Indian stock market: The Indian stock market remained under selling pressure for a second straight session on Friday, July 25. Benchmark indices — the Sensex and Nifty 50 — recorded notable losses, with mid- and small-cap stocks declining by as much as 2 per cent.
The Sensex slumped 786 points, nearly 1 per cent, to touch an intraday low of 81,397.69, while the Nifty 50 slipped 1 per cent to hit a low of 24,806.35.
By the end of the trading day, the Sensex had declined 721 points, or 0.88 per cent, to close at 81,463.09, and the Nifty 50 ended 225 points lower, down 0.90 per cent, at 24,837.
Stock market next week
Sumeet Bagadia, Executive Director at Choice Broking believes that Indian stock market sentiment has turned weak as the Nifty 50 index has slipped below the 50-DEMA support of 24,900.
“ The key benchmark index may try to test 24,700 to 24,650 levels. However, the next crucial support for the 50-stock index is placed at 24,500. On the upper side, 25,050 may act as crucial hurdle. So, one should maintain stock-specific approach and look at those stocks that are looking strong on the technical chart,” Bagadia said.
Stocks to buy
Sumeet Bagadia has recommended three stocks to buy on Monday, July 27. The three stock picks by Bagadia are – Filatex India, Southern Petrochemicals Industries Corporation, and Agro Phos (India).
1] Filatex India: Buy at ₹59.39 | Target Price: ₹65 | Stop Loss: ₹57
2] Southern Petrochemicals Industries Corporation: Buy at ₹98.63 | Target Price: ₹108 | Stop Loss: ₹95
3] Agro Phos (India): Buy at ₹40.95 | Target Price: ₹45 | Stop Loss: ₹39
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.
