Despite weak global market sentiments, the Indian stock market ended higher for the third day in a row on Wednesday. The Nifty 50 index rose by 121 points to reach 24,978, and the BSE Sensex gained 285 points to close at 81,741. The Bank Nifty index also increased by 121 points, closing at 51,620. The mid-cap index outperformed the main indices.
Sumeet Bagadia, Executive Director at Choice Broking, expects the market mood to remain positive after the US Federal Reserve meeting. US Fed Chairman Jerome Powell hinted at a possible interest rate cut starting in September, which has boosted US and global stock markets, including Dalal Street. Bagadia suggests focusing on specific stocks for intraday trading, especially during the Q1FY25 results season.
Bagadia believes the Indian stock market outlook is positive, with the Nifty 50 index staying above 24,800 for two consecutive sessions, indicating a move towards the 25,000 mark. He expects Nifty to reach 24,500 in the near term.
For today, Sumeet Bagadia recommends these five breakout stocks to buy:
- Torrent Power: Buy at ₹1866.45, target ₹1960, stop loss ₹1800
- Lambodhara Textiles: Buy at ₹195.75, target ₹205.50, stop loss ₹189
- Munjal Showa: Buy at ₹182.95, target ₹191, stop loss ₹175.50
- Autoline Industries: Buy at ₹144.60, target ₹152, stop loss ₹140
- Greenply Industries: Buy at ₹356, target ₹372, stop loss ₹342
Bagadia suggests a stock-specific approach for today’s trading, focusing on these recommended breakout stocks.
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