Indian equity benchmarks snapped a two-day winning streak to close marginally lower on Monday, December 15, influenced by mixed signals from global markets. However, the broader market sentiment remained resilient, with midcap and smallcap indices posting gains.
Market Snapshot: Benchmarks Dip, Broader Markets Shine
The S&P BSE Sensex slipped 54 points, or 0.06%, to settle at 85,213.36. Meanwhile, the Nifty 50 index declined by 20 points, or 0.08%, ending the trading session at 26,027.30. This pullback came after two consecutive sessions of gains.
In a contrasting trend, the broader markets outperformed the frontline indices. The BSE Midcap index advanced by 0.16%, and the BSE Smallcap index gained a more robust 0.41%, indicating continued investor interest in select stocks beyond the heavyweights.
Expert View: Positive Sentiment Intact, Buy on Dips
Sumeet Bagadia, Executive Director at Choice Broking, maintains a positive outlook on the Indian stock market. He noted that the Nifty 50 index demonstrated strength by bouncing back after testing the 25,900 level.
"The key benchmark index may try to test its previous peak zone of 26,350," Bagadia stated. He added that the secondary market is likely to remain an ideal "buy on dip" arena as long as the Nifty holds above its 50-day Exponential Moving Average (DEMA) support, which is placed around 25,750.
Given this setup, Bagadia advises investors to adopt a stock-specific approach. "One should maintain stock-specific approach and look at those stocks that are looking strong on the technical chart. Looking at breakout stocks can be a good option," he recommended.
5 Breakout Stock Recommendations for Today
Based on his technical analysis, Sumeet Bagadia has identified five stocks that are showing breakout potential. Here are his specific buy recommendations, along with price targets and stop-loss levels:
- Wheels India: Buy at ₹890, target ₹960, stop loss ₹860.
- Lumax Industries: Buy at ₹5,631, target ₹6,050, stop loss ₹5,450.
- Indian Metals and Ferro Alloys: Buy at ₹1,449, target ₹1,555, stop loss ₹1,400.
- SJS Enterprises: Buy at ₹1,726, target ₹1,850, stop loss ₹1,666.
- LG Balakrishnan & Bros: Buy at ₹1,949, target ₹2,100, stop loss ₹1,880.
Disclaimer: This information is for educational purposes only. The views and recommendations are those of the individual analyst and not of Mint. Investors are strongly advised to consult with certified experts before making any investment decisions.
