Breakout stocks to buy or sell: Following strong global market sentiments on the US Fed rate cut buzz, the Indian stock market started the week on a higher note and finished upside on Monday. The Nifty 50 index finished 27 points higher at 25,383, the BSE Sensex ended 97 points higher at 82,988, whereas the Bank Nifty index gained 215 points and closed at 52,153. The Small-cap index finished 0.28 per cent higher in the broad market, while the Mid-cap index ended with marginal gains.
Sumeet Bagadia, Executive Director at Choice Broking, believes that overall Indian stock market sentiment is optimistic despite the Nifty 50 index consolidating around 25,400 zones for the last few sessions. The Choice Broking expert said the 50-stock index is set to touch the 25,750 to 25,800 zone with immediate crucial support at the 25,150 mark. However, he maintained that frontline private bank stocks look positive and advised a stock-specific approach. Bagadia said looking at breakout stocks for intraday trading can be a good option.
Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying these five shares: BSE, Kanoria Chemicals, Godfrey Phillips India, GM Breweries, and International Conveyors.
Unveiling an intraday trading strategy in the Indian stock market today, Sumeet Bagadia said, “The overall sentiment on Dalal Street is positive until the Nifty 50 index is above the 25,200 mark. One should maintain a buy-on-dips strategy until this crucial support remains sacrosanct. The 50-stock index is looking set to touch the 25,750 to 25,800 zone on the higher bottleneck.”
1] BSE: Buy at ₹3431.80, target ₹3600, stop loss ₹3300;
2] Kanoria Chemicals: Buy at ₹172.50, target ₹182, stop loss ₹166;
3] Godfrey Phillips India: Buy at ₹8235.45, target ₹8700, stop loss ₹7950;
4] GM Breweries: Buy at ₹986.30, target ₹1040, stop loss ₹945; and
5] International Conveyors: Buy at ₹93, target ₹98, stop loss ₹90.
Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.
