Despite weak global market sentiments due to rising US-China tensions, the Indian stock market ended higher for the fourth straight session on Thursday. The Nifty 50 index gained 187 points, closing at a record high of 24,800. The BSE Sensex finished 626 points higher at 81,343, while the Bank Nifty index rose 223 points to 52,620. However, the broader market saw losses, with the small-cap index down 1.15% and the mid-cap index down about 1%.
Sumeet Bagadia, Executive Director at Choice Broking, expects a selective trend ahead of the Union Budget 2024 as Q1 2024 results continue. With major companies like Reliance Industries, Wipro, One 97 Communications (Paytm), etc., declaring their Q1 results today, the market is expected to remain volatile but positive as long as the Nifty stays above 24,500. Bagadia advises a stock-specific approach and suggests a buy-on-dips strategy.
Sumeet Bagadia’s Stock Picks Today
Bagadia recommends focusing on stocks that gave a fresh breakout on Thursday. Here are his five picks for intraday trading:
- Umang Dairies
- Buy at ₹160.45
- Target: ₹168
- Stop loss: ₹154
- Alphageo India
- Buy at ₹511.50
- Target: ₹540
- Stop loss: ₹495
- Quick Heal
- Buy at ₹608.20
- Target: ₹650
- Stop loss: ₹495
- Aditya Birla Money
- Buy at ₹183.30
- Target: ₹194
- Stop loss: ₹178
- DCM
- Buy at ₹99.90
- Target: ₹105
- Stop loss: ₹96
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