Stock Analyst Sumeet Bagadia Identifies Five Shares for Potential Investment: February 24, 2026

Indian Stock Market Update: February 23, 2024

The Indian stock market closed with solid gains on Monday, February 23, despite mixed global cues. Key indices showed divergent performances, with the Sensex rising 480 points (0.58%) to settle at 83,294.66, while the Nifty 50 finished at 25,713, up 142 points (0.55%).

The BSE 150 MidCap Index declined 0.21%, while the BSE 250 SmallCap Index advanced 0.51%. The Nifty 50 began the session with a gap-up of 100 points, indicating strong bullish sentiment and positive opening cues. The index pushed to an intraday high of 25,771.45 before a mid-session correction dragged it down to a low of 25,609.

Sumeet Bagadia, Executive Director at Choice Broking, noted that the decline was followed by a strong rebound of 119 points, enabling the index to close at 25,713, reflecting persistent buying interest and underlying market strength. Technical analysis suggests that immediate resistance is positioned in the 25,850-25,900 zone, while strong support is seen around 25,550-25,600.

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The daily RSI reading of 51.54 suggests a neutral-to-positive momentum structure, indicating room for further upside without overstretched conditions. As long as the index holds above 25,500 on a closing basis, a selective buy-on-dips approach remains valid, with a strict stop-loss maintained at 25,450 to control downside risk.

Bank Nifty opened the session on a flat note and then extended its bullish momentum to form an intraday high of 61,517. This was followed by an intraday correction of nearly 480 points, suggesting profit booking and short-term exhaustion at higher levels.

From a technical perspective, immediate resistance is placed in the 61,500-61,600 zone, while the 60,900-61,000 range continues to act as a crucial support area for maintaining near-term stability. The daily RSI at 59.63 reflects strong positive momentum with a healthy bullish bias, without overbought conditions.

As long as the index sustains above 59,700 on a closing basis, a selective buy-on-dips strategy may be considered, with a strict stop-loss at 59,500 to manage downside risk.

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Stock Recommendations:

1. City Union Bank: Buy at ₹291, Target ₹312, Stop Loss ₹281. The stock is trading around ₹291.05 and continues to form a higher high–higher low structure, indicating a sustained short-term uptrend.
2. Privi Speciality Chemicals: Buy at ₹2,994, Target ₹3,200, Stop Loss ₹2,890. The stock has taken firm support near its 100-day EMA and resumed its upward move, indicating accumulation at lower levels.
3. Krishna Institute of Medical Sciences: Buy at ₹717, Target ₹770, Stop Loss ₹690. The stock continues to exhibit strength with a consistent higher high–higher low formation, indicating a sustained uptrend.
4. Fine Organic Industries: Buy at ₹4,647, Target ₹4,950, Stop Loss ₹4,450. The stock has decisively reclaimed all key moving averages (20, 50, 100, and 200 EMA), which are now acting as dynamic support zones.