Stock Market: Sumeet Bagadia Recommends 5 Breakout Stocks as Nifty 50 and Sensex Tumble

The Indian stock market had a rough day as global markets weakened following US Fed Chairman Jerome Powell’s lack of a timeline for a rate cut in 2024. The Nifty 50 index fell by 108 points to close at 24,324, the BSE Sensex dropped 426 points to 79,924, and the Bank Nifty index ended 379 points lower at 52,189.

Expert Insights from Sumeet Bagadia

Sumeet Bagadia, Executive Director at Choice Broking, says that the market has become cautious after Wednesday’s sharp decline. He mentioned that for the Nifty 50 index to maintain a positive outlook, it needs to stay above 24,000. A new rally could begin if the index breaks above the 24,450 to 24,500 level. Bagadia recommends focusing on specific stocks as the Q1 results for 2024 will be crucial for the market.

Today’s Stock Recommendations

Bagadia shared his views on the current market, noting that the Nifty 50 index must remain above 24,000 to keep the market sentiment positive. To start a fresh bull trend, it must exceed the 24,450 to 24,500 hurdle. The immediate support for the index is between 24,200 and 24,250.

Stock-Specific Advice

Bagadia advises investors to focus on specific stocks, especially as companies like Tata Consultancy Services (TCS), Anand Rathi, and GTPL Hathways are announcing their Q1 results today. He highlighted five breakout stocks that are still showing strong chart patterns.

Sumeet Bagadia’s Top Picks for Today

1. Shoppers Stop
   • Buy at ₹896
   • Target: ₹935
   • Stop Loss: ₹865
2. RVNL
   • Buy at ₹610
   • Target: ₹640
   • Stop Loss: ₹590
3. GEPIL
   • Buy at ₹597.45
   • Target: ₹630
   • Stop Loss: ₹575
4. Indigo Paints
   • Buy at ₹1538
   • Target: ₹1615
   • Stop Loss: ₹1485
5. IZMO
   • Buy at ₹476.50
   • Target: ₹500
   • Stop Loss: ₹460