Sumeet Bagadia, Executive Director at Choice Broking, has identified five breakout stocks for investors to consider buying on December 30, 2024. Despite a range-bound sentiment in the Indian stock market, these stocks show strong potential based on technical analysis.
Market Sentiment Overview
The Indian stock market has been trading sideways, with the Nifty 50 index struggling to surpass the 200-day Exponential Moving Average (DEMA) resistance at 23,850. On the last trading session, the Nifty closed at 23,832, up by 82 points, while the BSE Sensex rose by 259 points to finish at 78,732. The Bank Nifty also saw gains, closing at 51,333.Bagadia notes that the current trading range for the Nifty 50 is between 23,250 and 23,850, with immediate support at 23,500. A breach of either boundary could signal a bullish or bearish trend.
Recommended Breakout Stocks
1. DCX Systems
- Buy Price: ₹355.60
- Target Price: ₹380
- Stop Loss: ₹343
DCX Systems is positioned well in the defense and aerospace sectors, making it a strong candidate for growth.
2. Manaksia Coated Metals
- Buy Price: ₹112
- Target Price: ₹120
- Stop Loss: ₹108
This company specializes in coated metal products and is expected to benefit from increased demand in construction and manufacturing sectors.
3. Camlin Fine Sciences
- Buy Price: ₹132.25
- Target Price: ₹142
- Stop Loss: ₹127
Camlin Fine Sciences focuses on specialty chemicals and has shown robust fundamentals that support its growth trajectory.
4. Sikko Industries
- Buy Price: ₹107.84
- Target Price: ₹115
- Stop Loss: ₹104
Sikko Industries operates in the manufacturing sector and is anticipated to gain from expanding market opportunities.
5. IXIGO (Le Travenues Technology)
- Buy Price: ₹177.85
- Target Price: ₹190
- Stop Loss: ₹171
As a travel technology company, IXIGO is poised for growth as travel demand continues to rebound post-pandemic.
Conclusion
Investors are encouraged to consider these breakout stocks as part of their trading strategy for December 30, 2024. With the Nifty index facing crucial resistance levels, these recommendations are based on strong technical setups and market potential.
Disclaimer
The recommendations provided are for informational purposes only and do not constitute financial advice. Investors should conduct their own research or consult with a financial advisor before making investment decisions, as market conditions can change rapidly.
