Breakout stocks to buy or sell: Sumeet Bagadia recommends five shares to buy today — 16 January 2025 | Stock Market News
Breakout stocks to buy or sell: On account of strong buying in Dalal Street heavyweight Reliance Industries shares ahead of the Q3 results 2025, the key benchmark indices of the Indian stock market ended higher for the second straight session on Wednesday. The Nifty 50 index finished 52 points higher at the 23,228 mark; the BSE Sensex ended 224 points higher at 76,724; the Nifty Bank index added 54 points and closed at 48,783. Among sectoral indices, Information Technology, Realty, and Consumer Durables led the advances, while Healthcare, Pharma, and Media sectors faced the steepest declines. The broader market demonstrated strength, with the Nifty Mid-cap 100 and Small-cap 100 indices outperforming the benchmark, rising 0.41% and 0.56%, respectively. Market breadth remained positive, with an advance-decline ratio of 1.19.
Sumeet Bagadia’s breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes bulls’ sentiments are still nervous as volatility persists in the Indian stock market. The Choice Broking expert said the Nifty 50 index is sustaining above the 23,000 mark, but a decisive breach above 23,500 is crucial. Bagadia advised a stock-specific approach until the Nifty 50 index is in the 23,000 to 23,500 range. He said that a bullish or bearish trend can be assumed on the breakage of either side of the range. The technical expert suggested investors look at breakout stocks for intraday trading.
Speaking on the outlook of the Indian stock market today, Sumeet Bagadia said, “Overall, the Indian stock market bias is cautious as bulls are still not showing confidence. The Nifty 50 index has been sustaining above the 23,000 mark but is facing a strong hurdle at 23,500. A decisive breach above 23,500 is crucial to boost the morale of Dalal Street bulls. If the 50-stock index slips below 23,000 on a closing basis, then it would be enough to boost the morale of bears. So, one should maintain a stock-specific approach and look at breakout stocks for intraday trading till Nifty remains in the 23,000 to 23,500 range.”
Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying these five shares: Welspun Corp, Raymond, Firstsource Solutions Limited or FSL, Avanti Feeds, and EID Parry.
Stocks to buy today
1] Welspun Corp: Buy at ₹760.40, target ₹814, stop loss ₹733;
2] Raymond: Buy at ₹1592, target ₹1704, stop loss ₹1537;
3] FSL: Buy at ₹379.15, target ₹406, stop loss ₹366;
4] Avanti Feeds: Buy at ₹641.75, target ₹687, stop loss ₹619; and
5] EID Parry: Buy at ₹820.80, target ₹878, stop loss ₹792.
Disclaimer: The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
