Sideways trading notwithstanding, the Indian bourse ended the week on a positive note. The Nifty 50 index finished at 24,823, up by 283 points in the week or 1.15%. Similarly, the BSE Sensex gained by 650 points or 0.80% to close at 81,086 for the week.
The Bank Nifty also rose by about 0.83%, closing at 50,933 for the week. However, both Small-cap and Mid-cap indices have outperformed their main counterparts, with Small-cap increasing approximately by +3.40% while mid-cap was up +1.95%.
Sumeet Bagadia’s Stock Picks for Today
According to Sumeet Bagadia, executive director at Choice Broking, the Indian stock market might react positively to Jerome Powel’s indication of the possibility of an upcoming US Fed rate cut. He predicts that if it moves beyond immediate resistance within the 24800-24850 range, the Nifty 50 could soon touch the 25000 level.
However, Bagadia warns investors to be discerning in their stock selection because most indices are trading at top points. He advocates for concentrating on specific stocks and identifying breakout stocks for today’s intra-day trading. Here are five breakout stocks he advises to buy today:
- SMS Pharma: Buy at ₹357, target ₹377, stop loss ₹345.
- Rane Engine: Buy at ₹646, target ₹680, stop loss ₹623.
- Albert David: Buy at ₹1,439, target ₹1,505, stop loss ₹1,385.
- PCBL: Buy at ₹500, target ₹526, stop loss ₹482.
- Uflex: Buy at ₹844.80, target ₹892, stop loss ₹817.
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People May Ask
What led to the positive weekly performance of the Indian stock market?
The Indian stock market had a good week due to global cues, anticipation of a US Fed rate cut, and outperformance in Small-Cap and mid-Cap indices over major indices.
What is Sumeet Bagadia’s outlook on the Nifty 50 index?
If it can get past immediate resistance between 24800 and 24850 levels, Sumeet Bagadia expects the Nifty 50 index to touch or possibly reach 25000.
Which stocks are recommended by Sumeet Bagadia for today’s trading?
There are specific target prices and stop loss levels for each provided by Sumeet Bagadia in his recommendations as far as buying SMS Pharma, Rane Engine, Albert David, PCBL and Uflex are concerned.
Why is there a focus on stock-specific trades?
In the backdrop that majority of indices trade at higher levels; thus focusing on stock specific trades helps reduce risk and take advantage of potential breakouts according to Bagadia.
What should investors consider before following these stock recommendations?
It must be noted that these views are individual analysts’ own opinion which may not be suitable for all investors or financial institutions seeking advice from certified financial experts prior implementation of these ideas so as not to expose their portfolios to unforeseen risks.
Disclaimer: The views and stock recommendations provided above are those of individual analysts or brokerage firms, not Mint. It is strongly recommended that investors consult with certified financial experts before making any investment decisions.
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