Buy or sell indicator: The Indian stock market remained volatile and under pressure during the week, with the Nifty 50 extending its losing streak to four consecutive weeks, the longest such stretch in five months, as intensifying U.S.-Iran hostilities drove a sharp surge in crude oil prices and kept risk sentiment firmly on edge. This pattern of crude-driven caution persisted throughout the week, even as India posted strong Q1 FY27 GDP growth of 7.8%, comfortably beating estimates, and robust GST collection data, both of which struggled to meaningfully lift sentiment against the weight of the oil narrative.
Stock market prediction
Sumeet Bagadia, Executive Director at Choice Broking, believes the bias on Dalal Street is weak, as the Nifty 50 index is trading below its 20-day, 50-day, 100-day and 200-day EMAs. The Choice Broking expert said the 50-stock index has formed a small bearish candlestick on the daily chart, reflecting hesitation at higher levels and continued selling pressure near the resistance zone.
Speaking on the outlook for the Nifty 50 today, Sumeet Bagadia said, “Immediate support is placed in the 23,750–23,800 zone, while 24,000–24,050 is likely to act as a crucial resistance area. A sustained move above 24,050 could improve the near-term structure, whereas a break below 23,750 could trigger further downside.”
The RSI stood at 38.37, indicating weak momentum and a bearish bias, while remaining above the oversold zone. India VIX stood at 10.68, indicating relatively subdued market volatility.
Bagadia said that in the derivatives segment, major Call Open Interest was concentrated around the 24,000–24,100 strikes, suggesting strong resistance at higher levels, while significant Put Open Interest was seen around the 23,800–23,900 strikes, indicating immediate support around the current levels.
“Overall, Nifty remains in a cautious-to-bearish setup, with 24,000–24,050 acting as the key hurdle and 23,750–23,800 as the crucial support zone,” Bagadia said.
Sumeet Bagadia’s share recommendations
Regarding buy or sell indicator, Sumeet Bagadia recommended three stocks to buy on Monday: Tata Steel, Reliance Industries, and Bajaj Finance.
1] Tata Steel: Buy at ₹188.80 | Target ₹205 | Stop Loss ₹180.
Tata Steel’s share is currently attempting to recover after undergoing a short-term consolidation phase following the earlier downtrend from its May–June highs. The stock is showing signs of stabilisation around its key moving-average zone, with price action currently interacting closely with the 20-day, 50-day and 100-day EMAs. Although the stock remains below the 100-day EMA, indicating some overhead resistance, sustained strength above the short-term averages could improve the broader setup.
2] Reliance Industries: Buy at ₹1322 | Target ₹1428 | Stop Loss ₹1249.
Reliance share price is showing early signs of a bullish reversal as the stock attempts to break above a crucial descending trendline that has capped upside movement since June. The recent price action indicates improving buying interest, with the stock successfully reclaiming its 20-day and 50-day EMAs, signalling a positive shift in short-term momentum.
3] Bajaj Finance: Buy at ₹1060 | Target ₹1145 | Stop Loss ₹1018.
Bajaj Finance’s share is currently in a short-term pullback after its recent price action, with the stock closing at around ₹1,060.50. The price has slipped below the 20-day EMA near ₹1,073.30 and is now testing an important support zone around the 50-day EMA near ₹1,053.50. This area could act as a potential demand zone and provide a base for the next recovery attempt. A successful reversal from the 50-day EMA, followed by a sustained move above the 20-day EMA, would strengthen the short-term bullish setup and signal renewed buying interest.
Disclaimer: This story is for educational and informational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified financial experts before making any investment decisions.
