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Stocks to buy | Sumeet Bagadia's stock recommendations: The key benchmark indices of the Indian stock market staged a strong rebound on Friday, October 9, bringing an end to the Nifty 50 and Sensex’s eight-week losing streak. The Nifty rose 1.30%, while the Sensex advanced 1.23%. Bank Nifty also recovered, gaining 1.36%. The rally was led by IT stocks following Tata Consultancy Services’ September-quarter results, with buying extending to FMCG, auto and financial shares. The macroeconomic backdrop remains challenging. Brent crude continued to trade above $100 a barrel, while WTI remained above $90. Comments from the US president on discussions with Iran offered some temporary relief, but tensions around the Strait of Hormuz and concerns over regional energy infrastructure have kept the risk of supply disruptions elevated. For India, persistently high oil prices pose risks to inflation, the import bill and the rupee. Sumeet Bagadia, Executive Director at Choice Broking, believes the Nifty 50 chart pattern is signalling improving short-term sentiment, although the broader structure remains weak below key moving averages. He said that PCR at 0.98 suggests a balanced derivatives setup, while India VIX eased to 14.375, reflecting reduced volatility. Sustaining the rebound and moving above resistance will be crucial for further improvement. On the outlook for the Nifty 50 index, Sumeet Bagadia said, “Immediate support for the Nifty 50 index is placed at 22,250–22,400, while 22,650–22,700 remains the key resistance zone. RSI improved to 36.50 against its average of 31.48, indicating a gradual recovery from oversold territory.” On the outlook for the Bank Nifty index, Bagadia said, “Immediate support is seen at 54,800–55,000, while 55,500–55,800 is the next resistance zone. RSI rose to 45.20 against its average of 38.02, signalling improving momentum.” Bagadia said that a strong bullish candle highlights renewed demand at lower levels, though the index remains below its key moving averages. Regarding stocks to buy today, Sumeet Bagadia of Choice Broking recommended these five breakout stocks: RBL Bank, Birlasoft, Go Digit, LIC, and Nykaa. Shares of RBL Bank are exhibiting a constructive chart structure, with price action forming higher highs and lower lows, indicating an evolving technical setup. The stock has found support along a rising trend line, where a bullish engulfing candlestick pattern has emerged, accompanied by notable trading volume. This combination suggests renewed buying interest and the potential for upward momentum. Birlasoft's share price is showing a positive technical setup after breaking above a downward-sloping trend line, with strong trading volume. The breakout indicates improving buying interest and suggests that bearish pressure is gradually weakening. The stock has held its position and closed above the 21-day EMA, reinforcing the short-term bullish outlook and creating potential for further upside. Momentum indicators are also supportive, with the RSI holding at 53.31, reflecting positive momentum. Shares of Go Digit are demonstrating a bullish technical setup after breaking out from an inverted head-and-shoulders pattern, a widely recognised bullish reversal formation. The breakout is supported by strong trading volumes, indicating increased buying participation and lending credibility to the emerging upward move. LIC shares are showing encouraging signs of a potential bullish move after surpassing the highs of the previous three trading sessions. The breakout candle is accompanied by strong volume, reflecting increased market participation and improving buying interest. Nykaa's share price is showing signs of a strengthening price structure following a breakout from a downward channel, indicating a possible shift toward a bullish trend. The stock is currently trading above both its 21-day and 50-day EMAs, reflecting improving price strength and a favourable short-term outlook. 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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