As the Indian stock market opens on November 18, 2024, traders are navigating a landscape marked by weak sentiment and recent corrections. With the Nifty 50 index closing lower for the sixth consecutive session, analysts are focusing on breakout stocks that could provide opportunities for intraday trading. Sumeet Bagadia, Executive Director at Choice Broking, has identified five stocks to consider for today’s trading session.
Current Market Overview
The Indian stock market has been under pressure due to rising global uncertainties and a strengthening US dollar. The Nifty 50 index finished at 23,532.70, down 26 points, while the BSE Sensex ended at 77,580.30, reflecting similar declines. The Nifty Bank index saw a slight gain of 91 points, closing at 50,179. Despite the overall weakness, sectors such as Realty and Auto showed resilience with better-than-expected results.
Market Sentiment and Technical Analysis
Sumeet Bagadia notes that the overall sentiment in the Indian stock market remains weak. The Nifty 50 has broken below the crucial support level of 23,700 and is testing the 200-day Exponential Moving Average (DEMA). Analysts predict that if the index continues to decline, it may test levels around 23,250 to 23,200. Bagadia emphasizes a stock-specific approach in this environment, as fundamental triggers from Q2 results are now clearer.
Recommended Breakout Stocks
Bagadia has identified five breakout stocks that traders should consider for today:
- Zomato
- Recommendation: Buy
- Entry Price: ₹269.70
- Target Price: ₹289
- Stop Loss: ₹260
- Zomato is showing potential for upward movement following recent technical strength.
- Hikal
- Recommendation: Buy
- Entry Price: ₹403.85
- Target Price: ₹432
- Stop Loss: ₹390
- Hikal has experienced positive momentum after consolidating over recent weeks.
- Jio Financial Services
- Recommendation: Buy
- Entry Price: ₹318.35
- Target Price: ₹341
- Stop Loss: ₹307
- Jio Financial Services is positioned well for a breakout based on technical indicators.
- KEC International
- Recommendation: Buy
- Entry Price: ₹1,005.85
- Target Price: ₹1,076
- Stop Loss: ₹971
- KEC International is showing signs of strength and could benefit from favorable market conditions.
- Fortis Healthcare
- Recommendation: Buy
- Entry Price: ₹639.10
- Target Price: ₹684
- Stop Loss: ₹617
- Fortis Healthcare has demonstrated robust performance and is expected to continue its upward trajectory.
Conclusion
The Indian stock market’s current environment presents both challenges and opportunities for traders. As Sumeet Bagadia advises maintaining a stock-specific approach, these breakout stocks could offer potential gains amidst the prevailing volatility. Traders should remain vigilant and consider these recommendations while keeping an eye on global cues that may impact market movements.
Disclaimer: This article is intended for informational purposes only and should not be construed as investment advice. Readers are encouraged to conduct their own research or consult with certified financial advisors before making any investment decisions based on market trends or stock performances.
