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Bagadia Recommends Five Breakout Stocks Amid Bearish Market Pressure
India’s stock market fell for a third straight session on September 9.
The Nifty and Sensex both ended lower.
Tensions in the Middle East pushed oil prices higher and raised worries about inflation.
Sumeet Bagadia said the market may remain weak, although some stocks could bounce.
He recommended five shares for September 10.
These were One 97 Communications, Global Health, Adani Power, JSW Infrastructure, and Aditya Birla Sun Life AMC.
His recommendations were based on chart signals showing buying strength.
Each recommendation included a suggested buying price, target, and stop loss.
The figures given for Adani Power conflict within the article and should be verified.
The Nifty fell 0.86% to 23,431.50 and the Sensex declined 1.08% to 74,764 on September 9.
Sumeet Bagadia said the Nifty and Bank Nifty have bearish-to-cautious near-term technical setups, despite possible oversold rebounds.
Bagadia recommended One 97 Communications, Global Health, Adani Power, JSW Infrastructure, and Aditya Birla Sun Life AMC for September 10.
The recommendations were based on factors including prices above key EMAs, improving RSI readings, breakouts, and bullish continuation patterns.
The Adani Power section lists targets of ₹230 and a stop loss of ₹207, but later states targets of ₹365 and a stop loss of ₹330, creating a discrepancy.
- Who
- Sumeet Bagadia, executive director at Choice Broking, recommended five shares.
- What
- He issued buy recommendations while describing the broader Nifty and Bank Nifty setups as bearish to cautious.
- Where
- The event concerns the Indian stock market.
- When
- The recommendations were for Thursday, September 10, 2026, following trading on September 9.
- Why
- The recommendations were based on technical signals such as bullish chart patterns, prices above key exponential moving averages, and improving RSI readings; market weakness was linked to Middle East tensions and higher oil prices.
Cautious Market View
Selective Buy View
Near-term market direction
Cautious Market View
Bagadia described the Nifty and Bank Nifty as bearish to cautious because of weak price action, broken technical supports, and rising downside risk.
Selective Buy View
Bagadia also identified oversold conditions that could produce technical rebounds and recommended five shares with bullish chart setups.
Risk assessment
Cautious Market View
The Nifty’s break below 23,500 and Bank Nifty’s move below its 200-day EMA were presented as signs of increased market risk.
Selective Buy View
The recommended shares were described as trading above key EMAs, with improving RSI readings and continuation or breakout patterns.
Adani Power levels
Cautious Market View
The article’s initial recommendation gives Adani Power a ₹230 target and ₹207 stop loss.
Selective Buy View
A later passage gives Adani Power a ₹365 target and ₹330 stop loss, but those figures conflict with the initial listing and require verification.
Key facts
- Nifty close
- 23,431.50, down 203.60 points or 0.86%.
- Sensex close
- 74,764, down 1.08%.
- Bank Nifty close
- 56,295.55, down 482 points or 0.85%.
- Nifty support
- Immediate support was identified at 23,300–23,360.
- Nifty resistance
- Recovery may face resistance at 23,570–23,650 and near 23,800.
- Recommended shares
- One 97 Communications, Global Health, Adani Power, JSW Infrastructure, and Aditya Birla Sun Life AMC.
- Adani Power discrepancy
- The listing gives ₹230 as the target and ₹207 as the stop loss, while the accompanying text gives ₹365 and ₹330.
Quotes
Sumeet Bagadia
Executive Director at Choice Broking
“The immediate support is placed at 23,300–23,360, with a breach potentially opening further downside. On the higher side, 23,570–23,650 is likely to cap recovery attempts, followed by the broader resistance zone near 23,800. With India VIX rising to 11.92 and Call OI concentrated at higher strikes, the near-term bias remains bearish, though oversold conditions could trigger intermittent rebounds.”
livemint.com
“The 56,000–56,100 zone is the immediate support to watch, and a decisive break could intensify selling pressure. Any recovery is likely to encounter resistance around 56,600–56,750, with sustained strength above this zone needed to improve the setup. Given the weak price action and oversold momentum, the near-term bias remains cautious to bearish.”
livemint.com
Sources
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