Market Rebounds: Sensex and Nifty Climb Higher
Indian equity markets displayed resilience on Wednesday, November 19, with the benchmark indices closing firmly in the green. Despite a mixed global cues, the rally was propelled by strong performances from key players in the IT and banking sectors.
The Sensex surged by 513 points, or 0.61%, to settle at 85,186.47. Similarly, the Nifty 50 index advanced by 143 points, or 0.55%, closing at 26,052.65. The broader market sentiment, however, was not uniform. The BSE Midcap index managed a modest gain of 0.34%, while the Smallcap index experienced a slight dip of 0.39%.
Expert View: Positive Sentiment with a Key Resistance Level
Sumeet Bagadia, Executive Director at Choice Broking, expressed a positive outlook on the market's trajectory. He noted that the Nifty 50 demonstrated significant strength by bouncing back from the 25,850 level and reclaiming the 26,000 mark.
"The key index is still not above the hurdle placed at 26,100," Bagadia stated. "On breaking above this resistance on a closing basis, we can expect the 50-stock index to touch 26,700 and 27,000 respectively." He advised investors to adopt a stock-specific strategy and focus on scrips that are exhibiting technical strength, with breakout stocks presenting a viable opportunity.
Five Breakout Stock Recommendations for Today
Based on his technical analysis, Sumeet Bagadia has recommended five breakout stocks for investors to consider. Here are the detailed recommendations with entry points, targets, and stop loss levels.
1. Sanathan Textiles: Buy at ₹491, target ₹525, stop loss ₹472.
2. KRN Heat Exchanger and Refrigeration: Buy at ₹866, target ₹930, stop loss ₹835.
3. Latent View Analytics: Buy at ₹494, target ₹530, stop loss ₹475.
4. Pearl Global Industries: Buy at ₹1766, target ₹1900, stop loss ₹1700.
5. Zota Health Care: Buy at ₹1648, target ₹1777, stop loss ₹1600.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
