Breakout stocks to buy or sell: The key benchmark indices of the witnessed a volatile session on 09 June, the weekly expiry day, but closed on a positive note. The recovery was primarily supported by easing crude oil prices and strength in the Indian Rupee, which improved overall market sentiment and triggered strong buying interest in banking stocks. As a result, the banking sector emerged as the key driver of the market’s gains, with the Nifty PSU Bank Index rallying 3.62% and the Nifty Private Bank Index advancing 1.64% during the session. At the close, the gained 394.50 points (0.54%) to settle at 73,918.76, while the Nifty advanced 119.10 points (0.52%) to close at 23,242.10.
On the sectoral front, buying interest remained broad-based, with major support coming from Nifty PSU Banks, Private Banks, Realty, and Auto stocks. On the other hand, Nifty IT and Media emerged as the key underperformers, closing in negative territory. The broader market outperformed the benchmark indices, indicating strong participation beyond large-cap stocks. The Nifty Midcap 100 index gained 1.23%, while the Nifty Smallcap 100 index rose 1.69%.
Stock market today
Sumeet Bagadia, Executive Director at Choice Broking, believes that bulls of the Indian stock market have successfully absorbed the selling pressure. However, support for the Nifty 50 index remains at 23,100 to 23,050, whereas resistance has shifted higher to 23,450 to 23,500.
Speaking on the outlook of the Nifty 50 today, Sumeer Bagadia said, “On the daily timeframe, the formation of a Dragonfly Doji-like candlestick pattern indicates strong buying interest emerging from lower levels. The pattern suggests that bulls successfully absorbed selling pressure during the first half and managed to regain control as the session progressed.”
Bagadia said 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 39.58, indicating that momentum remains weak but has improved from lower levels. The volatility index, India VIX, declined by 8.53% to close at 15.58, suggesting easing volatility and improving confidence among market participants.
“In the derivatives segment, notable call writing was seen at the 23,300 strike, followed by 23,500, while significant put writing was observed at 23,200 and 23,000 levels, indicating immediate support near lower levels with resistance continuing around higher strikes,” the technical expert said.
Sumeet Bagadia’s stock recommendations today
Regarding stocks to buy today, Sumeet Bagadia recommended buying these five breakout stocks: Sumeet Bagadia recommends five shares to buy today — City Union Bank, Syrma SGS Technology, Aster DM Healthcare, Sai Life Sciences, and Chennai Petroleum.
1] City Union Bank: Buy at ₹256, Target ₹280, Stop Loss ₹245;
2] Syrma SGS Technology: Buy at ₹1257, Target ₹1370, Stop Loss ₹1190;
3] Aster DM Healthcare: Buy at ₹790, Target ₹850, Stop Loss ₹756;
4] Sai Life Sciences: Buy at ₹1230, Target ₹1320, Stop Loss ₹1180; and
5] Chennai Petroleum: Buy at ₹1226, Target ₹1330, Stop Loss ₹1175.
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.