On Wednesday, April 16, the Indian stock market continued its upward trend for the third consecutive day, with major indices—the Sensex and Nifty 50—closing higher. This positive momentum was primarily fueled by significant gains in prominent banking stocks, including Axis Bank, HDFC Bank, and ICICI Bank. However, global market weaknesses tempered the overall progress, resulting in the Sensex climbing 309 points (0.40%) to finish at 77,044.29, while the Nifty 50 increased by 109 points (0.47%) to conclude at 23,437.20.

Broader Market Performance

The broader market indices showcased even stronger performance, with the BSE Midcap index rising by 0.62% and the Smallcap index advancing 0.91%. This indicates a robust sentiment among investors, particularly in mid and small-cap stocks, which often present attractive opportunities for growth.

Insights from Market Expert Sumeet Bagadia

Market expert Sumeet Bagadia, who serves as the Executive Director at Choice Broking, expressed optimism regarding the current sentiment in the Indian stock market. He noted that the Nifty index has shown resilience, closing near 23,400. Bagadia stated, “The 50-stock index appears set to reach 24,000 after successfully overcoming the 50-day exponential moving average resistance at 23,000. Investors should focus on stocks exhibiting strength in their technical charts, as exploring breakout stocks for intraday trading could be beneficial.”

Recommended Stocks to Consider

For those looking to invest today, Bagadia has highlighted five stocks that show potential for growth:

• Repco Home Finance: Buy at ₹376.15, target ₹403, stop loss ₹362.
• Indraprastha Medical Corporation: Buy at ₹423.25, target ₹453, stop loss ₹408.
• Refex Industries: Buy at ₹446.05, target ₹477, stop loss ₹430.
• DCB Bank: Buy at ₹123.43, target ₹132, stop loss ₹119.
• Karnataka Bank: Buy at ₹190.48, target ₹204, stop loss ₹183.

Conclusion

As the Indian stock market continues to gain traction, investors should remain vigilant and consider the suggested stocks for potential intraday trading opportunities. With a strong outlook and technical indicators pointing upward, the market presents various avenues for profitable investments. Whether you’re a seasoned investor or new to the trading game, keeping an eye on breakout stocks could enhance your portfolio’s performance.