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Sumeet Bagadia Names Five Breakout Stocks for September 4
India’s main stock indexes fell on September 3 after investors worried that inflation could keep interest rates high.
The Nifty 50 and Sensex both extended their losing streaks to four sessions.
The Bank Nifty rose, but it did not hold all of its early gains.
Analyst Sumeet Bagadia selected five stocks that he says show signs of strong price movement.
These are Kirloskar Oil Engines, Morepen Laboratories, MSTC, IOL Chemicals and Pharmaceuticals, and Vishnu Chemicals.
He gave a possible buying price, a higher target price and a stop-loss level for each stock.
A stop-loss is a price point used to limit potential losses if a share falls.
Some of the stocks have high RSI readings, which can mean they may pause or decline briefly after rising quickly.
Indian benchmarks fell for a fourth straight session on September 3, with the Nifty 50 down 0.17% and the Sensex down 0.55%.
Sumeet Bagadia said the Nifty 50 faces support at 23,750–23,800 and resistance at 24,000–24,050.
Bank Nifty gained 0.36% but remained in consolidation, with support at 57,000–57,220 and resistance at 57,600–57,750.
Bagadia identified Kirloskar Oil Engines, Morepen Laboratories, MSTC, IOL Chemicals and Pharmaceuticals, and Vishnu Chemicals as breakout candidates.
The recommendations include entry prices, upside targets and stop-loss levels, while elevated RSI readings indicate possible short-term consolidation in some shares.
- Who
- Sumeet Bagadia, Executive Director at Choice Broking, and investors in the Indian stock market.
- What
- Bagadia recommended five breakout shares with specified buy levels, targets and stop-losses.
- Where
- The recommendations concern the Indian stock market.
- When
- The recommendations were for Friday, September 4, 2026, following the market close on Thursday, September 3.
- Why
- Bagadia cited technical breakouts, bullish moving-average structures, buying interest and momentum indicators.
Bullish technical case
Risk and caution case
Five stock recommendations
Bullish technical case
Bagadia said all five shares showed breakouts or strong bullish structures, supported by buying interest, moving averages or positive momentum.
Risk and caution case
The article presents technical possibilities rather than guaranteed outcomes, and each recommendation includes a stop-loss to manage downside risk.
Momentum outlook
Bullish technical case
Sustaining the stated entry or breakout levels could allow the shares to reach Bagadia’s targets, while support levels may limit declines.
Risk and caution case
Morepen Laboratories, IOL Chemicals and Pharmaceuticals, and Vishnu Chemicals had RSI readings in or near overbought territory, raising the possibility of consolidation or profit booking.
Broader market direction
Bullish technical case
Bank Nifty remained above its broader rising trendline and moving-average structure, and a move above 57,750 could revive buying momentum.
Risk and caution case
The Nifty 50 had fallen for four consecutive sessions, and a break below 23,750–23,800 could extend its corrective phase.
Key facts
- Nifty 50 close
- 23,873.45, down 41 points or 0.17% on September 3.
- Sensex close
- 76,152, down 0.55% on September 3.
- Bank Nifty close
- 57,380.60, up 208.60 points or 0.36%.
- Kirloskar Oil Engines
- Buy at ₹2,267; target ₹2,460; stop-loss ₹2,137.
- Morepen Laboratories
- Buy at ₹117.50; target ₹127; stop-loss ₹109.
- MSTC
- Buy at ₹744; target ₹805; stop-loss ₹708.
- IOL Chemicals and Pharmaceuticals
- Buy at ₹196; target ₹212; stop-loss ₹184.
- Vishnu Chemicals
- Buy at ₹688; target ₹745; stop-loss ₹655.
Quotes
Sumeet Bagadia
Executive Director at Choice Broking and the analyst providing the market outlook
“The index needs to sustain above 57,000–57,220 to preserve its broader recovery structure, while a decisive move above 57,750 could revive buying momentum and push the index towards higher levels.”
livemint.com
“The derivatives setup offers some cushion, with PCR at 1.13 and Put OI concentrated around 24,000–23,800, while Call OI around 24,000–24,100 may restrict recovery.””
livemint.com
Sources
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