Stocks to buy | Sumeet Bagadia’s stock recommendations: The key benchmark indices of the Indian stock market staged a strong rebound on Friday, October 9, bringing an end to the Nifty 50 and Sensex’s eight-week losing streak. The Nifty rose 1.30%, while the Sensex advanced 1.23%. Bank Nifty also recovered, gaining 1.36%. The rally was led by IT stocks following Tata Consultancy Services’ September-quarter results, with buying extending to FMCG, auto and financial shares.
The macroeconomic backdrop remains challenging. Brent crude continued to trade above $100 a barrel, while WTI remained above $90. Comments from the US president on discussions with Iran offered some temporary relief, but tensions around the Strait of Hormuz and concerns over regional energy infrastructure have kept the risk of supply disruptions elevated. For India, persistently high oil prices pose risks to inflation, the import bill and the rupee.
Foreign investor selling remains a significant overhang. FIIs recorded net outflows of approximately ₹39,779 crore in October so far, while domestic institutional investors (DIIs) bought around ₹40,355 crore over the same period, broadly offsetting the foreign selling. Domestic institutional demand has provided an important cushion, absorbing much of the pressure from overseas investors and helping stabilise the market.
Stock market outlook by Sumeet Bagadia
Sumeet Bagadia, Executive Director at Choice Broking, believes the Nifty 50 chart pattern is signalling improving short-term sentiment, although the broader structure remains weak below key moving averages. He said that PCR at 0.98 suggests a balanced derivatives setup, while India VIX eased to 14.375, reflecting reduced volatility. Sustaining the rebound and moving above resistance will be crucial for further improvement.
On the outlook for the Nifty 50 index, Sumeet Bagadia said, “Immediate support for the Nifty 50 index is placed at 22,250–22,400, while 22,650–22,700 remains the key resistance zone. RSI improved to 36.50 against its average of 31.48, indicating a gradual recovery from oversold territory.”
On the outlook for the Bank Nifty index, Bagadia said, “Immediate support is seen at 54,800–55,000, while 55,500–55,800 is the next resistance zone. RSI rose to 45.20 against its average of 38.02, signalling improving momentum.”
Bagadia said that a strong bullish candle highlights renewed demand at lower levels, though the index remains below its key moving averages.
Sumeet Bagadia’s Stocks to buy under ₹100
Regarding stocks to buy on Monday, Sumeet Bagadia recommended buying these 5 shares, all priced under ₹100 —NTPC Green, Jayaswal Neco Industries, Sagility, SBFC Finance, South Indian Bank.
1] NTPC Green Energy: Buy at ₹92.60 | Target ₹101 | Stop Loss ₹88;
2] Jayaswal Neco Industries: Buy at ₹91.40 | Target ₹99 | Stop Loss ₹87.50;
3] Sagility: Buy at ₹44 | Target ₹48 | Stop Loss ₹42;
4] SBFC Finance: Buy at ₹84.40 | Target ₹91 | Stop Loss ₹80.50; and
5] South Indian Bank: Buy at ₹47.91 | Target ₹52 | Stop Loss ₹45.
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.
