The Indian stock market fell for the third day in a row, with Nifty 50 losing 309 points, Sensex dropping 930 points, and Bank Nifty falling 705 points. The Mid-cap and Small-cap indices were also hit hard, dropping between 2.5% to 3.8%, as global markets remained weak due to concerns over corporate earnings and global economic conditions.
Sumeet Bagadia’s Stock Market Outlook
Sumeet Bagadia, Executive Director at Choice Broking, says the market has turned bearish, especially after Nifty 50 broke the 24,700 level. He highlights the importance of the 24,000 support level, warning that a fall below this could trigger more selling. Bank Nifty also faces downward pressure and could reach the 49,300 level if it falls below 51,000.
Bagadia advises investors to stay cautious, focus on specific stocks with strong technicals, and consider breakout stocks for short-term gains. He recommends the following five stocks for Wednesday:
- City Union Bank: Buy at ₹168.51, target ₹180, stop loss ₹162
- Pansari Developers: Buy at ₹131.46, target ₹140, stop loss ₹126
- Saurashtra Cement: Buy at ₹124.71, target ₹132, stop loss ₹120
- Poly Medicure: Buy at ₹2,524.75, target ₹2,666, stop loss ₹2,436
- Tube Investments of India: Buy at ₹4,486.35, target ₹4,750, stop loss ₹4,320
These stock picks offer opportunities for intraday traders even as the broader market remains under pressure.
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.
