The Indian stock market witnessed sharp selling on Thursday, with the Nifty 50 index crashing 180 points to close at 23,997, while the BSE Sensex nosedived 582 points to close at 76,913. According to reports from Mint, the sell-off was broad-based, with several sectors ending in the red—led by metals, realty, and FMCG—while IT showed relative strength. Broader markets also mirrored the weakness, with midcap and smallcap indices declining around 0.4–0.8%, indicating widespread risk aversion.
Sumeet Bagadia, Executive Director at Choice Broking, believes the Indian stock market bias is cautious, with a Doji-like candlestick pattern indicating indecision in the market. As reported by Mint, Bagadia noted that the Nifty 50 index opened with a gap down at 23,996.95 and saw selling pressure in the first half, dragging it to an intraday low of 23,796.85. The index eventually closed near its opening level at 23,997.55, down 180.10 points, or 0.74%. Immediate support for the Nifty 50 is in the 23,750–23,800 range, while resistance is observed between 24,200 and 24,250, with the Relative Strength Index (RSI) standing at 50.28.
Bagadia recommends Reliance Industries as a buy at ₹1430 with a target of ₹1520 and stop loss at ₹1385. According to the analysis reported by Mint, Reliance Industries is witnessing a strong rebound from its recent lows and is currently trading near ₹1430, indicating a shift in short-term sentiment. The stock has reversed from the ₹1320 support zone and is now moving with an improved price structure, suggesting accumulation at lower levels with recent bullish candles and rising volumes reflecting stronger buyer participation.
For Kotak Mahindra Bank, Bagadia suggests a buy at ₹383 with a target of ₹410 and stop loss at ₹365. As reported by Mint, Kotak Mahindra Bank is gradually recovering after a sharp decline and has bounced strongly from the ₹365 zone, which has emerged as a crucial support base. For Sun Pharma, the recommendation is to buy at ₹1808 with a target of ₹1950 and stop loss at ₹1725. According to the analysis, Sun Pharma is gradually regaining upward momentum after establishing a strong base near the 1613 zone, where demand has consistently emerged, with the stock now trading around 1808 and approaching a key supply area.
According to Mint, the views and recommendations above are those of individual analysts or broking companies, not Mint. The report emphasizes that investors should check with certified experts before making any investment decisions, as this story is for educational purposes only.
