After a quiet, holiday‑shortened week, the Indian market slipped a little but still shows strong underlying support. Here’s a plain‑English look at what happened and which stocks are breaking out.
Market snapshot
The Nifty 50 finished the week at about 26,042, down roughly 0.4%. The Bank Nifty ended around 59,011, also lower. Trading was thin, profit‑taking rose near record highs, and foreign investors kept pulling money out. Domestic institutions, however, stayed active, keeping the market’s foundation solid.
What the numbers mean
Analyst Sumeet Bagadia said the Nifty’s daily candle was bearish, breaking a short‑term support level near 26,050. The market is now testing resistance around 26,150‑26,200, with support near 25,850‑25,900. For the Bank Nifty, the key resistance sits at 59,300‑59,400 and support around the 200‑hour EMA at 58,990, with a broader safety net at 58,700‑58,800. In short, the market is cautious but still holds important technical cushions.
Breakout stocks to consider
Bagadia highlighted five stocks that have broken past key levels and could move higher. Each entry includes a suggested buy price, a target, and a stop‑loss for risk control.
- NBCC – Buy at ₹122.06, target ₹135, stop‑loss ₹116. The stock is above its 20‑, 50‑, 100‑ and 200‑day EMAs, showing a clear uptrend.
- Karur Vysya Bank – Buy at ₹262.80, target ₹287, stop‑loss ₹250. It’s forming higher highs and higher lows, with support near the 20‑day EMA.
- Engineers India – Buy at ₹206, target ₹220, stop‑loss ₹197. A descending‑triangle pattern is nearing a breakout; support sits around ₹198.
- IRCTC – Buy at ₹705.50, target ₹765, stop‑loss ₹675. The stock broke a falling trendline with good volume; immediate support is near ₹680.
- Container Corporation of India (CONCOR) – Buy at ₹520.30, target ₹570, stop‑loss ₹495. A strong base and trendline breakout suggest a shift upward; support is around ₹500.
Bottom line
The market’s modest dip is more about profit‑booking than a loss of confidence. With solid domestic buying and stable macro conditions, the base is firm. The five breakout stocks above show clear technical signals and defined risk‑reward levels, making them worth a look for retail investors.
Disclaimer
These insights are for educational purposes only. They reflect the views of individual analysts, not a guaranteed outcome. Always do your own research or consult a qualified adviser before making any investment decisions.