5 days ago
Bagadia names five breakout stocks after Indian market sell-off
Indian stocks fell sharply on Tuesday, September 15.
The Nifty and Sensex both lost more than 1%.
Smaller companies fell even more.
Analyst Sumeet Bagadia said the market could remain weak in the short term.
He identified five stocks that he believes may rise based on their price charts.
These are Colgate-Palmolive (India), GMM Pfaudler, Niva Bupa Health Insurance Company, Capillary Technologies India, and Rossell Techsys.
The analyst gave a buying price, a possible target, and a stop-loss level for each stock.
A stop-loss is a price used to limit potential losses if a trade moves in the wrong direction.
The Sensex fell 778 points, or 1.04%, to close at 74,003.82 on Tuesday, September 15.
The Nifty 50 dropped 279.50 points, or 1.19%, to 23,118.60, while mid- and small-cap indexes fell more sharply.
Sumeet Bagadia said the Nifty’s near-term bias remains bearish unless it reclaims the 23,300–23,450 resistance zone.
Bagadia recommended Colgate-Palmolive (India), GMM Pfaudler, Niva Bupa Health Insurance Company, Capillary Technologies India, and Rossell Techsys.
The recommendations include specified entry prices, targets, and stop-loss levels based on technical breakout patterns and momentum indicators.
- Who
- Indian equity investors and analyst Sumeet Bagadia, Executive Director at Choice Broking.
- What
- Bagadia recommended five stocks after Indian benchmark indexes fell sharply and outlined technical levels for each trade.
- Where
- The recommendations concern Indian equity markets and Indian-listed companies.
- When
- The market decline occurred on Tuesday, September 15; the stock recommendations were for Wednesday, September 16.
- Why
- Bagadia based the recommendations on technical signals including breakouts, rising volumes, support levels, RSI divergence, and a bullish MACD crossover.
Cautious market outlook
Stock-specific bullish setups
Near-term market direction
Cautious market outlook
Bagadia said the Nifty 50 and Bank Nifty have bearish or cautious near-term structures, with important support levels at 23,000–23,080 for the Nifty and 55,200–55,500 for the Bank Nifty.
Stock-specific bullish setups
Despite the broader market weakness, Bagadia identified five stocks showing individual breakout signals that could support further gains.
Basis for the recommendations
Cautious market outlook
The market decline, elevated volatility, concentrated call open interest, and weak momentum indicators suggest that investors should remain cautious.
Stock-specific bullish setups
The recommended stocks showed signals such as rising volumes, breakouts above resistance or chart formations, bullish RSI divergence, or a bullish MACD crossover.
Key facts
- Sensex close
- 74,003.82, down 778 points or 1.04%
- Nifty 50 close
- 23,118.60, down 279.50 points or 1.19%
- Nifty support
- 23,000–23,080
- Nifty resistance
- 23,300–23,450
- Recommended stocks
- Colgate-Palmolive (India), GMM Pfaudler, Niva Bupa Health Insurance Company, Capillary Technologies India, and Rossell Techsys
- Trading timeframe
- Recommendations were issued for Wednesday, September 16
Quotes
Sumeet Bagadia
Executive Director at Choice Broking
“The 55,200–55,500 area is the key support zone to monitor, while 56,000–56,300 is expected to act as the immediate recovery hurdle. Failure to hold support could extend the downside, whereas a sustained move above resistance would help stabilize the setup. Overall, the near-term bias remains cautious to bearish, with PSU banking weakness adding to the pressure.”
livemint.com
“The 23,000–23,080 zone is the immediate make-or-break support. On the upside, 23,300–23,450 is likely to act as the first supply zone. With PCR at 0.98, VIX elevated at 13.43, and Call OI concentrated around 23,300–23,500, the near-term bias remains bearish, unless Nifty manages to reclaim the immediate resistance zone.”
livemint.com
Sources
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