The Indian stock market experienced a strong upward rally on Thursday, May 15, with both key benchmark indices—Sensex and Nifty 50—registering impressive gains. The Sensex jumped 1,200 points, or 1.48%, closing at 82,530.74, while the Nifty 50 gained 395 points, or 1.60%, to end the session at 25,062.10. This bullish sentiment extended to the broader markets as well, with the BSE Midcap index rising by 0.67% and the Smallcap index advancing 0.94%.
This surge is attributed to broad-based buying interest across sectors, reflecting improved investor confidence. Market analysts are optimistic about further upside movement, especially as the Nifty 50 successfully closed above the key 25,000 resistance mark. Technical indicators suggest that momentum could push the index towards 25,400 and potentially 25,800 in the near term.
Sumeet Bagadia Spots Bullish Breakouts in Five Stocks
Amid the bullish wave, Sumeet Bagadia, Executive Director at Choice Broking, highlighted a stock-specific strategy for traders. According to Bagadia, the market trend is firmly in the green zone, and investors should focus on breakout stocks that are showing strong technical indicators.
Bagadia emphasized the importance of looking beyond the broader indices and identifying individual stocks demonstrating upward momentum and breakout patterns. He stated, “The 50-stock index is now poised to touch 25,400 and 25,800 levels. In this bull trend, one should maintain a stock-specific approach and look at those stocks that are looking strong on the technical chart.”
As part of his recommendations for May 16, Bagadia listed five stocks that are poised for potential gains based on technical analysis.
Top Five Stock Picks for May 16
Sumeet Bagadia five breakout stock recommendations for today include companies across different sectors, reflecting a diverse strategy to tap into various growth trends:
1. Blue Jet Healthcare – Recommended buy at ₹840 with a target price of ₹900. The advised stop loss is set at ₹810, offering a short-term trading opportunity in the pharmaceutical sector.
2. Steelcast – Suggested buy at ₹990, aiming for a target of ₹1,060, with a stop loss at ₹955. The company operates in the metal casting space and is showing strong upward signals on the charts.
3. Cochin Shipyard – Advised entry at ₹1,812, targeting ₹1,930 with a stop loss at ₹1,750. The stock is benefiting from rising momentum in the shipbuilding and defense sectors.
4. SML Isuzu – Buy recommendation at ₹1,680 with a target of ₹1,800 and a stop loss of ₹1,630. The automotive player is showing signs of continued upward movement.
5. Anupam Rasayan India – Recommended buy at ₹958, with a target of ₹1,020 and a stop loss at ₹925. The specialty chemicals firm is attracting attention for its breakout performance.
With technical indicators aligning across these stocks, Sumeet Bagadia strategy is aimed at capturing short-term gains during this bullish phase in the Indian equity market.
