Sumeet Bagadia’s Breakout stocks

According to Sumeet Bagadia, immediate support for Nifty is placed in the 23,200–23,250 zone. A breakdown below this area could trigger further weakness. On the upside, strong resistance is visible near 23,650–23,700, which remains the hurdle for any meaningful recovery.

The Relative Strength Index (RSI) stands at 40.64, reflecting weakening momentum and a lack of strong bullish participation. India VIX eased to 15.78, indicating that volatility has cooled slightly, though traders remain cautious.

Derivative data suggests aggressive Call writing at 23,500 and 23,600 strikes, while Put writing is concentrated at 23,300 and 23,400 strikes. This indicates immediate support near lower levels and resistance around higher strikes.

Bank Nifty, however, displayed relative strength. The index formed a Spinning Top pattern, signalling indecision but also indicating that selling pressure is gradually reducing. Immediate support is placed at 54,000–54,100, while resistance is seen near 54,900–55,000.

Sector-wise, Media, Realty, PSU Banks and Healthcare stocks witnessed buying interest, whereas Metals, IT, Cement and Oil & Gas counters remained under pressure.

For the coming week, traders should closely monitor the support zones of Nifty and Bank Nifty. Sustaining above support could trigger selective buying, while a breakdown may lead to fresh selling pressure. Stock-specific opportunities are likely to dominate amid a range-bound market environment.