In the wake of renewed geopolitical tensions and market volatility, Sumeet Bagadia, Executive Director at Choice Broking, has identified five breakout stocks that investors should consider buying today. These recommendations come as the Indian stock market faces pressure from various factors, including the ongoing Russia-Ukraine conflict and scrutiny surrounding Gautam Adani.
Market Overview
The Indian stock market experienced significant selling pressure recently, with the Nifty 50 index dropping 171 points to close at 23,346 and the BSE Sensex falling 434 points to end at 77,144. The Bank Nifty also saw a decline, finishing 189 points lower at 50,436. Amidst this backdrop, Bagadia emphasizes a stock-specific approach for traders looking to capitalize on potential breakouts.
Top Breakout Stocks Recommended by Sumeet Bagadia
Bagadia has highlighted five stocks that show promise for intraday trading:
- Paytm (One97 Communications Ltd)
- Buy Price: ₹845.40
- Target Price: ₹905
- Stop Loss: ₹816
- Dhani Services
- Buy Price: ₹73.55
- Target Price: ₹79
- Stop Loss: ₹71
- Amber Enterprises
- Buy Price: ₹6,545.60
- Target Price: ₹6,750
- Stop Loss: ₹6,317
- Fortis Healthcare
- Buy Price: ₹680.70
- Target Price: ₹728
- Stop Loss: ₹657
- ADF Foods
- Buy Price: ₹302.75
- Target Price: ₹324
- Stop Loss: ₹292
Current Market Sentiment
Bagadia notes that the Indian stock market is likely to remain volatile due to several factors:
- Renewed geopolitical tensions stemming from the Russia-Ukraine war.
- Ongoing scrutiny of Gautam Adani’s business dealings in U.S. courts.
- Selling pressure from foreign institutional investors (FIIs).
- Anticipation surrounding upcoming Assembly Election results in Maharashtra and Jharkhand.
He advises traders to focus on breakout stocks that exhibit strong technical patterns and potential for intraday gains.
Conclusion
As the market navigates through turbulent times, Sumeet Bagadia’s recommendations offer a strategic approach for investors looking to capitalize on breakout opportunities. With careful consideration of entry points and risk management through stop-loss orders, traders can position themselves effectively in this challenging environment.
Disclaimer
The views and recommendations made above are those of individual analysts or broking companies and do not reflect the opinions of this publication. Investors are advised to conduct their own research or consult with certified financial experts before making any investment decisions.By staying informed about m
