The Nifty 50 gained 58 points to close at 23,322, while the BSE Sensex climbed 149 points to finish at 76,606. This resurgence has sparked renewed interest among traders and investors, particularly with the Nifty 50 reaching a new peak of 23,441 during the day’s trading session. The Bank Nifty also mirrored this positive sentiment, ending 189 points higher at 49,895.
Sumeet Bagadia identified several stocks that exhibited fresh breakouts in their chart patterns. These breakout stocks, which are currently available at attractive levels, present promising opportunities for intraday traders. Bagadia has recommended five breakout stocks for today: ITDC, Asian Granito, Gravita India, Associated Alcohols, and Elecon Engineering.
ITDC is a stock that has caught the attention of traders due to its recent performance. Bagadia recommends buying ITDC at ₹780 with a target price of ₹820 and a stop loss at ₹775. The stock has shown potential for significant gains, making it an attractive option for those looking to capitalize on short-term market movements.
Asian Granito is another stock that Bagadia has highlighted. With a recommended buy price of ₹71.80, a target of ₹75.50, and a stop loss at ₹69, this stock presents a moderate gain potential. The stock’s performance in recent sessions suggests a favorable outlook for investors.
Gravita India is also on Bagadia’s radar, with a buy recommendation at ₹1333, targeting ₹1414, and a stop loss at ₹1288. The stock has demonstrated a strong breakout pattern, indicating potential for upward movement. Investors looking for a solid opportunity might find Gravita India to be a suitable choice.
Associated Alcohols, recommended at ₹712.75 with a target of ₹750 and a stop loss at ₹685, is another stock poised for gains. The stock’s recent performance suggests it could achieve the target price, offering a good return for investors.
Elecon Engineering, with a buy recommendation at ₹1338.40, a target of ₹1400, and a stop loss at ₹1285, rounds out Bagadia’s list of recommended breakout stocks. The stock’s chart pattern and recent performance indicate a strong potential for achieving the target price.
The Nifty 50 index faces a hurdle in the 23,400 to 23,500 range. Breaching this hurdle on a closing basis would signal a fresh bull trend in the Indian stock market. The overall market trend is expected to remain positive as long as the Nifty 50 index sustains above the 22,800 mark.
Bagadia also provided insights on the potential impact of the US Federal Reserve meeting on the Indian stock market. The Fed has maintained its current interest rates but indicated a reduction in the number of rate cuts in 2024 from three to one. This hawkish commentary might lead to an appreciation of the US dollar, which could impact equity, commodities, and other assets, thereby influencing the Indian market.
