Stocks to buy today | Sumeet Bagadia's stock recommendations today: The key benchmark indices of the Indian stock market opened sharply lower and remained under pressure as markets witnessed a sell-off following the RBI’s rate hike. The central bank raised rates by 25 basis points and shifted its stance to “calibrated tightening,” triggering a negative reaction across the benchmarks. Continued weakness in the rupee further weighed on investor sentiment.
The Nifty 50 declined 0.76% to close at 22,603, while the Sensex fell 0.59% to close at 72,638.
On the sectoral front, PSU Banks and Media were the key gainers, while Metal, Realty, Auto and IT remained the major laggards. The broader market remained mixed, with the Nifty Midcap 100 declining 0.63%, while the Nifty Smallcap 100 gained 0.30%.
Sumeet Bagadia, Executive Director at Choice Broking, believes the Indian stock market is biased toward caution, as the 50-stock index pared early morning gains and closed near 22,600. He said that RSI at 33.13 is still weak but above its average of 31.45, indicating some stabilisation in momentum. With PCR at 0.97 and India VIX at 13.8850, the derivatives setup remains balanced, but volatility is elevated.
Speaking on the outlook for the Nifty 50 index, Sumeet Bagadia said, “Support is placed at 22,500–22,550, while 22,750–22,800 remains the immediate resistance zone.”