Breakout stocks to buy or sell: Despite the rally in the US stock market following better-than-expected profit reports from Morgan Stanley, United Airlines and other big companies, the Indian stock market ended lower for the third straight session on Thursday. The Nifty 50 index lost 221 points and closed at the 24,749 mark, the BSE Sensex shed 494 points and closed at 81,006, while the Nifty Bank index finished 512 points lower at 51,288. Cash market volumes on the NSE were 5.2% lower than the previous session. The broad market indices fell more than the Nifty 50 index even as the advance-decline ratio fell sharply to 0.33:1.
Sumeet Bagadia’s stocks to buy today
Sumeet Bagadia, Executive Director at Choice Broking, believes that overall Indian stock market bias is weak as the Nifty 50 index further slipped after breaking the 50-DEMA support around the 25,000 mark. The Choice Broking expert said that the 50-stock index has immediate support placed at 24,690, and any rise during intraday trade should be considered a relief rally only. Bagadia said that the frontline 50-stock index may try to retest its current crucial support and go down towards the 24,500 mark. As the Q2 results 2024 season is in full swing, Sumeet Bagadia suggested a stock-specific approach focusing on technically strong shares. Bagadia suggested looking at breakout stocks for intraday trading to find a technically strong stock.
On the outlook for the Indian stock market today, Sumeet Bagadia said, “The overall bias on Dalal Street has gone weak after the Nifty 50 index further nosediving post-breakdown at 50-DEMA level placed around 25,000 mark. The frontline index has immediate support at 24,690; the 50-stock index may try to retest this level. However, after the successive fall for three straight sessions, we may witness some upside in the Indian stock market. Still, it would be a relief rally until the Nifty 50 index decisively breaches above the 25,300 mark. Amid Q2 results 2024, I would suggest a stock-specific approach focusing on breakout stocks.”
Regarding breakout stocks to buy today, Sumeet Bagadia suggested buying these five shares: Amines and Plasticizers, Weizmann, Palash Securities, Kanpur Plastipack, and Nalwa Sons Investments.
Shares to buy today
1] Amines and Plasticizers: Buy at ₹321.85, target ₹345, stop loss ₹310;
2] Weizmann: Buy at ₹136, target ₹144, stop loss ₹131;
3] Palash Securities: Buy at ₹163.35, target ₹175, stop loss ₹157;
4] Kanpur Plastipack: Buy at ₹129.30, target ₹136, stop loss ₹125; and
5] Nalwa Sons Investments: Buy at ₹6251.50, target ₹6666, stop loss ₹6000.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decision.
Read More: Breakout stocks to buy or sell: Sumeet Bagadia recommends five shares to buy