Stock market today: Sumeet Bagadia believes that Dalal Street bias reflects continued selling pressure and weak market sentiment.(PHOTO: MINT)AI Quick ReadBuy or sell stocks: The key benchmark indices of the Indian stock market remained under the bears' grip for the third straight session last week. The Nifty 50 index crashed 679 points in these three sessions, while the BSE Sensex nosedived over 2,600 points from Wednesday to Friday last week. The Bank Nifty index, which ended at 57,371 on Tuesday, finished at 56,089, losing nearly 1,300 points in three straight sessions.
Among sectors, the IT index corrected sharply, shedding over 10 per cent, whereas, despite weak market sentiment, the FMCG and Energy indices rallied over 2 per cent. During the week, due to profit booking at higher levels, the market slipped below the 50-day SMA (Simple Moving Average) of 24,300/78000, and post-breakdown, selling pressure intensified.
Sumeet Bagadia, Executive Director at Choice Broking, believe the Indian stock market bias is weak as the Nifty 50 index may try to test its current support range of 23,700 to 23,650.
Speaking on the outlook of the Nifty 50 today, Sumeet Bagadia said the index's close of 23,897 indicates a weak session with sustained selling bias. On the daily timeframe, a bearish candlestick pattern indicates continued selling pressure and weak market sentiment.
From a technical perspective, immediate support is in the 23,650–23,700 range, while resistance is observed between 24,050 and 24,150.
The Relative Strength Index (RSI) stands at 49.21, slipping below the 50 midpoint, indicating weakening momentum and a shift towards a negative bias. The volatility index, India VIX, increased by 6.04% to close at 19.71, suggesting rising market uncertainty.
“In the derivatives segment, notable call writing was seen at the 24,000 strike, followed by 24,100, while significant put writing was observed at 23,900 and 23,800 levels, indicating near-term support zones,” said Bagadia.
Regarding stocks to buy on Monday, Sumeet Bagadia recommended buying SBI, Coal India, and Grasim Industries shares.
1] SBI: Buy at ₹1101, Target ₹1180, Stop Loss ₹1048.
SBI share price is currently consolidating near the ₹1100 zone after a strong uptrend, indicating healthy price action rather than weakness. The stock has recently taken support near its short-term moving averages and is attempting to stabilise above them. The 20-day and 50-day EMAs are closely placed around current levels, suggesting a key support cluster, while the 100-day EMA (1048) remains a crucial medium-term base.
2] Coal India Ltd: Buy at ₹456, Target ₹488, Stop Loss ₹440.
Coal India's share is showing an improving price structure as it steadily approaches a key resistance zone near the descending trendline. The stock is currently trading around 456 and has rebounded strongly from lower levels, indicating renewed buying interest. Price action reflects a sequence of higher highs and higher lows, suggesting a gradual shift toward a bullish trend.
3] Grasim Industries: Buy at ₹2739, Target ₹2915, Stop Loss ₹2626.
Grasim share is currently in a sideways consolidation phase after a recent volatile move, with the price stabilising above the 2700 zone. The stock is trading near a cluster of key moving averages, indicating a balance between buyers and sellers. Notably, it has recently reclaimed the 20-day EMA (2715), a sign of early short-term strength.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
Asit Manohar has nearly two decades of experience in the mainstream media. In this period, he has served esteemed media organisations like NDTV Profit, The Economic Times, and Zee Business. He has been working at LiveMint Digital since April 2021. During these two decades of journey in mainstream media, Asit has mainly covered external affairs, markets and personal finance. However, his earliest beats include railways, SME, MSME, and politics (Congress beat). Some of his features on political, economic, and foreign policy are documented in the parliamentary records.
While pursuing his MA (Mass Communication, Session 2004-06), Asit began his media career as a stringer at All India Radio in Varanasi. At AIR Varanasi, Asit worked with the Gyanvani, Yuvvani and Vividh Bharti teams. After working for nearly one year at AIR Varanasi, he shifted to print journalism and started working as a stringer for the HT Media Ltd, Varanasi. At HT Media Ltd in Varanasi, he covered the BHU beat.
Asit has also worked with some brokerage houses. He has worked with Religare Broking and India Infoline, where he assisted the research team in developing and executing trade strategies for intraday cash, F&O, and commodities.
Asit is a Gold Medalist in MA (Mass Communication) from BHU, Varanasi. He did his BSc. (Hons) in Mathematics from Magadh University, Bodh Gaya. Asit was a National Talent Scholarship holder during his senior secondary studies (1988-91).