The Indian stock market has demonstrated incredible endurance by continuing to correct for the fourth straight day, even in the face of the India VIX index’s steady climb. The Nifty 50 began the day lower at 22,231 and reached an intraday low of 22,185.
Indian Stock Market Crash but Shows Resistance
The Bank Nifty today saw a decline of about 0.65 percent within an hour of the stock market opening bell, while the BSE Sensex opened with a negative gap and reached an intraday low of 73,073 mark. During morning trade today, the India VIX continued its upward trend and reached a new 52-week high of 18.32.
The Indian VIX Index increased by about 50% in a single month, reaching a record 52-week high. Still, Choice Broking’s Executive Director Sumeet Bagadia is of the opinion that stock market investors might profit from the cash category. Despite the recent stock market meltdown and rising India VIX index, the Choice Broking analyst stated that certain stocks have shown breakouts on chart patterns, such as a double bottom or a bullish flag.
Know more about VIX here.
Buy today’s breakout stocks
Experts suggested buying five shares of breakthrough stocks today: Selan, Arvind, CG Power, Gillette, and Godrej Consumer Products. Here is a complete list of today’s breakout stock details:
Selan
Purchase at CMP, aim for ₹750, and halt loss at ₹686;
Arvind
Purchase at CMP, aim for ₹380 and ₹400, and halt loss at ₹344);
CG Power
Purchase at CMP, aim for ₹660, and halt loss at ₹540;
Godrej Consumer Products
Purchase at the CMP, aim for ₹1440 and halt losses at ₹1260.
Gillette
Buy on momentum at CMP, aim for ₹7327, and withdraw at ₹6548.
Further read: why stock market is falling ahead of Lok Sabha Elections