New Delhi: As the Indian stock market navigates a cautious phase, expert analyst Sumeet Bagadia from Choice Broking has identified five breakout stocks that traders should consider buying today. With the Nifty 50 index facing resistance in the 23,800 to 23,850 range, Bagadia emphasizes a stock-specific approach for investors.
Current Market Overview
The Indian stock market has shown subdued activity recently. On December 25, the Nifty 50 index closed down by 25 points, settling at 23,727, while the BSE Sensex fell by 67 points to finish at 78,472. The Bank Nifty index also saw a decline of 84 points, closing at 51,233. Notably, NSE cash market volumes dropped by 8%, reaching their lowest levels in over a year. This trend reflects a cautious mood among investors as declining shares outnumbered advancing ones for six consecutive days.
Sumeet Bagadia’s Stock Recommendations
Sumeet Bagadia believes that the overall sentiment in the market is cautious but suggests that traders focus on technically strong stocks for potential gains. He recommends the following five stocks for today:
- Wockhardt
- Buy Price: ₹1486.50
- Target Price: ₹1600
- Stop Loss: ₹1430
- AMI Organics
- Buy Price: ₹2300
- Target Price: ₹2480
- Stop Loss: ₹2222
- METSL
- Buy Price: ₹191
- Target Price: ₹205
- Stop Loss: ₹184
- Cartrade Tech
- Buy Price: ₹1615.20
- Target Price: ₹1725
- Stop Loss: ₹1550
- Welspun Enterprises
- Buy Price: ₹589.85
- Target Price: ₹630
- Stop Loss: ₹565
Market Outlook
Bagadia notes that the Nifty 50 index has established crucial support levels between 23,200 and 23,250. He anticipates a sideways trend until the index decisively breaks out of its current range. Traders are advised to maintain a stock-specific approach and look for breakout opportunities in individual stocks.He stated, “Overall, the Indian stock market trend is cautious as the Nifty 50 index finds resistance at the 23,800 to 23,850 range. A bullish or bearish trend can be assumed based on a breakout on either side of this range.”
Conclusion
As investors navigate this cautious market environment, focusing on breakout stocks like those recommended by Sumeet Bagadia could provide opportunities for intraday trading and potential gains. Traders should remain vigilant and consider these recommendations while managing their risk through appropriate stop-loss measures.
Disclaimer
This article is intended for informational purposes only and does not constitute financial advice. Investors should conduct their own research or consult with certified financial advisors before making investment decisions.
