Sumeet Bagadia's share recommendations: The key benchmark indices of the Indian stock market extended their losing run to a fifth straight week, as a string of global headwinds kept sentiment fragile. Nifty50 slipped more than 2% to settle at 23,398, while the Sensex shed nearly 2.27% to close at 74781. Crude oil and the US 10-year bond yield remained the biggest overhang.
Brent oil held stubbornly close to the $105-a-barrel mark amid supply worries and lingering geopolitical tensions. For an economy that imports the bulk of its energy needs, costlier crude directly threatens the current account and keeps inflation risks alive.
Sumeet Bagadia, Executive Director at Choice Broking, believes the bias for the Indian stock market is sideways. However, Bagadia said the Nifty 50 index is indicating a turnaround on the technical chart pattern.
On the outlook for the Nifty 50 index, Sumeet Bagadia said, “From a technical perspective, Nifty is likely to maintain a Sideways bias, with the 23,250–23,300 zone acting as the immediate support area. Resistance is placed at 23,500–23,600, and a sustained move above 23,600 could support further recovery, particularly if short covering continues.”
Bagadia said the expected trading range for the Nifty 50 index in the next session is 23,250–23,600. Sector-wise, Nifty IT Services, Private Bank, and Media were among the key gainers, while Realty, Metal, and Chemical were the major laggards. Auto and Oil & Gas also stayed under pressure.