index, Sumeet Bagadia said it is facing resistance at the 24,850 to 24,900 range and has formed a bearish candle pattern on the daily chart. He mentioned that the index has crucial support at 24,200, and if it slips below this level, the market mood could turn more bearish.
Bagadia recommended maintaining a stock-specific approach due to the scheduled Union Budget 2024 and the ongoing US-China trade tensions. He also noted that focusing on breakout stocks would be wise, especially as Q1 results for 2024 are being announced.
Summary
In summary, Sumeet Bagadia advises buying specific stocks like RVNL, Navkar Corp, NECC, Electrosteel Castings, and Shaily Engineering for intraday trading, keeping in mind the upcoming Union Budget and current global market trends.
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