Stocks to buy today | Sumeet Bagadia’s stock recommendations today: The key benchmark indices of the Indian stock market opened sharply lower and remained under pressure as markets witnessed a sell-off following the RBI’s rate hike. The central bank raised rates by 25 basis points and shifted its stance to “calibrated tightening,” triggering a negative reaction across the benchmarks. Continued weakness in the rupee further weighed on investor sentiment.
The Nifty 50 declined 0.76% to close at 22,603, while the Sensex fell 0.59% to close at 72,638.
On the sectoral front, PSU Banks and Media were the key gainers, while Metal, Realty, Auto and IT remained the major laggards. The broader market remained mixed, with the Nifty Midcap 100 declining 0.63%, while the Nifty Smallcap 100 gained 0.30%.
Stock market prediction by Sumeet Bagadia
Sumeet Bagadia, Executive Director at Choice Broking, believes the Indian stock market is biased toward caution, as the 50-stock index pared early morning gains and closed near 22,600. He said that RSI at 33.13 is still weak but above its average of 31.45, indicating some stabilisation in momentum. With PCR at 0.97 and India VIX at 13.8850, the derivatives setup remains balanced, but volatility is elevated.
Speaking on the outlook for the Nifty 50 index, Sumeet Bagadia said, “Support is placed at 22,500–22,550, while 22,750–22,800 remains the immediate resistance zone.”
On the outlook for the Bank Nifty index, Bagadia said, the key index recovered from its intraday low and closed near the middle of the range, forming a doji-like candle that reflects indecision and a lack of clear directional momentum.
“RSI stood at 40.87, above its average of 37.99 but still below the neutral 50 mark, keeping the broader momentum subdued while suggesting some short-term stabilisation,” he added.
Sumeet Bagadia’s stock recommendations today
Regarding stocks to buy today, Sumeet Bagadia recommended buying these 5 breakout stocks: Jyothy Labs, Chalet Hotels, Orkla India, Union Bank, and PNB Housing Finance.
1] Jyothy Labs: Buy at ₹191 | Target ₹210 | Stop Loss ₹182.
The stock has shown a favourable change in its daily price action after breaking out of its channel pattern, with volume support indicating stronger participation and renewed buying interest. The stock has also sustained and closed above the 20-Day EMA, highlighting improving short-term trend strength and better price acceptance above the key moving average.
2] Chalet Hotels: Buy at ₹847 | Target ₹920 | Stop Loss ₹812.
Chalet Hotels shares are showing a positive reversal setup on the daily chart after taking support near the lower Bollinger Band and subsequently forming a Bullish Engulfing candlestick pattern. The stock has further strengthened its price structure by breaking above the highs of the previous three sessions, signalling renewed buying interest and improving short-term momentum.
3] Orkla India: Buy at ₹563 | Target ₹617 | Stop Loss ₹535.
The stock is showing signs of a positive shift in its daily price action after sustaining and closing above the previous week’s high range, indicating improving buying interest and stronger price acceptance. The stock has also maintained its position above the 21-Day EMA, supporting the developing short-term trend and adding strength to the current setup.
4] Union Bank: Buy at ₹173 | Target ₹190 | Stop Loss ₹165.
The PSU bank stock has delivered a positive technical breakout on the daily chart after moving above its five-session sideways trading range with rising volumes, reflecting stronger participation and renewed buying interest. The breakout gains further significance as the stock has simultaneously sustained and closed above the 200-Day EMA, indicating improved price acceptance above a key long-term trend level.
5] PNB Housing Finance: Buy at ₹1131 | Target ₹1250 | Stop Loss ₹1075.
PNB Housing Finance share price continues to maintain a favourable daily price structure, with the stock forming a consistent sequence of higher highs and higher lows, reflecting sustained buying strength. The setup receives further confirmation on the hourly chart, where the price has broken above a Double Bottom formation with rising volume, indicating stronger participation and a potential continuation of the upward move.
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.
