India's benchmark equity indices, the Sensex and Nifty, took a breather on Wednesday, halting a six-session winning streak. The pullback occurred as investors opted to secure profits from the recent rally, with all eyes turning towards crucial economic data from the United States that could shape the Federal Reserve's interest rate trajectory.
Market Snapshot: A Widespread Sell-Off
The selling pressure was broad-based, impacting both frontline indices and the broader market. The 30-stock BSE Sensex declined by 278 points, or 0.33%, to settle at 84,673. Similarly, the NSE Nifty 50 dropped 103 points, or 0.40%, to close at 25,910.
The weakness was not confined to large-caps. The mid-cap and small-cap segments also felt the heat, with the BSE Midcap index slipping 0.70% and the BSE Smallcap index falling 0.85%. Every major sectoral index ended the trading session in negative territory, signaling a cautious mood across the board.
Expert View: Cautious Optimism with a Stock-Specific Approach
Sumeet Bagadia, Executive Director at Choice Broking, shared his perspective on the current market setup. He noted that while the sentiment is cautious to positive, the Nifty 50 is holding above a key level of 25,700.
"The key index is facing a hurdle at the 26,000 to 26,100 levels," Bagadia stated. "On breaking above this hurdle, the 50-stock index may soon touch 26,700 and 27,000. So, one should maintain a stock-specific approach and look at those stocks that are looking strong on the technical chart. Looking at breakout stocks can be a good option."
5 Breakout Stock Recommendations from Sumeet Bagadia
For traders looking to capitalize on potential breakouts, Sumeet Bagadia has recommended five stocks to consider for today's trading session. Here is the detailed list with buy levels, targets, and stop-losses:
1. Faze Three: Buy at ₹546, target ₹590, stop loss ₹525.
2. SeQuent Scientific: Buy at ₹247, target ₹265, stop loss ₹238.
3. Control Print: Buy at ₹773, target ₹830, stop loss ₹744.
4. Anand Rathi Share and Stock Brokers: Buy at ₹773, target ₹830, stop loss ₹750.
5. Supriya Lifescience: Buy at ₹802, target ₹865, stop loss ₹770.
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.
