The Indian equity benchmarks concluded Monday's trading session with minimal movement, marking a second consecutive day of subdued activity. The market sentiment remained in a tight range as investors awaited fresh triggers.
Market Ends Flat for Second Straight Session
On Monday, December 1, the benchmark indices showed little change. The Sensex slipped 65 points, or 0.08%, to close at 85,641.90. Similarly, the Nifty 50 index ended 27 points, or 0.10%, lower at 26,175.75. This followed a similarly quiet session on Friday, where the Nifty 50 eased 0.05% and the Sensex edged down 0.02%.
The broader market indices presented a mixed picture. The BSE Midcap index experienced a slight decline of 0.19%, while the Smallcap index managed a marginal gain of 0.05%. The overall market capitalisation of firms listed on the BSE remained largely stable at approximately ₹474 lakh crore.
Analyst's Positive Outlook and Key Levels
Sumeet Bagadia, Executive Director at Choice Broking, maintains a positive view on the market's underlying sentiment. He points out that the Nifty 50 index is holding firm above the 26,000 mark after establishing a crucial support zone between 25,800 and 25,750.
"The key index is currently facing a resistance near the 26,300 level," Bagadia noted. He added that a decisive close above this hurdle could potentially propel the index towards the 26,500 mark. Given this technical setup, he advises investors to adopt a stock-specific strategy and focus on scrips that demonstrate strength on their charts. "Looking at breakout stocks can be a good option in the current scenario," he recommended.
Five Breakout Stock Picks for Tuesday
Based on his technical analysis, Sumeet Bagadia has identified five stocks that appear poised for a breakout. Here are his specific recommendations with buy levels, targets, and stop-loss prices:
1. Knowledge Marine & Engineering Works: Consider buying at ₹2988. The suggested target price is ₹3200, with a stop-loss set at ₹2888.
2. Cupid: The recommended buy price is ₹349. The target for this stock is ₹375, and investors should place a stop-loss at ₹337.
3. Garuda Construction and Engineering: One can look to buy at ₹219. The anticipated target is ₹236, with a stop-loss at ₹211.
4. Yatra Online: The advised entry point is ₹181.65. The price target is set at ₹195, and the stop-loss should be maintained at ₹175.
5. Gokul Agro Resources: A buy is recommended at ₹217. The target for this pick is ₹233, and the stop-loss is placed at ₹210.
Disclaimer: This information is intended for educational purposes only. The views and recommendations presented are those of the individual analyst and broking firm, and not of Mint. Investors are strongly advised to consult with certified financial experts before making any investment decisions.
