On March 10, 2025, the Indian stock market witnessed a significant downturn, with both the BSE Sensex and Nifty 50 indices retreating from their earlier peaks. This drop was largely attributed to unfavorable global market conditions and concerns surrounding potential U.S. tariffs, which have dampened investor enthusiasm. Initially, the Sensex surged by 409 points to reach a high of 74,741 but ultimately closed 217 points lower at 74,115. Similarly, the Nifty 50, which reached an intraday high of 22,676 following a 124-point gain, fell by 92 points to finish at 22,460.
Market Sentiment and Analysis
Sumeet Bagadia, the Executive Director at Choice Broking, has noted a shift in market sentiment, indicating a weak bias. He pointed out that the Nifty 50 index struggled to surpass the immediate resistance level at 22,650. According to Bagadia, the frontline index now has immediate support levels between 22,300 and 22,250, with crucial support situated around the 22,000 to 21,950 range.
Recommended Breakout Stocks
In light of the current market conditions, Bagadia has identified five breakout stocks to consider for potential investment:
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Doms Industries
- Buy Price: ₹2766.60
- Target Price: ₹2940
- Stop Loss: ₹2651
-
Emami
- Buy Price: ₹568.15
- Target Price: ₹606
- Stop Loss: ₹546
-
Sanofi SA
- Buy Price: ₹5660.55
- Target Price: ₹5962
- Stop Loss: ₹5377
-
Gujarat Fluorochemicals
- Buy Price: ₹3817.45
- Target Price: ₹4084
- Stop Loss: ₹3683
- Carborundum Universal
- Buy Price: ₹948.50
- Target Price: ₹1015
- Stop Loss: ₹915
Conclusion
As investors navigate this fluctuating market, keeping an eye on these breakout stocks may provide opportunities amidst the uncertainty. With a clear understanding of support and resistance levels, traders can make informed decisions that align with their investment strategies. Always consider market trends and expert recommendations when crafting your portfolio.
