Despite mixed global trends, the Indian stock market closed higher on Friday. The Nifty 50 index rose 186 points to 24,502, and the BSE Sensex surged 622 points to close at 80,519. The Bank Nifty index ended slightly higher at 52,278. According to Sumeet Bagadia, Executive Director at Choice Broking, the Indian stock market is poised for a new bull trend, with the Nifty expected to reach 24,900 soon. He noted that strong Q1 2024 results from leading IT companies and IREDA will keep market sentiment positive on Monday. However, he advised caution against buying stocks with high valuations.
Bagadia’s stock recommendations for today
Discussing the outlook for the Indian stock market, Sumeet Bagadia said, “The Nifty 50 index has broken out of its consolidation phase and is set to reach 24,900 in the near term. Positive sentiments are expected to continue after strong Q1FY25 results from IT majors TCS and HCL Technologies, as well as IREDA.”
He warned that while the market is reaching new highs, finding stocks at attractive valuations for intraday trading may become challenging. Bagadia suggested focusing on breakout stocks that are still reasonably priced.
Here are Sumeet Bagadia’s top intraday stock picks for today:
- Railtel: Buy at ₹597, target ₹630, stop loss ₹575
- IRFC: Buy at ₹69.60, target ₹73.50, stop loss ₹67
- HPL: Buy at ₹633.25, target ₹666, stop loss ₹610
- Cantabil: Buy at ₹290.65, target ₹305, stop loss ₹280
- Sonata Software: Buy at ₹710.50, target ₹745, stop loss ₹685
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