Stock Market NewsStock Market News The Indian stock market experienced a significant sell-off on Friday, with the Nifty 50 index and BSE Sensex both suffering substantial losses. The Nifty 50 index fell by 269 points to close at 24,530, while the BSE Sensex lost 738 points to close at 80,604. The broader market indices also declined. Sumeet Bagadia’s Stock Recommendations Sumeet Bagadia, Executive Director of Choice Broking, advised investors to adopt a stock-specific approach until the Union Budget 2024 is presented. He suggested considering breakout stocks for intraday trading, such as NECC, Navkar Corporation, Electrosteel Castings, Rail Vikas Nigam Limited (RVNL), and Shaily Engineering. Stock Market Outlook Bagadia commented that the Nifty 50 index faces hurdles in the range of 24,850-24,900 and has a crucial support level at 24,200. He noted that the mood in the Indian equity market could turn more bearish if the index falls below 24,200. Intraday Trading Strategy Bagadia highlighted the importance of stock-specific trading amidst uncertain global market trends and the upcoming Union Budget. He recommended focusing on breakout stocks, considering the ongoing Q1 FY24 results season. Specific Stock Recommendations for Intraday Trading Bagadia provided specific stock recommendations for intraday trading, including: * RVNL: Buy at ₹613, target ₹645, stop-loss ₹590 * Navkar Corp: Buy at ₹127.70, target ₹135, stop loss ₹123 * NECC Agreement: Buy at ₹35.50, target ₹37.35, stop-loss ₹34.25 * Electrosteel Castings: Buy at ₹202.70, target ₹212, stop loss ₹195 * Shaily Engineering: Buy at ₹844, target ₹920, stop loss ₹805 Disclaimer Bagadia emphasized that investors should seek expert advice before making any investment decisions. The opinions and recommendations provided are those of individual analysts and not Mint itself.
Buying or selling shares: On the back of weak global market trends and rising tensions between the US and China, the Indian stock market witnessed a decisive sell-off on Friday. The Nifty 50 index corrected 269 points to close at 24,530, while the BSE Sensex lost 738 points to close at 80,604. The Bank Nifty index plunged 355 points to close at 52,265. Cash market volumes on the NSE fell 8.8 per cent, hampered by technical glitches. The broader market indices fell more than the Nifty even as the advance-decline ratio fell to 0.18:1, a 1.5-month low.
Sumeet Bagadia’s Stock Recommendations for Today
Sumeet Bagadia, Executive Director, Choice Broking, believes that the mood in the Indian equity market has turned cautious after the sharp sell-off on Friday last week. He said that the Nifty 50 index is facing a hurdle in the range of 24,850-24,900 and the 50-share index has reached a crucial base at 24,200. With the Union Budget 2024 scheduled to be held on Tuesday this week, Bagadia advised investors to maintain a stock-specific approach till the Budget is tabled in Parliament. He suggested breakout stocks for intraday trading as some of the stocks that had given a breakout on Friday still look strong on the chart pattern.
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When asked about the breakout stocks to buy today, Sumeet Bagadia recommended buying these five intraday stocks: NECC, Navkar Corporation, Electrosteel Castings, Rail Vikas Nigam Limited or RVNL, and Shaily Engineering.
Stock Market Today
On the outlook for the Nifty today, Sumeet Bagadia said, “The Nifty 50 index is facing hurdles at 24,850 to 24,900. The 50-share index has formed a bearish candle pattern on the daily chart and Nifty will find crucial support at 24,200 today. The mood in the Indian equity market could turn more bearish if the frontline index falls below 24,200.”
Revealing an intraday trading strategy, Bagadia said, “With the Union Budget 2024 due tomorrow and global market trends looking weak amid rising tensions in the China-US trade war, one should adopt a stock-specific approach. Looking at breakout stocks will be a wise strategy as the Q1 FY24 results are now in full swing.”
Sumeet Bagadia’s Intraday Stocks for Today
1) RVNL: Buy at ₹613, goal ₹645, stop-loss ₹590;
2) Navkar Corp: Buy at ₹127.70, target ₹135, stop loss ₹123;
3) NECC Agreement: Buy at ₹35.50, target ₹37.35, stop-loss ₹34.25;
4) Electric steel castings: Buy at ₹202.70, target ₹212, stop loss ₹195; and
5) Shaily Technique: Buy at ₹844, target ₹920, stop loss ₹805.
Disclaimer: The above opinions and recommendations are those of individual analysts or brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.
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