Breakout stocks to buy or sell: The Indian stock market indices ended flat after Thursday’s trading session, as gains in shares of Adani Port, Bharti Airtel, and Mahindra and Mahindra were offset by losses in heavyweights like Reliance Industries, HDFC Bank, and Titan. The Nifty 50 index closed 0.1 per cent higher at 23,750.20 points, compared to 23,727.65 points at the previous market close.
The BSE Sensex closed flat at 78,472.48 points after Thursday’s session, compared to 78,472.87 points at the previous market close.
Sumeet Bagadia’s breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes the overall Indian stock market mood is cautious as the Nifty 50 index faces a hurdle at the 23,800 to 23,850 range. The Choice Broking expert said the 50-stock index has made a crucial base at 23,200 to 23,250 and predicted a sideways train until the frontline index breaks either side of the current range. He advised traders to maintain a stock-specific approach and look at technically strong stocks. Bagadia suggested day traders look at breakout stocks for intraday trading.
Speaking on the outlook for the Indian stock market today, Sumeet Bagadia said, “Overall, the Indian stock market trend is cautious, as the Nifty 50 index finds resistance at the 23,800 to 23,850 range. The 50-stock index has crucial support at the 23,200 to 23,250 range. A bullish or bearish trend can be assumed on the breakage of either side of the range. So, traders are advised to maintain a stock-specific approach and look at those stocks that look strong on the technical chart. Looking at breakout stocks for intraday trading can be a good bet for day traders.”
Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying these five shares: Innova Captab, Pearl Global Industries, Garware Technical Fibres, Zaggle Prepaid, and Sheela Foam.
Stocks to buy today
1] Innova Captab: Buy at ₹1068, target ₹1150, stop loss ₹1030;
2] Pearl Global Industries or PGIL: Buy at ₹1420, target ₹1515, stop loss ₹1370;
3] Garware Technical Fibres: Buy at ₹4470, target ₹4777, stop loss ₹4300;
4] Zaggle Prepaid: Buy at ₹570, target ₹610, stop loss ₹550; and
5] Sheela Foam: Buy at ₹988, target ₹1050, stop loss ₹950.
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 making any investment decisions.
