Breakout stocks to buy or sell: Despite strong global market sentiments on the US Fed rate cut buzz, the Indian stock market remained flat on Wednesday. The Nifty 50 index finished marginally higher at 24,143, the BSE Sensex went up 149 points and closed at 79,105, whereas the Bank Nifty index went off 104 points and ended at 49,727.
Cash market volumes on the NSE were 8.1 per cent lower than the previous session. However, the broad market indices witnessed sharp selling, as the small-cap index fell around 0.57 per cent, whereas the mid-cap index slipped around 0.41 per cent. The advance-decline ratio remained below 1:1 but rose to 0.52:1.
Sumeet Bagadia’s stock recommendations for today
Sumeet Bagadia, Executive Director at Choice Broking, believes the Nifty is trading in a range of 23,900 to 24,400. The 50-stock index has immediate support placed at 24,000, while the frontline index needs to sustain above 24,250 to improve the market bias. The Choice Broking expert said the overall trend was positive until the Nifty 50 index traded above 23,900.
Sumeet Bagadia recommended a buy-on-dips strategy until the 50-stock index is above 23,900 and suggested a stock-specific approach as Wednesday’s selling was broad-based in small-cap and mid-caps. Bagadia said that breakout stocks could be a good bet for intraday trading on Friday when the market resumes after a one-day gap due to the stock market holiday falling on Thursday.
Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying these five shares: EPL, Aurum Proptech, Time Technoplast, Kriti Nutrients, and SHK.
Stock market today
On the outlook for the Indian stock market today, Sumeet Bagadia said, “The Nifty 50 index is in the 23,900 to 24,400 range. Bullish or bearish trends can be assumed on the breakage of either side of the range. Till then, investors are advised to maintain a buy-on-dips strategy as the overall trend is sideways to positive. The market bias may improve once the 50-stock index ends above 24,250 on a closing basis. Those who believe in a stock-specific approach may look at breakout stocks for intraday trading as some look strong on the technical chart pattern.”
Breakout shares to buy today
1] EPL: Buy at ₹243.80, target ₹264, stop loss ₹234;
2] Aurum Proptech: Buy at ₹210.30, target ₹227, stop loss ₹202;
3] Time Technoplast: Buy at ₹382.50, target ₹415, stop loss ₹367;
4] Kriti Nutrients: Buy at ₹142.75, target ₹155, stop loss ₹137; and
5] SHK: Buy at ₹215.15, target ₹233, stop loss ₹207.
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.