Market Expert Recommends Four Breakout Stocks for Near-Term Investment

Choice Broking Executive Director Sumeet Bagadia has recommended four stocks for near-term investment based on their technical setups and price momentum. The recommended companies are Balrampur Chini Mills, Datamatics Global Services, Castrol India, and Cyient. Balrampur Chini Mills is showing upward traction after taking support along its rising trend line, with a breakout above the previous two sessions' highs. The key downside level is 657, and the target is 750. Datamatics Global Services formed a bullish engulfing candlestick pattern, with the 765 mark acting as its risk-control level and a target of 890. Castrol India delivered a breakout by moving above the previous week's high, with 192 as its downside reference and an advance target of 221. Cyient registered a breakout from its sideways range, with 1,044 as the risk threshold and a target of 1,200.

Market Outlook

Bagadia noted that the Nifty is likely to retain a sideways to bearish bias, with immediate support at 22,900 to 23,000 and resistance at 23,300 to 23,370. Sector-wise, consumer durables, realty, and auto showed positive momentum, while IT, healthcare, and oil and gas remained under pressure. For Bank Nifty, the key support zone is 55,000 to 55,200, with immediate resistance at 55,750 to 56,000.