After a strong rally in the US stock market, the Indian stock market also closed higher for the tenth straight session on Wednesday. The Nifty 50 index hit a new high at 25,129.60 and closed at 25,052, up by 34 points. The BSE Sensex gained 73 points, closing at 81,785. However, the Bank Nifty index fell by 134 points to end at 51,143. Although the Nifty Small-cap 100 and Micro-cap 250 indices reached new highs, they gave up most of the day’s gains and ended near the day’s lows. Among sectors, Nifty IT, pharma, and healthcare were the top gainers, while Nifty Media, FMCG, and PSU Bank saw losses.
Sumeet Bagadia, Executive Director at Choice Broking, is positive about the Indian stock market as the Nifty 50 has stayed above the 25,000 mark. He expects the index to reach 25,550 to 25,600 soon, with support at 24,900 to 24,850. He advises a stock-specific approach for intraday trading and suggests looking at breakout stocks.
For today, Bagadia recommends buying the following five stocks:
- Niraj Cement: Buy at ₹52.90, target ₹55.90, stop loss ₹51.
- Bhageria Industries: Buy at ₹236.36, target ₹245, stop loss ₹225.
- Gulshan Polyols: Buy at ₹219.70, target ₹230, stop loss ₹212.
- Aarey Drugs and Pharmaceuticals: Buy at ₹66.23, target ₹70, stop loss ₹63.50.
- Vaishali Pharma: Buy at ₹189.84, target ₹200, stop loss ₹183.
Bagadia believes that the Nifty today will face significant resistance at 25,550 to 25,600, with immediate resistance at 25,350. However, the overall market trend is expected to remain positive as long as Nifty stays above the 25,000 mark.
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