Buy or sell stocks: Benchmark equity indices Sensex and Nifty 50 ended on a subdued note on Wednesday, August 5, after the Reserve Bank of India left the repo rate unchanged and highlighted the Indian economy’s resilience despite a slight rise in headline CPI inflation during the first quarter of FY27 amid global uncertainties.
The BSE Sensex gained 152 points, or 0.19%, to settle at 78,581, while the NSE Nifty 50 edged up 10 points, or 0.04%, to close at 24,624.65.
Stock market today
Nifty 50
Indian indices ended on a subdued note, with the Nifty 50 settling at 24,624.65, up 9.75 points (+0.04%) after a volatile session. The index opened with a 53-point gap-up, which also marked the day’s high at 24,677.60, but gradually drifted lower as persistent profit booking erased most early gains. However, buying interest around the 24,550–24,500 zone helped the index recover, resulting in a flat-to-positive close. Intraday price action reflected selling at higher levels, while lower levels continued to witness demand.
According to Sumeet Bagadia, Executive Director at Choice Broking, Nifty formed a small bearish candle, indicating hesitation near resistance after the recent rally, though it continues to trade above key moving averages.
“The daily RSI strengthened to 61.96, reflecting positive momentum, while India VIX declined 1.07% to 12.06, indicating lower volatility. PCR stood at 1.15, with major CE OI at 24,600–24,700 and PE OI at 24,600–24,500. IT, Metals, Realty and PSU Banks outperformed, whereas Banking, FMCG and Media remained under pressure. Support: 24,400–24,450 | Resistance: 24,750–24,800,” said Bagadia.
Bank Nifty
Bank Nifty closed at 57,739.95, down 167.25 points (-0.29%), after a volatile session. The index started lower at 57,810.05, briefly climbed to 57,931.85 in early trade, but selling pressure dominated thereafter, dragging it to an intraday low of 57,456.35 before a mild recovery into the close. PSU banks showed relative resilience, while profit booking in private banking stocks capped the overall performance.
Bagadia noted that the index has formed a bearish candlestick, reflecting rejection near higher levels after the recent rebound.
“Despite the weakness, the index continues to hold above its near-term support, indicating that buyers remain active on declines. Support is placed at 57,200–57,400, while 58,000–58,200 remains the immediate resistance zone. A sustained move above resistance could improve sentiment, whereas a break below support may invite fresh selling pressure,” he added.
Sumeet Bagadia’s stocks to buy
Sumeet Bagadia recommends five breakout shares to buy on Thursday, 6 August: BLS International Services, Usha Martin, 360 One Wam, Netweb Technologies India, and IPCA Laboratories.
1] BLS International Services: Buy at ₹256, Target ₹274, Stop Loss ₹247
BLS is trading around 256, has developed a strong mean-reversion swing on its daily chart, advancing sharply off its lower support base near 230. The price action has pushed past its short-term moving averages (20 EMA at 243.04 and 50 EMA at 249.77), now approaching tests of its upper EMA resistance levels. On the indicator pane, the daily RSI has trended upward past 61.31, signalling a strong surge in buying interest with room to extend the current move. Driven by this bottom-rebound structure, the asset is aligned to test higher resistance toward its target of 274. To safeguard position equity against unexpected pullbacks, risk is defined with a stop loss at 247.
2] Usha Martin: Buy at ₹522, Target ₹559, Stop Loss ₹504
USHAMART is currently trading at 522, has mounted a solid upward move on its daily chart, advancing back toward its range resistance after rebounding off its 20-day EMA support at 502.77. The price structure continues to display a well-established bullish trend, staying positioned firmly above the stacked moving average ribbon (20, 50, 100, and 200 EMAs). In the lower indicator section, the daily RSI has picked up trajectory to 60.75, confirming strong momentum expansion with sufficient room to extend further. Supported by this favourable trend framework, the stock is well-placed to press toward its target of 559. To maintain prudent downside protection against volatility, a strict stop loss should be kept at 504.
3] 360 One Wam: Buy at ₹1192, Target ₹1275, Stop Loss ₹1150
360ONE is currently trading at 1192, has achieved a clean multi-month breakout on its daily timeframe, pushing into fresh high territory with a strong green daily candle. Price action is holding well clear of its underlying moving average cluster (20, 50, 100, and 200 EMAs), maintaining a healthy structural uptrend across all primary horizons. On the lower indicator sub-pane, the daily RSI has trended higher to 64.49, reflecting strong buyer strength with ample room left before entering overbought extremes. Backed by this positive trend extension, the stock remains well-configured to drive toward its target of 1275. Downside risk is clearly structured with a strict stop loss defined at 1150.
4] Netweb Technologies India: Buy at ₹4893, Target ₹5235, Stop Loss ₹4720
NETWEB is currently trading at 4893, has initiated a strong momentum expansion on its daily timeframe, advancing higher after taking support near its moving average cluster. The price action is trending steadily above its key exponential moving averages (20, 50, 100, and 200 EMAs), maintaining a healthy structural hierarchy relative to its primary uptrend. Meanwhile, the daily RSI indicator has crossed upward into bullish territory around 65.41, indicating sustained buying strength with scope for further extension. Supported by this favourable technical continuation, the asset is configured to move toward its target of 5235. To manage downside risk against unexpected intra-session volatility, a strict stop loss should be maintained at 4720.
5] IPCA Laboratories: Buy at ₹1765, Target ₹1890, Stop Loss ₹1700
IPCALAB is trading around 1765, has staged a strong rebound on its daily chart, springing off its 50-day EMA support at 1708.9 to reclaim its 20-day EMA level near 1760.4. The broader price action remains in a healthy uptrend structure, trading comfortably above its medium- and long-term moving averages (100 and 200 EMAs). Down on the indicator panel, the daily RSI has hooked back up to 52.25, indicating a fresh shift toward positive momentum after cooling off from previous highs. Supported by this pull-back and bounce setup, the stock is well-configured to move toward its target of 1890. Risk is structured with a stop loss at 1700 to protect against potential breakdown below key support.
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.
