Breakout stocks to buy or sell: The key benchmark of the witnessed a sharp sell-off in the second half of the trading session amid profit-taking near key resistance levels. Despite crude oil prices remaining relatively stable at around $91.41 per barrel, investors reduced risk exposure, leading to weakness across several sectors and broader market indices. At close, the Nifty 50 declined 27.15 points or 0.12% to settle at 23,214.95, while the Sensex managed to close marginally higher, gaining 64.42 points or 0.09% to end at 73,983.18.
On the sectoral front, Nifty Media emerged as the biggest laggard, followed by Metal, Realty, and Banking, all of which saw notable selling pressure. In contrast, sectors outperformed the broader market, with FMCG stocks leading the gains. Select private banks and other financial stocks also provided support, helping limit the downside in the benchmark indices.
The broader market also witnessed a similar correction, underperforming the headline indices. The Nifty Midcap 100 index declined 1.49% to close at 59,810, while the Nifty Smallcap 100 index fell 1.33% to settle at 17,822.50, reflecting profit booking across the broader market space.
Stock market today
Sumeet Bagadia, Executive Director at Choice Broking, believes the Indian stock market is trading range-bound as the Nifty 50 index is in a broader 23,000 to 23,500 range. However, the Choice Broking expert predicted selling pressure at resistance and buying at support levels.
Speaking on the outlook of the Nifty 50 today, Sumeet Bagadia said, “On the daily timeframe, the formation of a gravestone doji-like candlestick pattern indicates rejection from higher levels and reflects indecisiveness in the market. The long upper shadow suggests selling pressure near resistance zones, while the close near the day’s low highlights cautious sentiment among market participants.”
The Choice Broking expert said that immediate support is in the 23,000–23,050 range, while resistance is observed between 23,450 and 23,500. The Relative Strength Index (RSI) stands at 39.01, indicating weak momentum and continued cautious undertones in the market. The volatility index, India VIX, rose marginally by 0.37% to close at 15.63, suggesting stable but slightly elevated volatility levels.
“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 23,200 and 23,000 levels, indicating immediate support near lower levels while resistance remains positioned around higher strikes,” said Bagadia.
Sumeet Bagadia’s intraday stocks for today
Regarding , Sumeet Bagadia recommended buying these five : Sumeet Bagadia recommends five shares to buy today — ABSLAMC, Rategain Travel, Manorama Industries, Raymond, and CCL Products.
1] ABSLAMC: Buy at ₹1110, Target ₹1200, Stop Loss ₹1062;
2] Rategain Travel: Buy at ₹783, Target ₹850, Stop Loss ₹744;
3] Manorama Industries: Buy at ₹1540, Target ₹1650, Stop Loss ₹1490;
4] Raymond: Buy at ₹553, Target ₹600, Stop Loss ₹525; and
5] CCL Products: Buy at ₹1193, Target ₹1290, Stop Loss ₹1135.
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.