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Sumeet Bagadia Picks Three Stocks Amid Nifty’s Bearish Setup
The Indian stock market had a difficult week.
The Nifty 50 fell for the fourth week in a row.
Higher crude oil prices increased worries because of intensifying U.S.-Iran hostilities.
Sumeet Bagadia said the market still looks weak overall.
He said the Nifty may find support near 23,750–23,800.
He also said 24,000–24,050 could be a difficult level to cross.
Despite this, he recommended three stocks for buyers.
These were Tata Steel, Reliance Industries, and Bajaj Finance.
He gave a target price and a stop-loss level for each stock.
Sumeet Bagadia said the Nifty 50 remains in a cautious-to-bearish setup.
He identified 23,750–23,800 as support and 24,000–24,050 as resistance.
The Nifty extended its losing streak to four weeks amid surging crude prices.
Bagadia recommended buying Tata Steel, Reliance Industries, and Bajaj Finance.
India’s 7.8% Q1 FY27 GDP growth and strong GST collections failed to lift sentiment significantly.
- Who
- Sumeet Bagadia, Executive Director at Choice Broking, and investors in the Indian stock market.
- What
- Bagadia assessed the Nifty 50 as cautious-to-bearish and recommended three stocks to buy.
- Where
- India’s stock market, including the Nifty 50 and the three recommended companies.
- When
- For Monday, 7 September 2026; the market review covered the preceding week.
- Why
- Crude oil prices surged amid intensifying U.S.-Iran hostilities, keeping risk sentiment weak despite strong Indian GDP growth and GST collections.
Bearish Market Signals
Stock-Specific Buying Opportunities
Overall market direction
Bearish Market Signals
The Nifty 50 was trading below its 20-day, 50-day, 100-day, and 200-day EMAs, with weak RSI momentum and continued selling pressure.
Stock-Specific Buying Opportunities
Bagadia saw potential opportunities in individual stocks showing stabilization, improving buying interest, or support near key moving averages.
Short-term outlook
Bearish Market Signals
A break below 23,750 could trigger further downside, while call open interest around 24,000–24,100 suggested strong resistance.
Stock-Specific Buying Opportunities
A sustained move above 24,050 could improve the Nifty’s near-term structure, and the three recommended stocks had specified upside targets.
Economic data versus sentiment
Bearish Market Signals
Strong Q1 FY27 GDP growth of 7.8% and robust GST collections did not meaningfully overcome worries about rising crude prices.
Stock-Specific Buying Opportunities
India’s strong economic data provided supportive background conditions, while Bagadia’s recommendations focused on company-specific technical setups.
Key facts
- Nifty support
- 23,750–23,800
- Nifty resistance
- 24,000–24,050
- Nifty RSI
- 38.37, indicating weak momentum and a bearish bias
- India VIX
- 10.68, indicating relatively subdued market volatility
- Tata Steel trade
- Buy at ₹188.80; target ₹205; stop loss ₹180
- Reliance Industries trade
- Buy at ₹1,322; target ₹1,428; stop loss ₹1,249
- Bajaj Finance trade
- Buy at ₹1,060; target ₹1,145; stop loss ₹1,018
Quotes
Sumeet Bagadia
Executive Director at Choice Broking and stock market analyst
“Immediate support is placed in the 23,750–23,800 zone, while 24,000–24,050 is likely to act as a crucial resistance area. A sustained move above 24,050 could improve the near-term structure, whereas a break below 23,750 could trigger further downside.”
livemint.com
“Overall, Nifty remains in a cautious-to-bearish setup, with 24,000–24,050 acting as the key hurdle and 23,750–23,800 as the crucial support zone.”
livemint.com
Sources
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