Indian Stock Market Continues Bullish Run
The Indian equity market maintained its upward trajectory for the third consecutive trading session on Wednesday, November 12, with benchmark indices posting significant gains. The bullish momentum saw both the Sensex and Nifty 50 climbing higher, reflecting growing investor confidence in the market.
Market Performance Highlights
The BSE Sensex surged by 595 points, closing at 84,466.51 with a gain of 0.71%, while the Nifty 50 ended at 25,875.80, marking an increase of 180.85 points or 0.70%. During intraday trading, the markets showed even stronger performance with the Sensex touching a high of 84,652 after jumping 781 points, and the Nifty 50 reaching 25,934.55, both indices recording nearly 1% gains at their peaks.
Expert Analysis and Technical Outlook
Sumeet Bagadia, Executive Director at Choice Broking, provided valuable insights into the current market scenario. He emphasized that the Nifty 50 index breaking above the 25,750 level on a closing basis has significantly strengthened the market bias. According to his technical analysis, the index is now heading toward an immediate target of 26,100.
Bagadia highlighted that the 50-stock index has established a new crucial support level at 25,700. He advised investors to maintain a stock-specific approach and focus on stocks that are showing strength on technical charts.
Five Breakout Stock Recommendations
Based on technical analysis, Sumeet Bagadia has identified five breakout stocks that present buying opportunities:
Remsons Industries: Buy at ₹139.6 with a target price of ₹150 and stop loss at ₹134.5
PDS: Buy at ₹402 with a target price of ₹430 and stop loss at ₹385
Atlanta Electricals: Buy at ₹1014 with a target price of ₹1090 and stop loss at ₹980
Garuda Construction and Engineering: Buy at ₹233 with a target price of ₹250 and stop loss at ₹224
Astral: Buy at ₹1585 with a target price of ₹1700 and stop loss at ₹1530
The sustained market rally indicates renewed investor optimism, with technical analysts suggesting that the current momentum might continue in the coming sessions. However, investors are advised to conduct their own research and consult certified experts before making any investment decisions.
