Breakout stocks to buy today: Following positive global market sentiments on cooling US recession fears, the Indian stock market finished higher on Friday. The Nifty 50 index surged 247 points to 24,364, the BSE Sensex shot up 819 points to 79,705, and the Bank Nifty index finished 325 points higher at 50,482.
However, due to Hindenburg Research’s latest claim, Sumeet Bagadia, Executive Director at Choice Broking, has advised a stock-specific approach for intraday trading. Bagadia said that some stocks that had given fresh breakouts on Friday last week are still looking p[positive on the technical chart. He advised those breakout stocks for intraday trading.
Sumeet Bagadia’s stock recommendations for today
Speaking on the outlook for the Indian stock market today, Sumeet Bagadis said that the Nifty 50 index managed to sustain above the crucial 23,900 support despite remaining range-bound through the week. He noted that Nifty sustaining above 23,900 support signals conviction for a further rise in upcoming sessions next week. Bagadia said the 50-stock index faces a hurdle in the 24,350 to 24,400 range. On breaching this resistance, Bagadia said the Nifty 50 index may touch the 24,800 mark soon.
Regarding breakout stocks, Sumeet Bagadia recommended these five shares to buy today: MPS, Trent, STEL Holdings, Indo Amines, and Orchid Pharma.
Hindenburg Research’s latest news in focus
However, Bagadia said the Indian stock market may trade volatile on Monday after the last Hindenburg Research claims. So, choosing a stock for the intraday trading would be crucial. He said India’s VIX Index is still above 15, and any further upside in the Indian market’s volatility index would be dangerous. So, keeping an eye on the India VIX today is advised. India VIX Index moving above 18 may trigger panic selling.
Shares to buy today
1] MPS: Bauy at ₹2196, target ₹2302, stop loss ₹2115;
2] Trent: Buy at ₹6275, target ₹6600, stop loss ₹6055;
3] STEL Holdings: Buy at ₹492.30, target ₹515, stop loss ₹474;
4] Indo Amines: Buy at ₹171, target ₹179, stop loss ₹164; and
5] Orchid Pharma: Buy at ₹1567, target ₹1640, target ₹1510.
Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.