Breakout Stocks to Buy or Sell: Sumeet Bagadia’s Top Picks for 26 December 2024

 

Sumeet Bagadia believes that the overall Indian stock market mood is cautious as the Nifty 50 index

The Indian stock market saw a subdued trading session on Tuesday, just before Christmas. The Nifty 50 index dropped by 25 points, closing at 23,727, while the BSE Sensex fell by 67 points, ending at 78,472. The Bank Nifty index also recorded a decline of 84 points, settling at 51,233. NSE cash market volumes were down by 8% compared to the previous day, marking the lowest level in over a year. Declining shares outpaced advancing ones for the sixth consecutive day, with the advance-decline ratio at 0.98 on the BSE.

Sumeet Bagadia’s Stock Recommendations

Sumeet Bagadia, Executive Director at Choice Broking, believes the overall mood in the Indian stock market is cautious. He noted that the Nifty 50 index is facing resistance in the 23,800 to 23,850 range, while it has built crucial support at 23,200 to 23,250. Bagadia predicts that the market will likely experience a sideways trend until the index breaks out of this range. He advises traders to adopt a stock-specific approach and focus on technically strong stocks.

For intraday traders, Bagadia recommends focusing on breakout stocks that are poised for movement. His top stock picks for today include:

• Wockhardt
• AMI Organics
• METSL
• Cartrade Tech
• Welspun Enterprises

With the market showing a cautious trend, these stocks may present opportunities for traders to capitalize on potential breakouts.