Indian Indices Scale New Peaks Before Ending Flat
The Indian stock market witnessed a historic session on Thursday, November 27, as the benchmark indices, the Sensex and Nifty 50, soared to unprecedented levels during intraday trade. However, the session concluded with minimal gains as investors opted to book profits at these elevated levels, leading to a nearly unchanged close.
Market Performance and Expert Outlook
During the trading day, the Sensex surged to a fresh all-time high of 86,055.86, marking an impressive intraday gain of 446 points. Ultimately, it settled at 85,720.38, registering a more modest rise of 111 points or 0.13%. Mirroring this trajectory, the Nifty 50 hit a lifetime high of 26,310.45 before profit-taking activity pulled it down to a closing figure of 26,215.55, up a mere 10 points or 0.04%.
Sumeet Bagadia, Executive Director at Choice Broking, maintains a positive outlook on the market sentiment following this record-breaking performance. He stated that the Nifty 50 appears poised to reach 26,500 in the near term. Bagadia identified a crucial support zone for the index between 25,800 and 25,750. He emphasized that if this support holds firm, the index could potentially advance towards the 27,200 level soon.
In light of this, he advises investors to adopt a stock-specific approach, focusing on scrips that demonstrate technical strength. "Looking at breakout stocks can be a good option," Bagadia added.
Top 5 Breakout Stock Picks by Sumeet Bagadia
Based on his technical analysis, Sumeet Bagadia has recommended five breakout stocks for investors to consider. The recommendations include specific buy levels, price targets, and stop-loss figures to manage risk.
- Carraro India: Buy at ₹557, target ₹600, stop loss ₹535
- Precision Wires India: Buy at ₹256, target ₹276, stop loss ₹248
- Belrise Industries: Buy at ₹167, target ₹181, stop loss ₹162
- Eureka Forbes: Buy at ₹607, target ₹650, stop loss ₹585
- Tatva Chintan Pharma Chem: Buy at ₹1492, target ₹1600, stop loss ₹1444
Disclaimer: This story is intended 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.
