Breakout stocks to buy today: After the stellar performance on Friday, the Indian stock market took a breather on Monday with range-bound action. The Nifty 50 index added 31 points and closed at the 24,572 mark; the BSE Sensex ended marginally lower at 80,424, whereas the Bank Nifty index corrected 148 points and finished at 50,368. However, the broad market outshines the frontline indices. The Small-cap index shot up 1.33 per cent, while the Mid-cap index surged 0.53 per cent.
Sumeet Bagadia, Executive Director at Choice Broking, believes the Indian stock market bias is positive until the Nifty 50 index exceeds the 24,400 mark. The Choice Broking expert said that the 50-stock index may touch the 24,800 to 24,900 mark in the near term if the crucial support placed at 24,400 remains sacrosanct in the subsequent few sessions. However, on breaching the 24,400 support, the next critical support would be around the 23,900 mark.
Regarding stocks to buy today, Sumeet Bagadia recommended five breakout stocks: Matrimony, Caplin Point, Morepen Laboratories, Pocl Enterprises, and Oriental Aromatics.
Speaking on the outlook for the Indian stock market today, Sumeet Bagadia said, “Overall, the trend on Dalal Street is positive, and one can maintain a buy-on-dips strategy until the Nifty 50 index is above the 24,400 mark. Once this crucial support is breached, the next crucial support point would be around 23,900. However, if the crucial 24,400 support remains sacrosanct in the next few sessions, we can expect the 50-stock index to reach the 24,800 to 24,900 mark soon.”
1] Matrimony: Buy at ₹726.60, target ₹755, stop loss ₹694;
2] Caplin Point: Buy a ₹1846, target ₹1930, stop loss ₹1775;
3] Morepen Laboratories: Buy at ₹70, target ₹73.50, stop loss ₹67.50;
4] POCL: Buy at ₹1725.70, target ₹1800, stop loss ₹1650; and
5] OAL: Buy at ₹553.75, target ₹580, stop loss ₹533.
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 taking any investment decisions.
