Indian Stock Market Stuck in Cautious-Bearish Setup: Expert Recommends Three Stocks to Buy

The Indian stock market has been under pressure due to rising crude oil prices and US-Iran hostilities, leading to a cautious-to-bearish setup for the Nifty 50 index. Sumeet Bagadia, Executive Director at Choice Broking, expects immediate support in the 23,750-23,800 zone, while 24,000-24,050 is likely to act as a crucial resistance area.

The RSI stood at 38.37, indicating weak momentum and a bearish bias, but remaining above the oversold zone. Bagadia recommends buying Tata Steel, Reliance Industries, and Bajaj Finance with target prices of ₹205, ₹1428, and ₹1145 respectively.

Tata Steel is attempting to recover after undergoing a short-term consolidation phase, while Reliance Industries is showing early signs of a bullish reversal above a descending trendline. Bajaj Finance's share price has slipped below the 20-day EMA but may find support around its 50-day EMA.