- The Indian stock market experienced a significant drop amid rising volatility, influenced by the upcoming Lok Sabha Election 2024 and global tensions in the Middle East.
- Despite the overall market downturn, some stocks have shown positive breakout patterns, presenting potential opportunities for traders.
- “The Nifty 50 index has decisively breached 22,750 support, which has hit the Indian stock market sentiments,” said Sumeet Bagadia, Executive Director at Choice Broking.
Discover the latest insights on breakout stocks and market volatility amid the Lok Sabha Election 2024 and global tensions.
Breakout Stocks Today
Speaking on the outlook for the Indian stock market, Sumeet Bagadia of Choice Broking said, “The Nifty 50 index has decisively breached 22,750 support, which has hit the Indian stock market sentiments. The Indian stock market mood has turned weak, and more downside can be expected when the market opens on Thursday. Now the 50-stock index has support placed at 22,500, and one should look at the levels as the market is expected to trade more volatile as Friday will be the last session ahead of the Lok Sabha exit polls.”
Market Volatility and VIX Index
“The India VIX Index has breached the immediate hurdle placed at 23, and the volatility index is now facing the hurdle at 25. On breaching this resistance on a closing basis, we can expect more volatility in the Indian stock market as the index may touch the 28 mark soon,” said Bagadia.
Breakout Stocks to Buy Today
1] Mazagon Dock: Buy at ₹3357.35, target ₹3535, stop loss ₹3250;
2] Grindwell: Buy at ₹2590.55, target ₹2750, stop loss ₹2500;
3] Bajaj Auto: Buy at ₹9070, target ₹9450, stop loss ₹8850;
4] Sumitomo Chemical: Buy at ₹489.55, target ₹515, stop loss ₹473; and
5] Paras Defence: Buy at ₹945.60, target ₹1000, stop loss ₹910.
Conclusion
In conclusion, while the Indian stock market is experiencing heightened volatility due to both domestic and international factors, certain breakout stocks present viable opportunities for traders. Investors are advised to keep a close watch on the support and resistance levels and consult with certified experts before making any investment decisions.
