“Intraday Stocks to Watch: Expert Sumeet Bagadia Recommends Buying These Five Shares for Potential Gains”
Despite a strong global market sentiment, the Indian stock market traded sideways and ended flat on Thursday. The Nifty 50 index closed marginally lower at 24,315, while the BSE Sensex shed 24 points and finished at 79,897. However, expert Sumeet Bagadia, Executive Director at Choice Broking, believes that the Indian stock market is consolidating in the 24,000 to 24,500 range, with immediate support at 24,100 to 24,150.
Bagadia suggested that the Nifty 50 index may touch the 24,800 to 24,900 mark once it breaches the immediate hurdle on a closing basis. He also recommended maintaining a stock-specific approach for intraday trading ahead of the Union Budget 2024.
Speaking on the outlook for the Indian stock market, Bagadia mentioned that the Nifty 50 index is consolidating in the 24,000 to 24,500 range and may breach above 24,500 during Friday deals. He highlighted the positive impact of the US inflation falling to 3 percent, fueling buzz in the Indian and global markets about a possible US Fed rate cut in the near term.
Unveiling his stock market strategy ahead of the Union Budget 2024, Bagadia advised investors to maintain a stock-specific approach and continue buying-on-dips, with the 24,000 support for the Nifty 50 index expected to remain strong until the budget presentation.
For intraday traders, Bagadia recommended buying breakout stocks, including Artemis Medicare Services, Mazda, Refex Industries, SeQuent, and Ponni Sugars. He provided specific buy targets, stop losses, and price recommendations for each of these stocks.
It is important to note that the views and recommendations provided in this analysis are those of individual analysts or broking companies, and investors are advised to consult with certified experts before making any investment decisions, as market conditions can change rapidly.
