Despite positive global market trends due to the buzz around a potential US Fed rate cut, the Indian stock market stayed mostly flat on Wednesday. The Nifty 50 index ended slightly higher at 24,143, the BSE Sensex rose by 149 points to close at 79,105, while the Bank Nifty index dipped by 104 points, closing at 49,727.
Trading volumes on the NSE were 8.1% lower than the previous session, and there was noticeable selling in smaller stocks. The small-cap index fell by 0.57%, and the mid-cap index slipped by 0.41%. The market saw more declining stocks than advancing ones, with the advance-decline ratio at 0.52:1.
Sumeet Bagadia, Executive Director at Choice Broking, believes that Nifty is currently moving within a range of 23,900 to 24,400. He suggests that Nifty has strong support at 24,000, and the market sentiment could improve if Nifty manages to stay above 24,250. Until Nifty breaks out of this range, he recommends a “buy-on-dips” strategy, especially for those focusing on specific stocks.
For today’s market, Sumeet Bagadia recommends buying these five breakout stocks:
- EPL: Buy at ₹243.80, target ₹264, stop loss ₹234
- Aurum Proptech: Buy at ₹210.30, target ₹227, stop loss ₹202
- Time Technoplast: Buy at ₹382.50, target ₹415, stop loss ₹367
- Kriti Nutrients: Buy at ₹142.75, target ₹155, stop loss ₹137
- SHK: Buy at ₹215.15, target ₹233, stop loss ₹207
He also mentioned that the overall trend remains positive as long as Nifty stays above 23,900. Traders are advised to look for breakout opportunities in these stocks for potential gains.
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