Indian Stock Market Snaps Winning Streak Amid Global Weakness
The Indian stock market concluded Friday's trading session on a negative note, breaking its two-day positive run. Major indices declined by approximately 0.5% as heavyweight financial stocks faced significant selling pressure.
The benchmark Sensex dropped 400.76 points, representing a 0.47% decrease, to close at 85,231.92. Similarly, the Nifty 50 index fell by 124 points, also declining 0.47%, to finish the session at 26,068.15.
This pullback occurred after the Nifty 50 had reached a fresh 52-week high of 26,246.65 during the previous trading session. Market analysts attributed the downturn to weak global sentiment impacting major financial institutions including HDFC Bank, ICICI Bank, State Bank of India, and Bajaj Finance.
Expert Maintains Positive Outlook Despite Market Dip
Sumeet Bagadia, Executive Director at Choice Broking, expressed confidence in the underlying strength of Indian markets despite Friday's decline. He emphasized that the Nifty 50 index continues to maintain its position above the crucial 26,000 level.
"The key benchmark index has established important support at 25,800," Bagadia stated. "The Nifty 50 index is positioned for a fresh breakout at 26,300. Once this level is surpassed, the index could potentially reach the 26,700 mark."
The expert advised investors to adopt a stock-specific approach and focus on technically strong counters. He specifically recommended considering breakout stocks as potentially rewarding opportunities in the current market scenario.
Five Breakout Stock Recommendations for Monday
Bagadia identified five stocks that appear poised for significant movements based on technical analysis. Here are his specific recommendations with entry points, targets, and stop loss levels:
Hindustan Foods (NDA): Consider buying at ₹554 with a target price of ₹595 and stop loss at ₹535.
Alicon Castalloy: Purchase opportunity at ₹897, aiming for ₹965 target, with stop loss positioned at ₹865.
Aether Industries: Entry at ₹915, target of ₹985, and protective stop loss at ₹885.
Ethos: Buying level at ₹2901, target price of ₹3131, and stop loss at ₹2799.
Avanti Feeds: Acquisition point at ₹861, objective of ₹925, with risk management stop loss at ₹835.
Important Disclaimer: This content serves educational purposes exclusively. The views and investment recommendations expressed belong to individual analysts or brokerage firms and do not represent Mint's立场. Investors should consult certified experts before making any financial decisions.
