Stock market today: After rising for the 14th day in a row, the Indian stock market ended lower for the second straight session on Thursday. The Nifty 50 index lost 53 points and closed at 25,145, the BSE Sensex shed 151 points and finished at 82,201, whereas the Bank Nifty index went up 72 points and ended at 51,473. Cash market volumes on the NSE were 4.2 per cent higher than the previous day. The broad market indices ended positively, even as the advance-decline ratio remained positive at 1.44:1.
Sumeet Bagadia, Executive Director at Choice Broking, believes the Indian stock market bias is cautious to positive as the 50-stock index is still above the 25,000 mark. The Choice Broking expert said the frontline index is consolidating around 25,150, which is a good sign for a trend reversal or bounce back from the lows. He advised a 'buy-on-dips' strategy until the Nifty 50 index exceeds the psychological 25,000 mark. Bagadia suggested a stock-specific approach with a particular focus on breakout stocks.
Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying these five shares: Nectar Lifesciences, Ashoka Buildcon, Alpa Laboratories, SEPC, and Nandan Denim.
1] Nectar Lifesciences: Buy at ₹46.93, target ₹50, stop loss ₹45;
2] Ashoka Buildcon: Buy at ₹273, target ₹288, stop loss ₹263;
3] Alpa Laboratories: Buy at ₹121.60, target ₹129, stop loss ₹117;
4] SEPC: Buy at ₹30.14, target ₹32, stop loss ₹29; and
5] Nandan Denim: Buy at ₹51.74, target ₹54.50, stop loss ₹49.50.
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.
