As the Indian stock market continues to show signs of resilience, Sumeet Bagadia, Executive Director at Choice Broking, has identified five breakout stocks to consider for trading today, December 5, 2024. With the Nifty 50 index facing mild resistance in the 24,550 to 24,600 range, these stock picks could provide lucrative opportunities for investors.
Market Overview: Nifty 50 Performance
The Nifty 50 index closed at 24,467.45, up 0.4% from the previous session. Despite a positive close, major heavyweights like Bharti Airtel, Reliance Industries, and ITC faced declines, contributing to cautious market sentiment ahead of the Reserve Bank of India’s (RBI) monetary policy announcement.
- Nifty 50 Close: 24,467.45 (+0.4%)
- BSE Sensex Close: 80,956.33 (+0.14%)
Key Resistance and Support Levels
Bagadia notes that the Nifty is encountering resistance around the 24,550 – 24,600 mark. If it breaks through this level, it could potentially reach 24,800 and beyond. Current support levels are identified at 24,300 – 24,250.
Sumeet Bagadia’s Breakout Stock Recommendations
Recommended Stocks to Buy Today
Here are the five stocks recommended by Sumeet Bagadia for today’s trading:
- ASK Automotive Ltd (ASKAUTOLTD)
- Buy Price: ₹466.30
- Target Price: ₹499
- Stop Loss: ₹450
- Rationale: The stock shows strong upward momentum and is positioned for a breakout.
- Caplin Point Laboratories Ltd (CAPLIPOINT)
- Buy Price: ₹2,362.50
- Target Price: ₹2,528
- Stop Loss: ₹2,279
- Rationale: Positive technical indicators suggest potential price appreciation.
- Blue Star Ltd (BLUESTARCO)
- Buy Price: ₹1,916
- Target Price: ₹2,050
- Stop Loss: ₹1,848
- Rationale: The stock is on a bullish trajectory with strong support levels.
- Cigniti Technologies Ltd (CIGNITITEC)
- Buy Price: ₹1,739.15
- Target Price: ₹1,861
- Stop Loss: ₹1,678
- Rationale: Recent performance indicates a favorable outlook for continued growth.
- Anup Engineering Ltd (ANUP)
- Buy Price: ₹3,702.55
- Target Price: ₹3,962
- Stop Loss: ₹3,573
- Rationale: The stock has shown significant strength and is expected to rally further.
Conclusion
With the Nifty 50 facing resistance but maintaining a positive bias overall, Sumeet Bagadia’s recommended stocks present potential opportunities for traders looking to capitalize on breakout movements in the market. As always, investors should conduct their own research and consider their risk tolerance before making any investment decisions.
Disclaimer: The views and recommendations provided in this article are those of individual analysts and do not represent the views of this publication. Investors are advised to consult certified financial experts before making any investment decisions.
