In the current volatile market, investors are keenly looking for breakout stocks that could yield significant returns. Sumeet Bagadia, Executive Director at Choice Broking, has identified five stocks that he recommends for today’s trading session. This article provides insights into these recommendations and the overall market sentiment.
Current Market Overview
As of November 19, 2024, the Indian stock market is experiencing a bearish trend. The Nifty 50 index has been oscillating around the 200-day exponential moving average (DEMA), reflecting a weak bias. Following concerns over U.S. policy changes and a downturn in global markets, the Nifty 50 index fell by 70 points to settle at 23,462, marking its longest losing streak since February 2023. The BSE Sensex also saw a decline of 206 points, closing at 77,374.Despite these challenges, the Nifty Bank index showed resilience, gaining 168 points to finish at 50,348. Retail investors remain cautious as cash market volumes on the NSE continue to dwindle.
Sumeet Bagadia’s Recommended Breakout Stocks
In light of the current market conditions, Sumeet Bagadia has pinpointed five stocks that traders should consider for intraday trading:
- Camlin Fine Sciences
- Buy Price: ₹121.37
- Target Price: ₹128
- Stop Loss: ₹117
- DCAL
- Buy Price: ₹227.46
- Target Price: ₹242
- Stop Loss: ₹218
- Deep Industries
- Buy Price: ₹505.75
- Target Price: ₹540
- Stop Loss: ₹488
- Jindal Drilling
- Buy Price: ₹755
- Target Price: ₹800
- Stop Loss: ₹728
- Avalon Technologies
- Buy Price: ₹831.40
- Target Price: ₹888
- Stop Loss: ₹799
Market Sentiment and Strategy
Bagadia emphasizes maintaining a stock-specific approach in this turbulent market environment. He notes that while the overall bias is weak, certain stocks are showing potential for breakout opportunities based on technical analysis.He advises investors to keep a close watch on key levels; if the Nifty 50 breaches below 23,200, it may intensify selling pressure. Conversely, a move above 23,700 could signal a potential recovery in market sentiment.
Conclusion
In summary, while the Indian stock market faces challenges, Sumeet Bagadia’s recommendations for breakout stocks offer potential opportunities for intraday trading. Investors should consider these stocks with an eye on their respective stop-loss levels to manage risk effectively.
Disclaimer: The views and recommendations provided in this article are those of individual analysts and do not represent the views of any financial institution. Investors are advised to conduct their own research or consult with certified financial advisors before making investment decisions.
