Breakout stocks to buy or sell: Amid weak global market cues and escalating geopolitical tensions in the Middle East, the Indian stock market witnessed a strong sell-off on Monday. The Nifty 50 index crashed 243 points and closed at 23,123. The BSE Sensex nosedived 719 points, closing at 73,524. The Bank Nifty index corrected 432 points and closed at 54,063.
Sectoral weakness remained broad-based, with realty, metals, and auto emerging as the top losers, while defensive pockets such as pharma and FMCG showed relative resilience. Broader markets also remained under pressure, with both midcap and smallcap indices declining by 1.66% and 2.18% respectively, reflecting a cautious undertone across the broader market.
Stock market today
Sumeet Bagadia, Executive Director at Choice Broking, believes the Indian stock market is cautious but expects buying support from lower levels. The technical expert said that support for the Nifty 50 index is at the 23,000 to 22,900 levels, which must remain intact for a possible trend reversal to be visible on the technical chart.
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 the overall weak close. However, the inability to sustain near the day’s high reflects continued caution among market participants and persistent selling pressure at elevated levels.”
Bagadia said immediate support is in the 22,900–23,000 range, while resistance is observed between 23,250 and 23,300. The Relative Strength Index (RSI) stands at 35.77, indicating weak momentum and continued pressure on the benchmark index. The volatility index, India VIX, surged 7.85% to close at 17.02, suggesting rising volatility and increasing uncertainty among market participants.
“In the derivatives segment, notable call writing was seen at the 23,300 strike, followed by 23,400, while significant put writing was observed at 23,100 and 23,000 levels, indicating immediate support near lower levels while resistance remains positioned around higher strikes,” Sumeet Bagadia of Choice Broking added.
Sumeet Bagadia’s intraday stocks for today
On breakout stocks to buy today, Sumeet Bagadia of Choice Broking recommended buying these five shares: Bajaj Consumer, Sheela Foam, Caplin Point Lab, SJS Enterprises, and Talbros Automotive Components.
1] Bajaj Consumer: Buy at ₹575, Target ₹630, Stop Loss ₹550;
2] Sheela Foam: Buy at ₹671, Target ₹735, Stop Loss ₹629;
3] Caplin Point Lab: Buy at ₹2111, Target ₹2260, Stop Loss ₹2000;
4] SJS Enterprises: Buy at ₹2061, Target ₹2200, Stop Loss ₹1971; and
5] Talbros Automotive Components: Buy at ₹362, Target ₹390, Stop Loss ₹343.
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.
