Buy or sell stocks: The Indian stock market closed significantly lower, deepening its losses amid jitters surrounding the US-Iran conflict, with the benchmark Nifty 50 slipping below the 24,500 mark on Wednesday.
The Sensex plunged 1,122.66 points, or 1.40%, to settle at 79,116.19, while the Nifty 50 declined 385.20 points, or 1.55%, to end at 24,480.50.
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Nifty Outlook
On Wednesday, Nifty 50 remained under sustained selling pressure, with the index trading around 24,480, reflecting continued weakness in the broader market.
According to Sumeet Bagadia, Executive Director at Choice Broking, the index has decisively slipped below all key short-term moving averages, indicating a breakdown from recent consolidation zones and a shift in short-term sentiment toward caution.
“Immediate support is now seen near 24,300–24,350, which could act as a temporary stabilization band. However, a sustained move below 24,350 may open room toward the 24,100–24,150 zone. On the upside, resistance is placed around 24,600–24,650, and only a strong recovery above this zone would signal short-covering and improvement. near-term momentum,” Bagadia said.
Bank Nifty
Bank Nifty is also witnessing sharp corrective pressure, currently trading near 58,755, reflecting broad-based weakness across banking heavyweights.
Bagadia noted that the index has broken below recent support levels and is forming a lower high–lower low structure on the daily timeframe, indicating short-term bearish control.
“Immediate support is placed around 58,400–58,500, which is crucial for preventing further downside acceleration. A breakdown below 58,400 could extend weakness toward the 58,000 zone. On the upside, resistance is seen near 59,000–59,100, and only a decisive move above this band would help stabilize sentiment and trigger a technical pullback,” Bagadia added.
Sumeet Bagadia’s stocks to buy
Sumeet Bagadia recommends five shares to buy on Thursday — United Breweries, Zen Technologies, Coal India, Aster DM Healthcare, and Kirloskar Oil Engines.
1]United BreweriesBuy at ₹1629.80,Target ₹1780 ₹1555.
United Breweries share price is trading around ₹1629.80 and showing strong momentum following a decisive trendline resistance breakout. The move is supported by a strong bullish engulfing candle and a sustained close above the breakout zone, indicating follow-through buying interest. The 20/50-day moving average crossover signals short-term bullishness in the stock. Additionally, the RSI has rebounded sharply from the oversold zone and is now sustaining above the 50 mark, reflecting improving strength. Short-term traders may consider buying at CMP with a stop loss of ₹1555 for a target of ₹1780, maintaining disciplined risk management.
2] Zen TechnologiesBuy at ₹1406.40,Target ₹1535, Stop Loss ₹1340.
Zen Technologies share price is showing strength after a breakout from its sideways range and sustaining above the resistance zone. The stock has also delivered a moving average upside breakout and is trading above key EMAs, indicating positive short-term momentum. RSI is holding near 50 and trending higher, reflecting improving strength. Based on the current setup, traders may consider buying with SL ₹1340 for a target of ₹1535, maintaining proper risk management.
3] Coal IndiaBuy at ₹435.15,Target ₹475, Stop Loss ₹415.
Coal India share price is trading around ₹435.15 and has recently taken strong support near its 50-day EMA, bouncing back with renewed buying interest. The stock continues to trade above key EMAs, and the recent crossover signals a bullish undertone in the trend. Healthy volumes indicate steady accumulation and strengthening momentum within the ongoing uptrend. Traders may consider buying at CMP with a stop loss of ₹415 for a target of ₹475, applying disciplined risk management.
4] Aster DM HealthcareBuy at ₹649.25,Target ₹705, Stop Loss ₹620.
Aster DM Healthcare share price is trading around ₹649.25, showing strength after a breakout above its previous lower high and sustaining above the breakout zone. The stock is trading above key 100- and 200-day EMAs and has taken solid support near the 100-day EMA, indicating accumulation. RSI at 64.78 is trending higher, reflecting positive momentum. Short-term traders may consider buying at CMP with SL ₹620 for a target of ₹705, following proper risk management.
5] Kirloskar Oil EnginesBuy at ₹1416.50,Target ₹1550 ₹1345.
Kirloskar Oil Engines share price is trading around ₹1416.50, maintaining strength as it trades above key EMAs. The stock has recently given a higher high breakout and is sustaining above that level, indicating continued buying interest. RSI at 68.26 is trending higher, reflecting strong momentum. With the stock holding near key support zones, short-term traders may consider buying at CMP with SL. ₹1345 for a target of ₹1550, following proper risk management.
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.
