Buy or sell stocks: The Indian stock market ended lower for the fifth straight session on Friday last week amid mixed global cues and the ongoing Q2 results of the 2024 season. The Nifty 50 index declined 218 points and closed at 24,180, while the BSE Sensex dropped 662 points and closed at 79,402, whereas the Nifty Bank index finished 744 points lower at 50,787.
Cash market volumes rose compared to the previous session. The Small-cap and the Mid-cap indices fell much more than the Nifty 50 index, reflecting the panic shown by the retail and HNI investors.
Sumeet Bagadia, Executive Director at Choice Broking, believes that the overall Indian stock market trend is weak as the Nifty 50 index has broken below the 24,700 mark. The Choice Broking expert said that the Nifty 50 index has immediate support at 23,900, whereas it faces resistance at the 24,600 to 24,650 range. Bagadia noted that the Dalal Street trend might further weaken if the 50-stock index breaks below the 23,900 mark.
Speaking on the outlook for the Indian stock market today, Sumeet Bagdia said, "Overall Indian stock market bias is weak as the Nifty 50 index has breached below 24,700 mark. Now, the 50-stock index has immediate support at 23,900, whereas crucial support for the frontline index is placed in the 23,700 to 23,650 range. The Indian stock market may remain weak until the Nifty 50 index closes above 24,700 decisively. Following a stock-specific approach is advisable as the Q2 results for the 2024 season are underway. One can look at breakout stocks for intraday trading as well."
Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying these five shares on Monday: Kirloskar Pneumatic Company, Ausom Enterprise, RBM Infracon, Deepak Fertilisers, and Aster DM Healthcare.
1] Kirloskar Pneumatic Company: Buy at ₹1,500.55, target ₹1,616, stop loss ₹1,440;
2] Ausom Enterprise: Buy at ₹158.75, target ₹168, stop loss ₹152;
3] RBM Infracon: Buy at ₹776, target ₹830, stop loss ₹748;
4] Deepak Fertilisers: Buy at ₹1,133.70, target ₹1,222, stop loss ₹1,100; and
5] Aster DM Healthcare: Buy at ₹448.75, target ₹470, stop loss ₹432.
Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.
