Sumeet Bagadia’s share recommendations: The key benchmark indices of the Indian stock market extended their losing run to a fifth straight week, as a string of global headwinds kept sentiment fragile. Nifty50 slipped more than 2% to settle at 23,398, while the Sensex shed nearly 2.27% to close at 74781. Crude oil and the US 10-year bond yield remained the biggest overhang.
Brent oil held stubbornly close to the $105-a-barrel mark amid supply worries and lingering geopolitical tensions. For an economy that imports the bulk of its energy needs, costlier crude directly threatens the current account and keeps inflation risks alive.
Outlook for the stock market today
Sumeet Bagadia, Executive Director at Choice Broking, believes the bias for the Indian stock market is sideways. However, Bagadia said the Nifty 50 index is indicating a turnaround on the technical chart pattern.
On the outlook for the Nifty 50 index, Sumeet Bagadia said, “From a technical perspective, Nifty is likely to maintain a Sideways bias, with the 23,250–23,300 zone acting as the immediate support area. Resistance is placed at 23,500–23,600, and a sustained move above 23,600 could support further recovery, particularly if short covering continues.”
Bagadia said the expected trading range for the Nifty 50 index in the next session is 23,250–23,600. Sector-wise, Nifty IT Services, Private Bank, and Media were among the key gainers, while Realty, Metal, and Chemical were the major laggards. Auto and Oil & Gas also stayed under pressure.
Sumeet Bagadia shares recommendations
Regarding the top stocks to buy on Tuesday, as the trading on the NSE and the BSE would remain closed on Monday for Ganesh Chaturthi, Sumeet Bagadia recommended three stocks to buy: Axis Bank, Dr Reddy’s Labs, and Indus Towers.
1] Axis Bank: Buy at ₹1246 | Target ₹1375 | Stop Loss ₹1180.
The banking stock is currently consolidating near a major multi-month rising trendline support, with the stock closing around ₹1,246.00. The price action reflects steady accumulation along this upward-sloping trendline support zone around ₹1,209– ₹1,232, offering a low-risk entry area. The Supertrend indicator has flashed a buy signal near the trendline, signalling a potential shift back toward a bullish bias in the short term.
2] Dr Reddy’s Labs: Buy at ₹1165 | Target ₹1290 | Stop Loss ₹1100.
The pharma stock is currently attempting to form a base after a corrective phase, closing around ₹1,165.50. The price is currently trading below its 50-week EMA near ₹1,242.00, but is finding strong support around its crucial 200-week EMA near ₹1,102.80. This area serves as a solid demand zone that could provide the base for an upcoming bullish reversal attempt. A sustained bounce off the 200-week EMA, followed by a move back above intermediate resistance levels, would strengthen the setup and confirm renewed buying interest.
3] Indus Towers: Buy at ₹388 | Target ₹425 | Stop Loss ₹368.
Indus Towers’ share price is currently attempting a reversal from a key multi-month consolidation zone, with the stock closing around ₹388.00. The price has found strong support near the crucial horizontal demand level and the 100-week EMA, around ₹369.90– ₹380.80, which has served as a robust structural base during the pullback. Additionally, the chart shows a breakout above the downward trendline resistance, indicating that selling pressure is easing and momentum is shifting back in favour of buyers.
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.
