As the Indian stock market continues to navigate through volatility, Sumeet Bagadia, Executive Director at Choice Broking, has identified five breakout stocks that investors should consider buying today. With the Nifty 50 index showing cautious trends following a decline, these stock picks may provide opportunities for intraday trading.
Market Overview
On December 18, 2024, the Indian stock market faced downward pressure, with the Nifty 50 index closing down by 122 points at 24,213. The BSE Sensex fell by 446 points to finish at 80,237, while the Nifty Bank index experienced a significant drop of 639 points, ending at 52,195. This marks the third consecutive session of losses for the market, influenced by weak global cues ahead of the US Federal Reserve meeting.
Sumeet Bagadia’s Breakout Stock Recommendations
Despite the overall cautious market sentiment, Sumeet Bagadia advises focusing on specific stocks that have shown potential for breakout movements. Here are his top five recommendations for today:
- ACE
- Buy Price: ₹1,502.80
- Target Price: ₹1,608
- Stop Loss: ₹1,450
- KPR Mill
- Buy Price: ₹1,128.50
- Target Price: ₹1,208
- Stop Loss: ₹1,089
- Westlife Foodworld
- Buy Price: ₹836.20
- Target Price: ₹895
- Stop Loss: ₹806
- Radico Khaitan
- Buy Price: ₹2,553.20
- Target Price: ₹2,730
- Stop Loss: ₹2,464
- Clean Science and Technology
- Buy Price: ₹1,471.15
- Target Price: ₹1,574
- Stop Loss: ₹1,420
Technical Analysis and Market Sentiment
Bagadia notes that while the Nifty 50 index has decisively broken below its 50-day exponential moving average (DEMA), it remains above crucial support levels at 24,100. He suggests that a trend reversal could be expected if this support level holds firm. The immediate resistance for the index is seen between 24,450 and 24,500, with a bullish trend anticipated only if it breaks above 24,800 on a closing basis.
Conclusion
Investors are advised to adopt a stock-specific approach in this cautious market environment. Sumeet Bagadia’s recommendations provide actionable insights for those looking to capitalize on potential breakout opportunities in today’s trading session.
Disclaimer
The views and recommendations made above are those of individual analysts or broking companies and do not reflect the views of Mint or its management. Investors are encouraged to conduct their own research or consult with certified financial advisors before making any investment decisions based on this information. The stock market carries inherent risks, and past performance is not indicative of future results.
