Stock market today: Despite strong global market sentiments on the US Fed rate cut buzz, the Indian stock market remained sideways on Friday last week. The Nifty 50 index finished marginally higher at 24,168, but the 50-stock index registered over 300 points rise the previous week. According to Sumeet Bagadia, Executive Director at Choice Broking, the Indian stock market is in a continuous uptrend, and some consolidation may happen if the Nifty 50 index fails to decisively breach the 24,500 hurdle. Bagadia said that the market will also take a cue from the Q1 results of 2024. He suggested a stock-specific approach in the current market scenario and advised investors to look at breakout stocks for intraday trading.
Speaking on the outlook for the Indian stock market today, Sumeet Bagadia said, “Overall, the Indian stock market trend is positive till the Nifty 50 index is trading above 23,900. However, the 50-stock index has witnessed profit-booking every time it came close to its current hurdle of 24,450 to 24,500. So, chances of consolidation also look possible. As the Q1 results 2024 have begun, I suggest that intraday traders maintain a stock-specific strategy.”
On the outlook for the BSE Sensex today, Bagadia said that the 30-stock exchange is facing a hurdle at 80,700, whereas the frontline index has made a strong base at 78,500 to 79,000. He advised a buy-on-dips strategy until the Nifty is above 24,000 and the Sensex is above 79,000.
Bagadia said that investors can look at breakout stocks today for intraday trading. He said that some of the stocks that had given a breakout on Friday last week still look attractive. On breakout stocks today, Sumeet Bagadia recommended buying these five buy-or-sell stocks: Shilpa Medicare, Marksans Pharma, Ahluwalia Contracts, Shalby, and BEPL.
1] Shilpa Medicare: Buy at ₹660, target ₹695, stop loss ₹635;
2] Marksans Pharma: Buy at ₹188, target ₹197, stop loss ₹181;
3] Ahluwalia Contracts: Buy at ₹1466, target ₹1550, stop loss ₹1410;
4] Shalby: Buy at ₹310.50, target ₹325, stop loss ₹299; and
5] Bhansali Engg Polymers Ltd or BEPL: Buy at ₹157.65, target ₹166, stop loss ₹152.
Disclaimer: The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
