Current Market Overview
On November 4, 2024, the benchmark indices witnessed significant declines:
- Nifty 50: Closed at 23,995.35, down 1.27% from the previous close of 24,304.35.
- BSE Sensex: Closed at 78,782.24, down 1.18% from 79,724.12.
Sector-wise, Realty and Oil & Gas indices suffered the most, falling by 2.9% and 2.5%, respectively. The overall market sentiment remains cautious as India’s VIX surged by 5% to reach 16.7, indicating increased volatility.
Sumeet Bagadia’s Stock Recommendations
Despite the negative bias in the market, Sumeet Bagadia emphasizes a stock-specific approach for day traders looking for potential gains in intraday trading. Here are his top five breakout stocks to consider:
1. Transport Corporation of India (TCI)
- Buy Price: ₹1,161.20
- Target Price: ₹1,230
- Stop Loss: ₹1,123
TCI has shown resilience in its operational performance and is well-positioned for growth in logistics and transportation.
2. Kapston Services
- Buy Price: ₹287.80
- Target Price: ₹305
- Stop Loss: ₹278
Kapston Services is gaining traction due to its diverse service offerings and strong market presence.
3. Siyaram Silk Mills
- Buy Price: ₹611
- Target Price: ₹650
- Stop Loss: ₹590
Siyaram Silk Mills continues to innovate in the textile sector, making it a solid investment choice.
4. Oriental Aromatics Ltd (OAL)
- Buy Price: ₹628.50
- Target Price: ₹675
- Stop Loss: ₹608
OAL is recognized for its robust product portfolio and growth potential in the fragrance and flavor industry.
5. Vishnu Chemicals
- Buy Price: ₹543.80
- Target Price: ₹580
- Stop Loss: ₹525
Vishnu Chemicals has a strong operational framework and is well-positioned to capitalize on market opportunities.
Market Sentiment and Strategy
Bagadia believes that the immediate support for the Nifty 50 index is now at the 23,500 mark, with crucial resistance levels between 24,300 and 24,350. He advises traders to focus on stocks that demonstrate strong upside potential based on technical analysis.
Conclusion
As the Indian stock market faces headwinds from various global and domestic factors, Sumeet Bagadia’s recommendations provide a targeted strategy for investors looking to capitalize on breakout opportunities amidst volatility. By maintaining a stock-specific approach and focusing on technical patterns, traders can navigate this challenging landscape effectively.
Disclaimer: The views and recommendations provided in this article are those of individual analysts and do not reflect the views of Mint or any affiliated entities. Investors should verify information and consult with certified experts before making any investment decisions.
