Breakout stocks to buy or sell: Sumeet Bagadia recommends five shares to buy today | Stock Market News
Breakout stocks to buy or sell: Following mixed cues from the US stock market and 25 bps US Fed rate cut buzz fueled by the US CPI inflation, the Indian stock market ended lower on Thursday. The Nifty 50 index lost 104 points and closed at the 24,537 mark, the BSE Sensex recorded 262 points and closed at 81,263, while the Nifty Bank index finished 168 points lower at 53,222. All the sectoral indices ended in the red except the Nifty IT and the Nifty Metal. Nifty Media, FMCG and OIL/GAS were significant losers. The Nifty Small-cap 100 and the Micro-cap 250 indices broke the 14-day winning streak by falling 0.97% and 1.18%, respectively.
Sumeet Bagadia’s breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes a bounce back is possible in the Indian stock market. Current support of the Nifty 50 index, placed at 24,500, is expected to remain sacrosanct. The Choice Broking expert said that Indian stock market bias may turn positive once the 50-stock index gives a decisive breakout at 24,750. So, one should maintain a stock-specific approach and look at breakout stocks for intraday trading until the Nifty 50 index is in the 24,500 to 24,750 range.
Speaking on the outlook for the Indian stock market today, Sumeet Bagadia said, “Overall, the Indian stock market is sideways to positive as the Nifty 50 index is expected to bounce back from its crucial support placed at 24,500. However, a bullish trend can be assumed only after the breakout above 24,750 on a closing basis. So, day traders are advised to maintain a stock-specific approach and look at breakout stocks for intraday trading.”
Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying these five shares: Religare Enterprises, Lemon Tree, Titagarh Rail Systems, Zota Health Care, and eMudhra.
Breakout stocks to buy today
1] Religare Enterprises: Buy at ₹305.80, target ₹327, stop loss ₹295;
2] Lemon Tree Hotels: Buy at ₹146.66, target ₹156, stop loss ₹140;
3] Titagarh Rail Systems: Buy at ₹1335, target ₹1429, stop loss ₹1228;
4] Zota Health Care: Buy at ₹662.80, target ₹710, stop loss ₹640; and
5] eMudhra: Buy at ₹928.75, target ₹980, stop loss ₹895.
Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.
