Stocks to buy or sell: Despite strong global market sentiments, the Indian stock market traded sideways and ended flat on Thursday. The Nifty 50 index ended marginally lower at 24,315, while the BSE Sensex shed 24 points and finished at 79,897. The Bank Nifty index gained 81 points and closed at 52,270. After rising for three straight sessions, the India VIX Index crashed over 3 percent and ended at 14. Sumeet Bagadia, Executive Director at Choice Broking, believes the Indian stock market is consolidating in the 24,000 to 24,500 range, taking immediate base at the 24,100 to 24,150 mark. The Choice Broking expert said the Nifty 50 index faces a hurdle at 24,450 to 24,500.
Bagadia said that the 50-stock index may touch the 24,800 to 24,900 mark once it breaches the immediate hurdle on a closing basis. For intraday trading ahead of the Union Budget 2024, Sumeet Bagadia suggested investors maintain a stock-specific approach.
Speaking on the outlook for the Indian stock market, Sumeet Bagadia, Executive Director at Choice Broking, said, "The Nifty 50 index is consolidating in the 24,000 to 24,500 range for the last five to six sessions. The 50-stock index may breach above 24,500 during Friday deals as the US inflation has fallen to 3 percent, a boost that has fueled the buzz in the Indian and global markets about the possible US Fed rate cut buzz in the near term. If the Nifty breaches above 24,500 on a decisive basis, we can expect the 50-stock index to touch 24,800 to 24,900 range in the near term."
Unveiling stock market strategy ahead of the Union Budget 2024, Bagadia said, “Amid Q1 results 2024 and pre-budget buzz on Dalal Street, my suggestion to investors is to maintain stock-specific approach and continue buying-on-dips as 24,000 support for the Nifty 50 index is expected to remain sacrosanct till the Union Budget gets presented.”
Bagadia said intraday traders can look at breakout stocks as some are still looking strong on the technical chart. On breakout stocks today, Sumeet Bagadia recommended buying these five shares: Artemis Medicare Services, Mazda, Refex Industries, SeQuent, and Ponni Sugars.
1] Artemis Medicare Services: Buy at ₹218.30, target ₹230, stop loss ₹210;
2] Mazda: Buy at ₹1611, target ₹1700, stop loss ₹1555;
3] Refex Industries: Buy at ₹243, target ₹255, stop loss ₹234;
4] SeQuent: Buy at ₹139.65, target ₹146, stop loss ₹1335; and
5] Ponni Sugars: Buy at ₹569, target ₹599, stop loss ₹545.
Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.
