Breakout stocks to buy or sell: After showing range-bound action in the last few sessions, the Indian stock market shifted into high volatility on Wednesday. The Nifty 50 index lost 41 points and closed at 25,377, the BSE Sensex shed 131 points and finished at 82,948, and the Bank Nifty index ended 561 points higher at 52,750. In the broad market, the Small-cap index lost 0.52 per cent, whereas the Mid-cap index nosedived 0.71 per cent.
Sumeet Bagadia, Executive Director at Choice Broking, believes overall Indian stock market bias is positive. The Nifty 50 index faces a hurdle in the 25,400 to 25,450 range. The Choice Broking expert said the 50-stock index may touch the 25,900 mark once the frontline index breaches this resistance. Bagadia noted that an aggressive US Fed rate cut by 50 bps is also expected to fuel bulls' sentiment and suggested a stock-specific approach for intraday trading. He said breakout stocks can be a good option for those considering a stock-specific approach.
Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying these five shares: Crest Ventures, BSE, Menon Bearings, Graphite India, and Torrent Power.
Speaking on the outlook for the Indian stock market, Sumeet Bagadia said, “The Indian stock market bias is positive, and the Nifty 50 index may touch 25,900 or maybe 26,000 once it breaches above its immediate resistance placed at 25,400 to 25,450 range. So, maintaining a stock-specific approach with a special focus on breakout stocks can be a good option for intraday trading.”
1] Crest Ventures: Buy at ₹545, target ₹575, stop loss ₹525;
2] BSE: Buy at ₹3844, target ₹4050, stop loss ₹3700;
3] Menon Bearings: Buy at ₹135.60, target ₹144, stop loss ₹130;
4] Graphite India: Buy at ₹586.35, target ₹620, stop loss ₹565; and
5] Torrent Power: Buy at ₹1933, target ₹2040, stop loss ₹1855.
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.
