Market Technical Outlook
Sumeet Bagadia, Executive Director at Choice Broking, believes the market will trade sideways to positive as long as the Nifty 50 remains between 25,400 and 25,900. He highlighted that a decisive breakout above 25,888 is required to trigger a fresh uptrend. “The 25,400–25,450 range acts as near-term support, while 25,700–25,750 is immediate resistance. Sustained holding above support preserves the broader structure,” Bagadia said.
For the Bank Nifty, Bagadia noted strong underlying support above 61,000, describing the 60,800–60,900 zone as a key demand area. Resistance lies around 61,400–61,500, with a sustained breakout potentially pushing the index toward all-time highs again.
Top Stock Picks for Investors
Bagadia recommended three key stocks for intraday and short-term traders, citing strong technical setups and bullish momentum:
- Coal India Ltd – Buy at ₹423, Target ₹455, Stop Loss ₹405. The stock shows a bounce from the 100-day EMA, indicating strengthening trend momentum.
- LT (Larsen & Toubro) – Buy at ₹4,380, Target ₹4,686, Stop Loss ₹4,190. Trading near all-time highs, LT maintains a strong uptrend with higher highs and lows.
- Canara Bank – Buy at ₹154, Target ₹166, Stop Loss ₹148. The stock is close to its 52-week high, showing sustained buying momentum and strong EMA support.
Investor Sentiment and Sectoral Trends
Domestic institutional investors (DIIs) acted as stabilisers, countering foreign institutional investors’ (FIIs) outflows. Positive PMI readings indicate resilient private sector activity, especially in manufacturing. Analysts see the recent pullback as a corrective phase within a broader uptrend, with earnings momentum limiting downside risk.
Banking, metals, and energy sectors remain key drivers, while IT sector weakness continues to influence market sentiment. Investors are advised to monitor support and resistance levels closely and follow risk management guidelines.
