Breakout stocks to buy or sell: Following weak global market sentiments, the Indian stock market snapped a two-day winning streak and ended lower on Wednesday. The Nifty 50 index went off 126 points and closed at the 24,340 mark; the BSE Sensex ended 426 points lower at 79,942, whereas the Nifty Bank index finished 491 points southward at 51,828. Banking stocks received the maximum beating, but the broad market indices ended positively, with the Small-cap index ending 1.5 per cent higher even as the advance-decline ratio rose to 3.2:1.
Sumeet Bagadia, Executive Director at Choice Broking, believes the Nifty 50 index faces tough resistance at the 24,500 mark and predicts that 24,000 will continue supporting the 50-stock index. The Choice Broking expert said the Indian stock market bias may improve once the frontline index breaks above 24,700 on a decisive basis. However, the Choice Broking expert also predicted further weakness in the Indian stock market if the Nifty 50 index decisively slips below the 24,000 mark. He advised investors to maintain a stock-specific approach during the Q2 results 2024 season and suggested looking at breakout stocks for intraday trading.
Speaking on the outlook of the Indian stock market today, Sumeet Bagadia said, "Bearish pressure on Dalal Street has eased out after the pullback rally on Monday and Tuesday sessions. However, the Indian stock market will remain cautious until the Nifty 50 index breaks above the 24,650 to 24,700 hurdle. Likewise, the 50-stock index has bounced back after reaching the 24,000 mark, which signals the frontline index making a crucial base around the 24,000 to 23,900 zone. Amid Q2 results 2024 season, day traders are advised to maintain a stock-specific approach and 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 on Thursday: GHCL Textiles, Precision Camshafts, Medicamen Biotech, Oriental Hotels, and TTL.
1] GHCL Textiles: Buy at ₹103.25, target ₹110, stop loss ₹99.50;
2] Precision Camshafts: Buy at ₹308.20, target ₹331, stop loss ₹297;
3] Medicamen Biotech: Buy at ₹547.80, target ₹585, stop loss ₹530;
4] Oriental Hotels: Buy at ₹180.69, target ₹193, stop loss ₹174; and
5] TTL: Buy at ₹144.47, target ₹153, stop loss ₹140.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
