India’s stock market showed resilience on Thursday, March 27, bouncing back from a nearly 1% decline the previous session. On the last day of the monthly derivative contracts, the market managed to defy weak global trends. The Sensex surged by 318 points (0.41%) to close at 77,606.43, while the Nifty 50 saw an increase of 105 points (0.45%), finishing at 23,591.95.
Positive Sentiment in Indian Stock Market
Sumeet Bagadia, the Executive Director of Choice Broking, has noted a positive sentiment surrounding the Indian stock market. He emphasizes that the Nifty 50 index has established a solid immediate support level between 23,400 and 23,350.
Market Outlook
According to Bagadia, the broader trading range for the Nifty today lies between 23,000 and 23,800. He suggests that a bullish or bearish trend could emerge depending on which side of this range is broken. He advises against taking short positions and recommends a stock-specific strategy, focusing on stocks that exhibit strength on technical charts.
Top Breakout Stock Picks
In light of the current market conditions, Bagadia has identified seven breakout stocks that investors should consider buying today:
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Amber Enterprises India
- Buy at ₹7120, Target ₹7575, Stop Loss ₹6860
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Thangamayil Jewellery
- Buy at ₹2015, Target ₹2165, Stop Loss ₹1935
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PG Electroplast
- Buy at ₹927.05, Target ₹1000, Stop Loss ₹890
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Welspun Corp
- Buy at ₹871.9, Target ₹935, Stop Loss ₹840
- Godfrey Phillips India
- Buy at ₹6465, Target ₹6950, Stop Loss ₹6230
Conclusion
Investors looking to navigate the stock market should keep these recommendations in mind as the market continues to evolve. By focusing on these breakout stocks and maintaining a strategic approach, they can position themselves for potential gains in the coming days. For more insights on investment strategies and market trends, be sure to check out our other articles on stock market analysis.
