Stock market crash: Sumeet Bagadia recommends 5 breakout stocks to buy despite India VIX index rising 50% in one month
Stock market today: Despite the persistent rise in the India VIX index, the Indian stock market has shown remarkable resilience, continuing to correct for the fourth straight session. Today, the Nifty 50 opened lower at 22,231 and went on to touch an intraday low of 22,185. The BSE Sensex today opened with a downside gap and touched an intraday low of 73,073 mark whereas the Bank Nifty today registered arouund 0.65 percent fall within an hour of stock market's opening bell.
The India VIX today extended its rally for yet another sessions and touched a new 52-week peak of 18.32 during morning deals. While touching this new 52-week high, the Indian VIX Index registered nearly 50 percent rise in one month. However, Sumeet Bagadia, Executive Director of Choice Broking still believes that stock market investors can make money in the cash segment.
The Choice Broking expert said that some stocks have given breakout on chart patterns, such as a double bottom or a bullish flag, despite the recent stock market crash and rising India VIX index. The Choice Broking expert, Sumeet Bagadia, maintains a positive outlook on the India VIX Index, also known as the fear gauge. He sees it as an indication of the fear factor existing in the market ahead of the Lok Sabha election results.
However, he reassures that the fear factor exising in stock market today is not that heavy as such rise are normal for Dalal Street investors. He points out that the India VIX Index, which measures the market's expectation of volatility over the next 30 days, touched a high of 39.30 during 2014 Lok Sabha elections whereas it touched nearly 30 mark during 2019 Lok Sabha polls. He further elaborated that India VIX surged to 92 levels during stock market crash in
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