Breakout stocks to buy or sell: The key benchmark indices of the Indian stock market witnessed profit booking during the second half of the session amid escalating geopolitical tensions, prompting investors to reduce overnight risk exposure. Volatility remained elevated throughout the day, with sharp intraday swings driven by the weekly Sensex expiry. This cautious sentiment prevailed despite crude oil prices remaining near a three-month low of around $92 per barrel, which would otherwise have provided some support to overall market sentiment. The Nifty 50 declined by 53.35 points (-0.23%) to close at 23,161.60, while the Sensex fell 150.63 points (-0.20%) to settle at 73,832.55.
On the sectoral front, Information Technology and Consumer Durables emerged as the key laggards, witnessing broad-based selling pressure throughout the session. On the positive side, Media and Private Banking stocks provided support to the market, while Healthcare and Pharmaceutical counters also ended with modest gains, reflecting a defensive bias among investors. Market breadth remained weak as selling pressure extended to the broader markets. The Nifty Midcap 100 index declined 0.81% to close at 59,325, while the Nifty Smallcap 100 index ended 0.67% lower at 17,702, indicating relatively sharper profit booking beyond the frontline indices.
Stock market today
Sumeet Bagadia, Executive Director at Choice Broking, believes the Indian stock market is trading in a range-bound pattern. However, the technical expert predicted buying at lower levels, which may cement the bulls’ conviction.
Speaking on the outlook of the Nifty 50 today, Sumeet Bagadia said, “On the daily timeframe, the formation of an inverted hammer-like candlestick pattern indicates buying support emerging from lower levels despite weakness at the close. The long upper shadow reflects rejection near higher levels, while the recovery from the day’s low suggests that buyers attempted to defend crucial support zones.”
The Choice Broking expert said that immediate support for the Nifty 50 index is in the 22,900–22,950 range, while resistance is observed between 23,350 and 23,400. The Relative Strength Index (RSI) stands at 37.86, indicating weak momentum and continued cautious undertones in the market. The volatility index, India VIX, declined marginally by 0.12% to close at 15.61, suggesting relatively stable volatility conditions.
“In the derivatives segment, notable call writing was seen at the 23,200 strike, followed by 23,300, while significant put writing was observed at 23,200 and 23,000 levels, indicating immediate support near lower levels while resistance remains positioned around higher strikes,” said Bagadia.
Sumeet Bagadia’s intraday stocks for today
Regarding stocks to buy today, Sumeet Bagadia recommended buying these five breakout stocks: Sumeet Bagadia recommends five shares to buy today — Jindal Poly Films, SIS, Ajanta Pharma, ICICI Bank, and Neogen Chemicals.
1] Jindal Poly Films: Buy at ₹732, Target ₹815, Stop Loss ₹689;
2] SIS: Buy at ₹429, Target ₹470, Stop Loss ₹407;
3] Ajanta Pharma: Buy at ₹3143, Target ₹3420, Stop Loss ₹3000
4] ICICI Bank: Buy at ₹1317, Target ₹1430, Stop Loss ₹1250; and
5] Neogen Chemicals: Buy at ₹2029, Target ₹2200, Stop Loss ₹1930.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
