Stocks to Watch: Sumeet Bagadia's Monday Buying Recommendations
Indian Stock Market Extends Decline Amid Global Uncertainty
Market Overview The Indian stock market ended sharply lower on Friday, with the Nifty 50 index declining by 2.09% to close at 22,819.60. The BSE Sensex tanked 1,690 points or 2.25% and settled at 73,583. The Bank Nifty index nosedived 1,433 points, or 2.67%, to end at 52,274.
Sectoral Participation Sectoral participation remained broadly negative, reflecting widespread weakness across the market. Real estate, auto, and financial stocks were among the key laggards, while IT and pharma showed relatively better resilience, ending with only marginal losses.
Outlook for the Stock Market Sumeet Bagadia, Executive Director at Choice Broking, believes the Indian stock market is reflecting weak sentiment and sustained selling activity. The key benchmark indices remained under pressure throughout the Friday session. The Nifty 50 index registered a low of 22,804.55 and eventually closed at 22,819.60, marking a sharp decline of 486.85 points or 2.09%.
Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data
Technical Analysis The RSI is currently at 35.76 and remains below the midpoint level of 50, indicating that momentum continues to be weak. A sustained move above 50 would be required to confirm any strengthening in bullish momentum. The India VIX index ended the session on a positive note, rising by 8.78% to close at 26.80.
Intraday Trading Tips Given the prevailing geopolitical uncertainties and elevated volatility, traders are advised to remain cautious and trade within the defined support and resistance levels. It is prudent to wait for a decisive breakout in either direction before initiating fresh directional positions.
Stock Recommendations Sumeet Bagadia recommended the following stocks for intraday trading:
- ONGC: Buy at ₹282, Target ₹300, Stop Loss ₹270
- TCS: Buy at ₹2,390, Target ₹2,560, Stop Loss ₹2,300
- Bharti Airtel: Buy at ₹1,844, Target ₹1,960, Stop Loss ₹1,770
Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline
Investor Takeaway
Investors should exercise caution and consider a wait-and-see approach due to the ongoing corrective phase in the Indian stock market.
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