Stock Market News: Nifty 50 Slips as Reliance, HDFC Drop — Sumeet Bagadia Recommends 5 Breakout Stocks to Buy Today, Including ADF Foods & Sasken Tech

The Indian stock market started Wednesday on a positive note, with both Sensex and Nifty 50 showing gains after the Reserve Bank of India hinted at a possible interest rate cut. However, the momentum didn’t last long as major companies like Reliance Industries, HDFC Bank, and ITC saw investors selling their shares. By the end of the day, the Nifty 50 index closed slightly lower at 24,981, while the BSE Sensex ended slightly higher at 81,467. The Nifty Bank index also dropped a bit, closing at 51,007.

Market Caution Ahead of Q2 Results

Sumeet Bagadia, Executive Director at Choice Broking, noted that the Indian stock market’s overall trend is cautious. The Nifty 50 index struggled to pass its immediate resistance at 25,250, and there’s a chance the market could weaken further if the index falls below the 24,750 to 24,700 support level. Similarly, Bank Nifty is facing resistance at the 51,700 to 51,750 range.

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Bagadia suggested focusing on specific stocks as the Q2FY25 earnings season has begun, with major companies like Tata Consultancy Services (TCS) and IREDA announcing their quarterly results soon. He recommended breakout stocks as good opportunities for intraday trading.

Breakout Stocks to Buy Today

For intraday traders, Sumeet Bagadia has identified five breakout stocks that could offer good returns:

1. ADF Foods
   • Buy at: ₹316.50
   • Target: ₹335
   • Stop loss: ₹305
2. DB (International) Stock Brokers
   • Buy at: ₹53.80
   • Target: ₹57
   • Stop loss: ₹51.75
3. NRL
   • Buy at: ₹119.92
   • Target: ₹126
   • Stop loss: ₹115
4. Sasken Technologies
   • Buy at: ₹1662.30
   • Target: ₹1777
   • Stop loss: ₹1600
5. Xelpmoc Design and Tech
   • Buy at: ₹133.82
   • Target: ₹140
   • Stop loss: ₹128

These stocks are expected to perform well based on current market conditions, and Bagadia advises traders to keep an eye on them for potential profits.ased on current market conditions, and Bagadia advises traders to keep an eye on them for potential profits.