Buy or sell stock: Following the adverse global market sentiments, the witnessed sharp selling on Thursday. The index crashed 180 points and closed at 23,997. The BSE nosedived 582 points and closed at 76,913, while the Bank Nifty index finished 540 points lower at 54,863.
The sell-off was broad-based, with several sectors ending in the red—led by metals, realty, and FMCG—while IT showed relative strength. Broader markets also mirrored the weakness, with midcap and smallcap indices declining around 0.4–0.8%, indicating widespread risk aversion.
Outlook for the stock market today
Sumeet Bagadia, Executive Director at Choice Broking, believes the Indian stock market bias is cautious. The Choice Broking expert said that a Doji-like candlestick pattern indicates indecision in the market, reflecting a balance between buying and selling pressure.
Speaking on the outlook for the Nifty 50 index, Sumeet Bagadia said the index opened with a gap down at 23,996.95 and saw selling pressure in the first half, dragging it to an intraday low of 23,796.85. In the latter half, buying interest emerged at lower levels, driving the index to an intraday high of 24,087.45. The index eventually closed near its opening level at 23,997.55, down 180.10 points, or 0.74%, from its previous close.
“On the daily timeframe, the formation of a Doji-like candlestick pattern indicates indecision in the market, reflecting a balance between buying and selling pressure,” said Bagadia.
Sumeet Bagadia of Choice Broking said that immediate support for the Nifty 50 index is in the 23,750–23,800 range, while resistance is observed between 24,200 and 24,250. The Relative Strength Index (RSI) stands at 50.28, hovering around the midpoint of 50, indicating neutral momentum.
Sumeet Bagadia’s stock recommendations today
Regarding stocks to buy on Monday, Sumeet Bagadia recommended these three buy-or-sell stocks: Reliance, Kotak Mahindra Bank, and Sun Pharma.
1] Reliance: Buy at ₹1430, Target ₹1520, Stop Loss ₹1385.
Reliance Industries is witnessing a strong rebound from its recent lows and is currently trading near ₹1430, indicating a shift in short-term sentiment. The stock has reversed from the ₹1320 support zone and is now moving with an improved price structure, suggesting accumulation at lower levels. The recent bullish candles, along with rising volumes, reflect stronger buyer participation.
2] Kotak Mahindra Bank: Buy at ₹383, Target ₹410, Stop Loss ₹365.
Kotak Mahindra Bank is gradually recovering after a sharp decline and is currently trading near ₹383. The stock has bounced strongly from the ₹365 zone, which has emerged as a crucial support base and indicates accumulation at lower levels. The recent price action suggests a short-term higher low, hinting at a possible reversal setup.
3] Sun Pharma: Buy at ₹1808, Target ₹1950, Stop Loss ₹1725.
Sun Pharma is gradually regaining upward momentum after establishing a strong base near the 1613 zone, where demand has consistently emerged. The stock is now trading around 1808 and is approaching a key supply area marked by a long-term descending trendline, making the current zone technically important.
The price has reclaimed its short- to medium-term moving averages, indicating strengthening bullish momentum and improving structure. This alignment often signals a continuation move if supported by sustained buying interest.
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.