The Indian stock market saw a fifth consecutive decline on Friday, with the Nifty 50 dropping by 218 points to close at 24,180, and the BSE Sensex shedding 662 points to finish at 79,402. The Nifty Bank index also fell 744 points, closing at 50,787. Small-cap and mid-cap stocks took a harder hit, showing increased caution among retail and high-net-worth investors.
Sumeet Bagadia, Executive Director at Choice Broking, noted that the market is showing a bearish trend, with the Nifty 50 currently below the 24,700 mark. He pointed out that the index has immediate support at 23,900 and resistance around 24,600-24,650. If the index dips below 23,900, it could trigger further declines. Bagadia advises traders to focus on specific stocks as Q2 results for 2024 continue to roll out.
For today, Bagadia recommends five breakout stocks for intraday trading:
- Kirloskar Pneumatic Company
- Buy Price: ₹1,500.55
- Target: ₹1,616
- Stop Loss: ₹1,440
- Ausom Enterprise
- Buy Price: ₹158.75
- Target: ₹168
- Stop Loss: ₹152
- RBM Infracon
- Buy Price: ₹776
- Target: ₹830
- Stop Loss: ₹748
- Deepak Fertilisers
- Buy Price: ₹1,133.70
- Target: ₹1,222
- Stop Loss: ₹1,100
- Aster DM Healthcare
- Buy Price: ₹448.75
- Target: ₹470
- Stop Loss: ₹432
These recommendations reflect a cautious but strategic approach for Monday’s market session, highlighting stocks poised for potential gains.
Disclaimer: The views and investment tips expressed by investment experts on Sharepriceindia.com are their own and not those of the website or its management. Sharepriceindia.com advises users to check with certified experts before taking any investment decisions.
