12 hrs ago
Sumeet Bagadia Names Five Breakout Stocks for September 2
Indian stock markets ended slightly lower after a volatile trading session.
Higher crude oil prices and renewed tensions between the United States and Iran made investors cautious.
The Sensex lost a small number of points, while the Nifty also declined.
Sumeet Bagadia said the Nifty may move sideways in the short term.
He identified 23,900–23,950 as an important support area and 24,200–24,250 as a resistance area.
The Bank Nifty performed worse and fell more than one percent.
Bagadia recommended five stocks that he said showed bullish chart patterns.
These were GHCL Textiles, GMM Pfaudler, Tarsons Products, Aeroflex Industries and Sai Life Sciences.
Each recommendation included a possible price target and a level where investors could consider limiting losses.
Sensex fell 12.99 points to 76,944.28, while Nifty declined 24.60 points to 24,055.80.
Renewed US-Iran tensions and elevated crude oil prices weighed on investor sentiment.
Sumeet Bagadia described Nifty’s near-term bias as sideways, with support at 23,900–23,950 and resistance at 24,200–24,250.
Bank Nifty dropped 615.35 points to 57,409.60 and remained below its 20-day exponential moving average.
Bagadia recommended GHCL Textiles, GMM Pfaudler, Tarsons Products, Aeroflex Industries and Sai Life Sciences with specified targets and stop-loss levels.
- Who
- Sumeet Bagadia, Executive Director at Choice Broking, provided the stock recommendations.
- What
- He recommended five shares and gave technical views on the Nifty and Bank Nifty.
- Where
- The analysis covered India’s BSE and NSE markets.
- When
- The recommendations were for Wednesday, 2 September; the market session discussed was Tuesday.
- Why
- Elevated crude oil prices and renewed tensions between the United States and Iran affected investor sentiment, while the recommendations were based on technical chart patterns and momentum.
Key facts
- Sensex close
- 76,944.28, down 12.99 points or 0.02%.
- Nifty close
- 24,055.80, down 24.60 points or 0.10%.
- Bank Nifty close
- 57,409.60, down 615.35 points or 1.06%.
- Nifty support
- 23,900–23,950.
- Nifty resistance
- 24,200–24,250.
- Bank Nifty support and resistance
- Support at 56,800–57,000; resistance at 57,800–58,000.
- Recommended shares
- GHCL Textiles, GMM Pfaudler, Tarsons Products, Aeroflex Industries and Sai Life Sciences.
Quotes
Sumeet Bagadia
Executive Director at Choice Broking who provided the market outlook and stock recommendations
“Technically, Nifty is likely to maintain a Sideways bias, with the 24,000 zone continuing to remain important for the near-term structure.”
livemint.com
Sources
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