Bengaluru: As the Indian stock market shows signs of recovery following a positive pullback rally, Sumeet Bagadia, Executive Director at Choice Broking, has identified five breakout stocks that investors should consider buying today. With strong global market sentiments bolstered by favorable US inflation data, the Nifty 50 index and BSE Sensex have both seen significant gains.
Market Overview
On December 23, 2024, the Indian stock market experienced a notable rebound:
- Nifty 50: Closed up by 165 points at 23,753
- BSE Sensex: Increased by 481 points, finishing at 78,523
- Nifty Bank Index: Gained 547 points, closing at 51,306
Despite this rally, Sumeet Bagadia cautions that the Nifty 50 index is facing resistance at the crucial 200-day Exponential Moving Average (DEMA) level of 23,800. A decisive break above this level could signal a fresh uptrend for the market.
Sumeet Bagadia’s Stock Recommendations
Bagadia recommends a stock-specific approach and suggests the following five shares for potential intraday trading:
- Aster DM Healthcare
- Buy Price: ₹503.85
- Target Price: ₹540
- Stop Loss: ₹486
- Raymond
- Buy Price: ₹1,782.40
- Target Price: ₹1,907
- Stop Loss: ₹1,720
- Jubilant Ingrevia
- Buy Price: ₹800
- Target Price: ₹856
- Stop Loss: ₹772
- Bajaj Healthcare
- Buy Price: ₹572.50
- Target Price: ₹613
- Stop Loss: ₹552
- Caplin Point Laboratories
- Buy Price: ₹2,417.65
- Target Price: ₹2,659
- Stop Loss: ₹2,295
Investment Strategy and Outlook
Bagadia emphasizes that while the market bias has improved, investors should remain cautious and avoid taking large positions until a clear breakout occurs in the Nifty 50 index. He advises focusing on individual stocks that show strong potential for growth rather than broad market exposure.
Conclusion
With positive momentum in the Indian stock market and strategic recommendations from Sumeet Bagadia, investors have a promising opportunity to capitalize on breakout stocks today. However, it’s essential to maintain a disciplined approach and adhere to stop-loss levels to manage risk effectively.
Disclaimer
The views expressed in this article are those of individual analysts or broking companies and do not reflect the views of Mint. Investors are advised to conduct their own research or consult with certified financial advisors before making investment decisions.
