Breakout stocks to buy or sell: Indian stock market benchmarks- the Sensex and the Nifty 50- closed flat in the previous session on Tuesday on profit booking in select heavyweights. The Sensex and the Nifty 50 scaled their fresh peaks of 85,163.23 and 26,011.55 during the session. Eventually, the Sensex ended at 84,914.04, down 15 points, while the Nifty 50 settled at 25,940.40, up 1 point. The BSE Midcap index rose 0.21 per cent, but the Smallcap index dropped 0.04 per cent.
Investors are booking profits at a record high level even as sentiment remains largely positive after the Fed cut rates by 50 bps and indicated more rate cuts were coming in the next policy meetings. However, concerns over the market’s premium valuation remain, and experts believe there could be bouts of profit booking in the days ahead.
The Nifty 50 may open on a negative note on Wednesday, as indicated by Gift Nifty which was trading around 25,925 level, down nearly 20 points from the Nifty futures’ previous close.
Sumeet Bagadia’s stocks to buy today
Sumeet Bagadia, Executive Director at Choice Broking, believes any dip in the market is a buying opportunity as long as the index is above 25,800. He pointed out that the Nifty 50 has taken immediate support at the 25,800 mark and is looking set to touch 26,300 and 26,500, respectively.
“Crucial support for the Nifty 50 is placed at 25,550 to 25,500. So, any dip in the Indian stock market should be seen as a buying opportunity if the frontline index is above 25,800. Following a stock-specific approach for intraday trading can be a good option with a special focus on breakout stocks,” said Bagadia.
Bagadia recommended buying these five breakout stocks today: S H Kelkar and Company, AstraZeneca Pharma India, Arvind SmartSpaces, Vaswani Industries and GeeCee Ventures in the cash segment.
Shares to buy today
1. S H Kelkar and Company | Buy at ₹300.4 | Target price: ₹320 | Stop loss: ₹290
2. AstraZeneca Pharma India | Buy at ₹7,878.25 | Target price: ₹8,333 | Stop loss: ₹7,600
3. Arvind SmartSpaces | Buy at ₹866 | Target price: ₹915 | Stop loss: ₹835
4. Vaswani Industries | Buy at ₹55.68 | Target price: ₹59 | Stop loss: ₹54
5. GeeCee Ventures | Buy at ₹449.05 | Target price: ₹477 | Stop loss: ₹433
Read all market-related news here
Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.