After a big drop on Tuesday, the Indian stock market bounced back strongly over the last two days. The Nifty 50 index jumped by 201 points to close at 22,821, while the BSE Sensex soared by 692 points, ending at 75,074. The Bank Nifty index also saw a rise of 237 points, closing at 49,291. The India VIX Index, which shows market volatility, dropped by nearly 11 percent to 16.80, a 37 percent decline over two days.
Sumeet Bagadia, Executive Director at Choice Broking, says the recent market volatility has calmed down after TDP and JDU pledged support to the NDA government. This boosted investor confidence, leading to increased buying on Wednesday and Thursday. Bagadia advises investors to stay cautious, as the market could still be influenced by new developments. He suggests focusing on specific stocks, especially those showing a breakout and still available at good prices.
Top Breakout Stocks Today
Bagadia notes that the Nifty 50 index has crossed the important 22,800 resistance level. It’s crucial to see if it stays above this level on Friday morning. Nifty has strong support between 22,500 and 22,450, and any drop to this range could be a good buying opportunity with a short-term target of 23,200.
He expects some continued market volatility until the government is fully formed and recommends focusing on specific breakout stocks.
Bagadia suggests these five breakout stocks for intraday trading today, as they have good potential for gains:
- Nava: Buy at ₹585.50, target ₹615, stop loss ₹565.
- UNO Minda: Buy at ₹974.20, target ₹1030, stop loss ₹945.
- KNR Constructions: Buy at ₹378.65, target ₹405, stop loss ₹365.
- Aegis Logistics: Buy at ₹791, target ₹845, stop loss ₹762.
- Gulf Oil Lubricants: Buy at ₹986, target ₹1040, stop loss ₹950.
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