Stock Market Update and Expert Picks:
The Indian stock market ended its five-day winning streak on Friday due to a global market sell-off triggered by US recession fears. The Nifty 50 index dropped 311 points, closing at 24,699, while the BSE Sensex fell 885 points to 80,981, and the Bank Nifty corrected 226 points to 51,337.
Market Outlook:
Sumeet Bagadia, Executive Director at Choice Broking, expects continued pressure in global markets. He advises investors to watch critical support levels closely, as volatility is expected to continue when the market opens on Monday. The Nifty has crucial support at 24,400, and if it holds, a bounce back is possible. However, if it falls below this level, market sentiment may weaken.
Stocks to Buy Today:
Bagadia recommends a stock-specific approach and suggests buying the following five breakout stocks today:
- SJS:
- Buy at ₹984
- Target: ₹1030
- Stop loss: ₹945
- GHCL:
- Buy at ₹630
- Target: ₹660
- Stop loss: ₹608
- Khaitan Chemicals:
- Buy at ₹91.75
- Target: ₹96
- Stop loss: ₹88
- Ruby Mills:
- Buy at ₹262.40
- Target: ₹275
- Stop loss: ₹252
- Pokarna:
- Buy at ₹771
- Target: ₹805
- Stop loss: ₹745
Bagadia’s advice is to stay cautious and focus on these specific stocks for potential gains amidst market volatility.
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.
