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Sumeet Bagadia's shares recommendations: The key benchmark indices of the Indian stock market remained under pressure despite stronger-than-expected domestic industrial output, as Brent crude neared $105 a barrel and the US 10-year bond yield, around 5.25%, continued to present a challenging backdrop for domestic risk assets. Elevated crude prices threaten to add to inflationary pressures and weigh on the rupee, while higher US Treasury yields increase the relative attractiveness of dollar-denominated assets. Unless both begin to moderate, foreign portfolio flows could remain subdued, and recovery attempts may struggle to gain lasting traction. Sumeet Bagadia, Executive Director at Choice Broking, believes the Indian stock market is biased to the sideways to bearish side. The Nifty 50 index closed at 22,620.45, down 95 points (-0.42%), after recovering from the opening weakness and touching an intraday high of 22,809, before sharp profit-booking in the second half dragged the index to near 22,595. Speaking on the outlook of the Nifty 50 today, Sumeet Bagadia said, “The failure to sustain higher levels has shifted the short-term setup towards a sideways-to-bearish structure, though the index continues to hold the weekly 200-SMA support zone. Immediate support is placed at 22,500–22,600, while 22,800 and 23,000 remain key hurdles on the upside.” On the suggestion to the long-term investors, Bagadia said, “Despite the recent extended decline, the long-term support zone and historical tendency after prolonged losing streaks could keep the scope for a recovery alive if 22,500–22,600 holds.” On the outlook of the Bank Nifty today, Sumeet Bagadia said, “The index finished above the previous session’s high with a strong bullish candle. The close above the previous day’s high marks a notable improvement in the short-term setup, shifting the structure towards a sideways-to-bullish bias. Immediate support is now seen at 54,200–54,000, while 54,900–55,000 is the key resistance zone.” Bagadia said that sustaining above the support band could allow the ongoing rebound to extend further in the coming sessions. Regarding top breakout stocks today available after the close of the Indian stock market on Wednesday, Sumeet Bagadia recommended these 5 shares: PVR INOX, JK Tyre, ICICC Lombard, Texmaco Rail, and Mishra Dhatu. 1] PVR INOX: Buy at ₹1243 | Target ₹1370 | Stop Loss ₹1180; 2] JK Tyre: Buy at ₹347 | Target ₹380 | Stop Loss ₹330; 3] ICICC Lombard: Buy at ₹1590 | Target ₹1750 | Stop Loss ₹1510; 4] Texmaco Rail: Buy at ₹131 | Target ₹145 | Stop Loss ₹125; and 5] Mishra Dhatu: Buy at ₹437 | Target ₹480 | Stop Loss ₹416. Disclaimer: This story is for educational and informational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified financial experts before making any investment decisions. Asit Manohar has nearly two decades of experience in the mainstream media. In this period, he has served esteemed media organisations like NDTV Profit, The Economic Times, and Zee Business. He has been working at LiveMint Digital since April 2021. During these two decades of journey in mainstream media, Asit has mainly covered external affairs, markets and personal finance. However, his earliest beats include railways, SME, MSME, and politics (Congress beat). Some of his features on political, economic, and foreign policy are documented in the parliamentary records. <br><br> While pursuing his MA (Mass Communication, Session 2004-06), Asit began his media career as a stringer at All India Radio in Varanasi. At AIR Varanasi, Asit worked with the Gyanvani, Yuvvani and Vividh Bharti teams. After working for nearly one year at AIR Varanasi, he shifted to print journalism and started working as a stringer for the HT Media Ltd, Varanasi. At HT Media Ltd in Varanasi, he covered the BHU beat. <br><br> Asit has also worked with some brokerage houses. He has worked with Religare Broking and India Infoline, where he assisted the research team in developing and executing trade strategies for intraday cash, F&O, and commodities. <br><br> Asit is a Gold Medalist in MA (Mass Communication) from BHU, Varanasi. He did his BSc. (Hons) in Mathematics from Magadh University, Bodh Gaya. Asit was a National Talent Scholarship holder during his senior secondary studies (1988-91). Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates. Oops! Looks like you have exceeded the limit to bookmark the image. Remove some to bookmark this image.
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