Breakout stocks to buy or sell: Following weak global market sentiments after the sell-off on Wall Street, the Indian stock market crashed in the early morning session on Wednesday. However, the frontline indices pared their early morning losses with strong buying in the Sensex heavyweight Reliance Industries Ltd shares. The Nifty 50 index ended 33 points lower at the 23,674 mark, the BSE Sensex went off 50 points and closed at 78,148, while the Nifty Bank Index corrected 366 points and finished at 49,836. Amongst the sectoral indices, Nifty OIL/GAS, IT and FMCG were major gainers, while Nifty Consumer durables, Healthcare and Pharma fell the most. Declining shares outnumbered the advancing shares, where the advance-decline ratio stood at 0.54 levels on BSE.
Sumeet Bagadia’s breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes the Indian stock market bias is cautious, but the Nifty 50 index once again sustained above the crucial 23,500 support. The Choice Broking expert said Dalal Street sentiment may improve once the 50-stock index breaks above 23,850 on a closing basis. However, the bullish trend can be assumed only after the decisive breakout above the 24,200 mark. He advised day traders to maintain a stock-specific approach amid the Q3 results of the 2024-25 season and suggested looking at breakout stocks for intraday trading.
Speaking on the outlook for the Indian stock market today, Sumeet Bagadia said, “Overall, Indian stock market bias is cautious as the Nifty 50 index is sustaining above 23,500 support. The 50-stock index needs to give successive breakouts at 200-DEMA of 23,850 and 50-DEMA of 24,200 to establish a bull trend on Dalal Street. Until then, day traders must maintain a stock-specific approach and look at technically strong stocks. Looking at breakout stocks for intraday trading can be a good option for intraday trading.”
Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying these five shares: Gujarat Apollo Industries, Lloyds Engineering Works, Garuda Construction, Megasoft, and Ganesh Housing Corporation.
Breakout stocks to buy today
1] Gujarat Apollo Industries: Buy at ₹367.55, target ₹393, stop loss ₹355;
2] Lloyds Engineering Works: Buy at ₹87.81, target ₹94, stop loss ₹85;
3] Garuda Construction: Buy at ₹146.90, target ₹157, stop loss ₹142;
4] Megasoft: Buy at ₹106.83, target ₹114, stop loss ₹103; and
5] Ganesh Housing Corporation: Buy at ₹1328.65, target ₹1422, stop loss ₹1282.
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.
