On November 29, 2024, Sumeet Bagadia, Executive Director at Choice Broking, has identified five breakout stocks to buy amid a challenging market environment. Here’s a detailed look at his recommendations and the current market conditions.
Market Overview
The Indian stock market experienced a significant decline on November 28, primarily due to heightened geopolitical tensions related to the Russia-Ukraine conflict. The Nifty 50 index closed 318 points or 1.31% lower at 23,956, while the BSE Sensex dropped by 1,069 points or 1.33%, ending at 79,164. The Nifty Bank index also faced a correction, closing at 51,978 after a decline of 323 points. Despite this downturn, the Nifty Mid-cap and Small-cap indices managed to gain slightly by 0.05% each.Bagadia notes that the overall trend of the Indian stock market has turned weak as the Nifty has slipped below the crucial 24,000 mark. He suggests that if the index breaks below the immediate support level of 23,800, it could potentially fall to 23,500.
Sumeet Bagadia’s Breakout Stock Recommendations
- Karur Vysya Bank
- Recommendation: Buy
- Entry Price: ₹238.38
- Target Price: ₹255
- Stop Loss: ₹230
- Aster DM Healthcare
- Recommendation: Buy
- Entry Price: ₹488.70
- Target Price: ₹523
- Stop Loss: ₹471
- GRSE (Garden Reach Shipbuilders & Engineers)
- Recommendation: Buy
- Entry Price: ₹1,721.35
- Target Price: ₹1,842
- Stop Loss: ₹1,661
- SJVN (Satluj Jal Vidyut Nigam)
- Recommendation: Buy
- Entry Price: ₹117.96
- Target Price: ₹126
- Stop Loss: ₹114
- Bharat Dynamics
- Recommendation: Buy
- Entry Price: ₹1,170
- Target Price: ₹1,252
- Stop Loss: ₹1,119
Technical Analysis Insights
Bagadia emphasizes that maintaining a stock-specific approach is crucial in the current market climate. He advises focusing on breakout stocks for intraday trading as they may present profitable opportunities despite the overall market weakness.
Conclusion
Investors looking for potential gains in today’s volatile market should consider Sumeet Bagadia’s recommendations for breakout stocks to buy. With specific entry points and targets outlined for each stock, these insights can help traders make informed decisions amidst fluctuating market conditions. Disclaimer: The views and recommendations provided in this article are those of individual analysts or broking companies and do not constitute financial advice. Investors are advised to consult with certified experts before making any investment decisions.
