The Indian stock market ended Tuesday's session on a lower note, with benchmark indices declining amid profit booking in banking and financial heavyweights. According to reports from Mint, the 30-share Sensex declined 252 points, or 0.33%, to settle at 77,017.79, while the Nifty 50 fell 87 points, or 0.36%, to close at 24,032.80. The Nifty 50 opened with a gap-down at 24,052.60 and witnessed volatility in the first half, marking an intraday high of 24,081.70 and a low of 23,882.05. In the latter half, the index traded in a range-bound manner and eventually closed at 24,032.80, registering a decline of 86.50 points.
According to Sumeet Bagadia, Executive Director at Choice Broking, the formation of a hammer-like candlestick pattern indicates buying interest emerging at lower levels, suggesting the possibility of short-term support formation. As reported by Mint, the Relative Strength Index (RSI) stands at 50.70, hovering around the midpoint of 50, indicating neutral momentum. In the derivatives segment, notable call writing was seen at the 24,200 strike, followed by 24,300, while significant put writing was observed at 24,000 and 23,900 levels. The Bank Nifty index closed at 54,547.05, declining by 331.45 points or 0.60%, with immediate support placed in the 53,950–54,000 range and resistance seen in the 55,000–55,150 zone.
Despite market weakness, Sumeet Bagadia recommends five breakout stocks to buy amid ongoing US-Iran war uncertainty. According to Mint, the recommended stocks include Manorama Industries at ₹1594 with a target of ₹1715 and stop loss at ₹1515, Aditya Birla Capital at ₹360 with a target of ₹390 and stop loss at ₹346, Apollo Micro Systems at ₹308 with a target of ₹330 and stop loss at ₹294, Syrma SGS Technology at ₹1058 with a target of ₹1150 and stop loss at ₹1015, and Gravita India Limited at ₹1722 with a target of ₹1870 and stop loss at ₹1655. Bagadia advises waiting for decisive breakouts above resistance or breakdowns below support levels before initiating fresh positions.
As reported by Mint, Manorama Industries has delivered a decisive breakout and is trading well above its key EMA, with the stock showing sharp expansion in price supported by volume activity. Aditya Birla Capital is maintaining a strong upward trajectory and is trading above its key EMA, with the stock consistently forming higher highs and higher lows. Apollo Micro Systems has shown strong bullish reversal with the stock breaking above its recent consolidation band with rising momentum. Syrma SGS Technology is trading at a fresh lifetime high after delivering a clean breakout above the earlier resistance zone near 1032. Gravita India Limited is showing encouraging trend reversal after a decisive move above its key 200-day EMA, with the stock regaining momentum above shorter-term moving averages.