Indian equity benchmarks managed to snap a four-day losing streak on Thursday, December 4, closing with modest gains as investors turned their focus to the upcoming monetary policy announcement from the Reserve Bank of India.
Market Recovers After Consecutive Losses
The S&P BSE Sensex added 159 points, or 0.19%, to settle at 85,265.32. The broader Nifty 50 index followed suit, inching up by 48 points, or 0.18%, to close at 26,033.75. This positive movement came after both indices had faced selling pressure for four consecutive trading sessions.
However, the broader market sentiment remained weak. The BSE Midcap index slipped 0.19%, while the BSE Smallcap index declined by 0.32%, indicating that the recovery was primarily driven by large-cap stocks.
The trading session was marked by caution, with most participants adopting a wait-and-watch approach ahead of the Reserve Bank of India's (RBI) interest rate decision. RBI Governor Sanjay Malhotra is scheduled to announce the outcome of the Monetary Policy Committee (MPC) meeting on Friday, December 5.
Expert View: A Stock-Specific Approach
Sumeet Bagadia, Executive Director at Choice Broking, shared his analysis of the current market scenario. He noted that the market sentiment is "cautious to positive" after the Nifty 50 managed to reclaim the 26,000 level.
"The 50-stock index is still trading in a range between 25,800 and 26,300," Bagadia observed. "A clear bullish or bearish trend will only be established once the index breaks out on either side of this range. Therefore, investors should focus on a stock-specific strategy and look for counters that are showing technical strength. Identifying breakout stocks can be a profitable approach in such a market."
Five Breakout Stock Picks for Today
Based on his technical analysis, Sumeet Bagadia has recommended five stocks that are showing breakout potential. Here are his detailed buy recommendations with targets and stop-loss levels:
- Hexaware Technologies: Buy at ₹788.55, target price ₹865, stop loss ₹750.
- L&T Technology Services: Buy at ₹4685.10, target price ₹5050, stop loss ₹4500.
- J B Chemicals and Pharmaceuticals: Buy at ₹1821.70, target price ₹1945, stop loss ₹1760.
- Himadri Speciality Chemical: Buy at ₹462.35, target price ₹497, stop loss ₹445.
- BLS International Services: Buy at ₹331.55, target price ₹358, stop loss ₹318.
Disclaimer: This news article is for educational purposes only. The views and investment tips expressed are those of the individual analyst. Readers are advised to consult with certified financial experts before making any investment decisions.
