The Indian stock market had a good run for the second day in a row, thanks to strong gains in global markets and Wall Street. However, the main Indian indices couldn’t hold on to their high points and ended with small gains. According to Sumeet Bagadia, Executive Director at Choice Broking, the Nifty 50 index is facing resistance at 24,500. A new rally can only be expected if the index closes above this level. The overall trend will stay positive as long as Nifty trades above 23,900. As the Q1 results for 2024 begin, Bagadia advises a careful and focused approach, looking for breakout stocks that show strong technical patterns.
Breakout Stocks to Buy Today
Sumeet Bagadia from Choice Broking has identified several stocks with significant potential due to their fresh breakouts on the technical chart. He recommends these stocks for intraday trading:
- MBL Infrastructure: Buy at ₹79.64, target ₹83, stop loss ₹77
- AstraZeneca Pharma: Buy at ₹7128.85, target ₹7500, stop loss ₹6850
- Ge Power India: Buy at ₹462, target ₹485, stop loss ₹445
- Galaxy Surfactants: Buy at ₹3115, target ₹3250, stop loss ₹3000
- NELCO: Buy at ₹883, target ₹925, stop loss ₹850
Market Outlook
Sumeet Bagadia notes that the Nifty 50 is facing resistance at 24,500, while the BSE Sensex is facing resistance at 80,700. With the Q1 results season starting, the market expects strong results after positive updates from major companies. Bagadia advises investors to stay stock-specific and look at breakout stocks for intraday trading, as many stocks have shown fresh technical breakouts and are still attractive in terms of value.
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