Breakout stocks to buy or sell: Despite high volatility during the intraday trade, the Indian stock market ended higher on Thursday. The Nifty 50 index and the BSE index climbed to a new peak after a sharp upside movement in Dalal Street heavyweight Reliance's share price. Ahead of the 47th AGM, Reliance Industries Limited (RIL) declared the issuance of bonus shares in a 1:1 ratio, which triggered strong buying in the RIL shares, which fueled the frontline indices. Nifty Bank ended marginally upside at 51,152.
Sumeet Bagadia, Executive Director at Choice Broking, believes the overall trend of the Indian stock market is positive. The Choice Broking expert said the Nifty 50 index had made a crucial base at 24,850 to 24,900, whereas the 50-stock index is set to touch the 24,550 to 24,600 mark soon. After the Reliance AGM, Reliance's share price witnessed a strong upside movement. So, many frontline stocks like Reliance, TCS, ITC, Infosys, etc., are poised for upside movement. On Friday, Bagadia suggested a stock-specific approach and recommended breakout stocks for intraday trading.
Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying these five shares: NRL, Geekay Wires, Cybertech, Gokul Agro, and Pokarna.
Speaking on the outlook for the Indian stock market today, Sumeet Bagadia said, "Nifty today has crucial support placed at 24,850 to 24,900. The 50-stock index has managed to sustain above the 25,000 mark, which augurs well for the frontline index, and we expect the 50-stock index to touch the 24,550 to 24,600 mark in the near term."
Bagadia said that the rally in the Reliance share price on Thursday fueled Nifty and Sensex to record highs as many frontline indices listed at these indices are now looking on an uptrend.
1] NRL: Buy at ₹101.27, target ₹107, stop loss ₹97.50;
2] Geekay Wires: Buy at ₹120.74, target ₹127, stop loss ₹116;
3] Cybertech: Buy at ₹229.57, target ₹240, stop loss ₹220;
4] Gokul Agro: Buy at ₹263.35, target ₹279, stop loss ₹253; and
5] Pokarna: Buy at ₹950.85, target ₹1000, stop loss ₹913.
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.
