Breakout stocks to buy or sell: Sumeet Bagadia recommends five shares to buy today – 29 January 2025 | Stock Market News

Breakout stocks to buy or sell: Indian stock markets witnessed volatility on Tuesday but ultimately finished in the green, recovering from the significant losses of the previous day. By the end of the trading session, the Sensex rose by 535.24 points, or 0.71 per cent, to close at 75,901.41, while the Nifty gained 128.1 points, or 0.56%, ending at 22,957.25.

Despite facing weak international market signals, the benchmarks demonstrated strength, gradually climbing throughout most of the day. However, a sharp decline in the last half-hour of trading diminished some of these gains. The Nifty index concluded at 22,957.25, reflecting a 0.56 per cent increase.

In contrast, broader market indices struggled, with the midcap index falling nearly 0.5 per cent and the small-cap index declining by approximately 2 per cent.

Sumeet Bagadia’s breakout stock recommendations

Sumeet Bagadia, Executive Director at Choice Broking, believes that the outlook for the Indian stock market remains cautious. The Nifty 50 index has managed to hold the 22,800 support level but is still trading below 23,000. Should the index open positively on Wednesday and maintain a position above 23,000, there is potential for it to rise to the 23,300 level.

Speaking on the outlook for the Indian stock market, Sumeet Bagadia said, “The Nifty 50 index has regained 22,800 support but it is still below 23,000. If the index opens positive on Wednesday and sustains above 23,000 then we can expect the 50-stock index to scale up to 23,300 mark. However, in case of failing to break above 23,000 levels in early morning session should be seen as cautious to weak trends in upcoming session. So, maintaining stock-specific approach is recommended.”

Regarding breakout stocks for today, Sumeet Bagadia recommended buying these five intraday stocks for today: Jyothy Labs Ltd, Madhya Bharat Agro products Ltd, Mazagon Dock Shipbuilders Ltd, Imagicaaworld Entertainment Ltd and Signatureglobal (India) Ltd.

Stocks to buy today

1] Jyothy Labs: Buy at ₹374.2, target ₹400, stop loss ₹361;

2] Madhya Bharat Agro Products: Buy at ₹291, target ₹311, stop loss ₹280;

3] Mazagon Dock Shipbuilders: Buy at ₹2,322.7, target ₹2,485, stop loss ₹2,241;

4] Imagicaaworld Entertainment: Buy at ₹63.14, target ₹68, stop loss ₹61; and

5] Signatureglobal (India): Buy at ₹1,124.5, target ₹1,203, stop loss ₹1,085.

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.