India’s stock market benchmark indices Sensex and Nifty 50 retreated sharply in the past two sessions amid positive signals from global markets. The market reacted strongly to the results of the 2024 US election, with Donald Trump becoming the next US president.
Domestic stock indices, Sensex and Nifty 50 saw strong buying on Wednesday after gapping higher and ended on a positive note. The Sensex rose 901.50 points, or 1.13%, to close at 80,378.14 points; the Nifty 50 index rose 270.75 points, or 1.12%, to close at 24,484.05 points. Both the mid-cap and small-cap indices rose more than 2%, outperforming their benchmarks. All sectoral indices closed in the green.
Buy Sumeet Bagadia Stock Today
Sumeet Bagadia, Executive Director, Choice Broking noted that on the daily chart, the Nifty 50 index formed an inside candle in the previous session, indicating consolidation and uncertainty. He said that if the index remains above 24,500 points, it may rise to 24,750 points. Conversely, a break below 24,200 could lead to further losses.
Talking about the outlook for Indian equities today, Sumeet Bagadia said: “The bias in Indian equities has improved after the Nifty 50 index rose 3% for two consecutive sessions. However, the 50-stock index needs to close above 24,500 points, Until the tilt of Dalal Street turns positive, investors are advised to maintain a stock-specific investment strategy, with a special focus on breakout stocks.
Regarding breakout stocks to buy today, Sumeet Bagadia recommends the following five stocks to buy: NIIT, Kaynes Technology India, Gokul Refoils & Solvents, Shaily Engineering Plastics and Syrma SGS Technology.
Stocks bought today
1]Thread: Purchased from $192.56; target $203; Stop loss: $185
2]Cairns Technologies India: Purchased from $5,872.95; Goal $6,222; Stop loss: $5,680
3]Gokul heavy oil and solvent: Purchased from $66.51; target $70.50; stop loss: $64.50
4]Saiyi Engineering Plastics: Purchased from $1,155.65; target $1,250; stop loss: $1,111
5]Saima SGS technology: Purchased from $554.15; target $Chapter 585 Stop Loss: $Chapter 535
Disclaimer: The opinions and suggestions given in this article represent only the personal opinions and suggestions of the analysts. These do not represent the views of Mint. Investors are advised to consult a certified expert before making any investment decisions.
