Research Analyst Sumeet Bagadia Identifies Five Stocks for Potential Investment
Indian Stock Market Benchmarks End Sharply Lower
Date: Tuesday, February 24
The Indian stock market benchmarks ended sharply lower due to global uncertainty, geopolitical tensions, and a steep selloff in technology stocks. The Sensex closed at 82,225.92, a decline of 1,068.74 points or 1.28%, while the Nifty 50 declined to 25,436.65, a drop of 276.35 points or 1.07%.
Nifty Outlook
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The Nifty 50 faced sharp weakness, breaking lower under selling pressure and closing with a noticeable decline. According to Sumeet Bagadia, Executive Director at Choice Broking, the index moved down below key short-term levels, signaling strong distribution and risk-off sentiment. The immediate technical structure shows support around the 25,200-25,300 zone, where put option interest and defensive buying is concentrated. Resistance for the session is clustered around the 25,500-25,600 band, representing key supply and profit-booking hurdles on the upside.
Bank Nifty Outlook
The Bank Nifty outlook suggests a cautious range-bound session with critical support near 61,000 and 60,550. Holding above this level provides structural stability, whereas any meaningful shift below could invite accelerated selling toward lower support areas. Immediate resistance is seen near 61,300-61,400, where supply pressure and tactical profit-booking are expected.
Stock Recommendations
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Sumeet Bagadia recommends the following five breakout stocks to buy:
- Torrent Pharmaceuticals (Buy at ₹4,400, Target ₹4,760, Stop Loss ₹4,220)
- CCL Products (India) (Buy at ₹1,061.75, Target ₹1,165, Stop Loss ₹1,008)
- Schaeffler India (Buy at ₹4,084.80, Target ₹4,450, Stop Loss ₹3,900)
- Jammu and Kashmir Bank (Buy at ₹110.05, Target ₹120, Stop Loss ₹104.80)
- Chennai Petroleum Corporation (Buy at ₹[not specified], Target ₹[not specified], Stop Loss ₹[not specified])
Investor Takeaway
Investors should be cautious and monitor the market for potential opportunities to buy stocks at lower levels.
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