As the Indian stock market shows signs of recovery, Sumeet Bagadia, Executive Director at Choice Broking, has identified five breakout stocks that investors should consider for potential gains. Following a positive trend in the market, these stocks have demonstrated strong technical patterns, making them attractive options for intraday trading. Here’s a detailed look at his recommendations.
Current Market Overview
The Indian stock market has gained momentum recently, with major indices like the Nifty 50 and BSE Sensex closing significantly higher. The Nifty 50 surged by 343 points, reaching 24,250, while the BSE Sensex climbed by 1,054 points to close at 80,171. This upward movement is attributed to easing geopolitical tensions and a robust performance in cash market volumes.
Sumeet Bagadia’s Recommended Breakout Stocks
Bagadia emphasizes a stock-specific approach for investors looking to capitalize on the current market dynamics. Here are his top five breakout stock picks for today:
- Welspun Corp
- Buy Price: ₹747.60
- Target Price: ₹799
- Stop Loss: ₹720
- Genesys International Corporation
- Buy Price: ₹821
- Target Price: ₹877
- Stop Loss: ₹793
- Eris Lifesciences
- Buy Price: ₹1,473.75
- Target Price: ₹1,580
- Stop Loss: ₹1,430
- Capacite Infraprojects
- Buy Price: ₹392.35
- Target Price: ₹420
- Stop Loss: ₹378
- Azad Engineering
- Buy Price: ₹1,754.30
- Target Price: ₹1,860
- Stop Loss: ₹1,690
Market Sentiment and Future Outlook
Bagadia notes that the overall trend in the Indian stock market remains positive as long as the Nifty trades above the critical support level of 23,900. He highlights that a decisive break above the resistance level of 24,500 is crucial for maintaining the upward momentum.
“The recent news regarding easing tensions in the Russia-Ukraine conflict has contributed to this positive sentiment,” said Bagadia.
Conclusion
For investors looking to make informed decisions in today’s volatile market, Sumeet Bagadia’s recommendations provide a solid foundation for potential intraday trading opportunities. However, it is essential to conduct thorough research and consider individual risk tolerance before making investment decisions.
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 advised to consult with certified experts before making any investment decisions.
