- Indian stock market ends lower for the fifth consecutive day due to weak global cues.
- Frontline indices, Nifty 50 and Sensex, drop by nearly 1.50 percent, while Bank Nifty index loses approximately 1.10 percent.
- Sumeet Bagadia, Executive Director at Choice Broking, attributes the market slump to the rising India VIX Index during Lok Sabha elections and FIIs’ continuous selling.
Amidst weak global cues, the Indian stock market experiences a downturn for the fifth day in a row, with Nifty slipping below the psychological 22,000 mark. However, some stocks still show promise according to market experts.
Indian Stock Market Faces Downward Trend
The Indian stock market ended lower for the fifth consecutive day on Thursday due to weak global cues. Among the frontline indices, the Nifty 50 and Sensex ended lower by near 1.50 percent whereas the Bank Nifty index lost to the tune of 1.10 percent. The broad market lost more than the 50-stock index even as the advance-decline ratio fell sharply to 0.17:1, the lowest since March 13, 2024. The India VIX Index touched a new 52-week peak of 19.17 before ending at 18.20 level.
Market Mood Dampened by Rising India VIX Index and FIIs’ Continuous Selling
Sumeet Bagadia, Executive Director at Choice Broking, believes that the market mood received a significant dent on Thursday as Nifty slipped below the psychological 22,000 mark on a closing basis. He cites the rising India VIX Index during Lok Sabha elections and FIIs’ continuous selling as some of the major reasons for this current weakness on Dalal Street. However, Bagadia maintains that Nifty today has major support at the 21,750 to 21,800 range and one can expect a relief rally on Dalal Street if this support remains sacrosanct in the intraday session.
Breakout Stocks Today
Sumeet Bagadia of Choice Broking advises a stock-specific approach as some stocks still look solid on the chart pattern. Despite heavy selling in the last five straight sessions, shares of Tata Motors, Hero MotoCorp, JWL, Artemis Medicare Services, and Endurance Technologies have given a technical breakout. This term is used to describe a stock that is moving outside a defined support or resistance level with increased volume. Bagadia recommends these stocks for buying today.
Stocks to Buy Today
1] Tata Motors: Buy at ₹1030, target ₹1124, stop loss ₹982;
2] Hero MotoCorp: Buy at ₹4765, target ₹5090, stop loss ₹4580;
3] JWL: Buy at ₹420.25, target ₹460, stop loss ₹405;
4] Artemis Medicare Services: Buy at ₹190.35, target ₹206, stop loss ₹182.50; and
5] Endurance Technologies: Buy at ₹1956, target ₹2055, stop loss ₹1880.
Conclusion
While the Indian stock market is currently facing a downward trend, there are still promising stocks to consider. Investors are advised to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.
