Indian stock market benchmark indices, Sensex and Nifty 50, saw a sharp pullback rally in the past two sessions led by positive cues from the global markets. Markets reacted sharply to the US election results 2024 wherein Donald Trump is set to become the next US President.
On Wednesday, the domestic equity indices, Sensex and Nifty 50 witnessed strong buying after a gap-up opening and ended the session on a positive note. The Sensex surged 901.50 points, or 1.13%, to close at 80,378.14, while the Nifty 50 ended 270.75 points, or 1.12%, higher at 24,484.05. Midcap and Smallcap indices outperformed the benchmarks with more than 2% rally each. All the sectoral indices ended in the green.
Sumeet Bagadia, Executive Director at Choice Broking noted that on the daily chart, the Nifty 50 index formed an inside bar candle in the previous session, signaling consolidation and uncertainty. According to him, if the index sustains above 24,500, it could potentially advance toward the 24,750 level. Conversely, a break below the 24,200 mark could lead to further downside.
Speaking on the outlook for the Indian stock market today, Sumeet Bagadia said, “The Indian stock market bias has improved after the 3% rally witnessed by the Nifty 50 index in the last two straight sessions. However, the 50-stock index needs to close above 24,500 for turning the bias positive on Dalal Street. Till then, investors are advised to maintain a stock-specific approach with special focus on breakout stocks.”
Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying these five stocks: NIIT, Kaynes Technology India, Gokul Refoils & Solvents, Shaily Engineering Plastics and Syrma SGS Technology.
1] NIIT: Buy at ₹192.56; Target ₹203; Stop Loss: ₹185
2] Kaynes Technology India: Buy at ₹5,872.95; Target ₹6,222; Stop Loss: ₹5,680
3] Gokul Refoils & Solvents: Buy at ₹66.51; Target ₹70.50; Stop Loss: ₹64.50
4] Shaily Engineering Plastics: Buy at ₹1,155.65; Target ₹1,250; Stop Loss: ₹1,111
5] Syrma SGS Technology: Buy at ₹554.15; Target ₹585; Stop Loss: ₹535
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
