The Indian stock market experienced a downturn on March 28, closing lower as investors seized the opportunity to secure profits amid troubling global indicators. The market’s mood was dampened by uncertainties surrounding U.S. President Donald Trump’s tariff strategies, creating a ripple effect on investor confidence. The Sensex dipped by 192 points (0.25%), finishing at 77,414.92, while the Nifty 50 saw a decline of 73 points (0.31%), settling at 23,519.35. Mid-cap and small-cap stocks particularly struggled, with the BSE Midcap index declining by 0.68% and the Smallcap index dropping 0.35%.
Market Sentiment and Future Predictions
Despite the recent downturn, Sumeet Bagadia, Executive Director at Choice Broking, remains optimistic about the Indian stock market. He notes that the Nifty 50 index has established a robust support level between 23,400 and 23,350.
In his analysis of the current market climate, Bagadia stated, “The Nifty’s broader range today is between 23,000 and 23,800. Traders should watch for a breakout on either side of this range to determine the market’s direction. It’s advisable to avoid short positions and focus on stocks that demonstrate strength on technical charts.”
Recommended Breakout Stocks
For those looking to invest, Bagadia has identified several breakout stocks that show promise. Here are his top recommendations:
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Godfrey Phillips India
- Entry Price: ₹ 6769.20
- Target: ₹ 7250
- Stop Loss: ₹ 6538
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Fortis Healthcare
- Entry Price: ₹ 698.35
- Target: ₹ 744
- Stop Loss: ₹ 671
-
Radico Khaitan
- Entry Price: ₹ 2428.95
- Target: ₹ 2600
- Stop Loss: ₹ 2343
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Simplex Infrastructures
- Entry Price: ₹ 322.05
- Target: ₹ 345
- Stop Loss: ₹ 310
- Mangalore Chemicals and Fertilisers
- Entry Price: ₹ 155.66
- Target: ₹ 167
- Stop Loss: ₹ 150
Conclusion
As investors navigate these uncertain waters, keeping a close watch on these recommended stocks may provide opportunities for growth. With a careful, stock-specific approach, it’s possible to turn the current market environment to your advantage. For ongoing stock updates and market analysis, stay tuned for our next report.
