Mumbai: Amidst a bearish sentiment in the Indian stock market, Sumeet Bagadia, Executive Director at Choice Broking, has identified five breakout stocks for investors to consider buying today. Following a tough trading session on Tuesday, where major indices experienced significant declines, Bagadia emphasizes a stock-specific approach for day traders.
Market Overview
On November 12, 2024, the Indian stock market faced a challenging day as investors shifted back to a sell-on-the-rise strategy. The Nifty 50 index closed down by 1.07% at 23,883, while the BSE Sensex fell by 1.03% to settle at 78,675. The Nifty Bank index also saw a substantial drop of 756 points, or 1.46%, ending at 51,120.
Key Market Trends
- Sector Performance: Power, Capital Goods, FMCG, and Auto sectors faced significant selling pressure, while Realty and IT sectors showed relative resilience.
- Investor Sentiment: The overall market sentiment has turned bearish, with analysts predicting that the Nifty index may test the 23,500 mark if it breaches its current support level of 23,700.
Sumeet Bagadia’s Stock Picks
In light of the current market conditions, Sumeet Bagadia recommends the following five stocks for potential intraday trading:
- Macrotech Developers
- Buy Price: ₹1240.95
- Target Price: ₹1328
- Stop Loss: ₹1198
- Fortis Healthcare
- Buy Price: ₹643.20
- Target Price: ₹688
- Stop Loss: ₹621
- Polyplex Corp
- Buy Price: ₹1249.65
- Target Price: ₹1250
- Stop Loss: ₹1206
- Pritish Nandy Communications
- Buy Price: ₹69.12
- Target Price: ₹74
- Stop Loss: ₹66.70
- UNO Minda
- Buy Price: ₹1002.60
- Target Price: ₹1073
- Stop Loss: ₹967
Expert Insights on Market Sentiment
Bagadia’s analysis reflects a cautious approach amidst heightened volatility in the market. He advises traders to focus on breakout stocks that may offer opportunities for profit despite the prevailing bearish sentiment.
“The Indian stock market bias has turned weak as the Nifty 50 index has slipped below 24,000,” Bagadia stated. “Maintaining a stock-specific approach will be ideal for day trading in this highly volatile environment.”
Conclusion
As the Indian stock market continues to navigate through turbulent waters, Sumeet Bagadia’s recommendations provide a strategic outlook for investors seeking potential breakout opportunities. Traders are encouraged to remain vigilant and consider these stocks for their portfolios as they adapt to changing market dynamics.
Disclaimer: The views and recommendations provided in this article are those of individual analysts and do not represent the views of Mint. Investors should conduct their own research or consult with certified financial advisors before making investment decisions.
