Breakout stocks to buy or sell: India's benchmark stock market indices, Sensex and Nifty 50, plunged amid a broad-based selloff. The index closed lower for the sixth day, primarily fueled by significant selloffs from foreign portfolio investors (FPIs). The Nifty 50 index closed 0.87 per cent lower at 24,795.75 points after Monday's trading session, compared to 25,014.60 points at the previous market close.
The BSE Sensex index closed 0.78 per cent lower at 81,050 points after Monday's market hours, compared to 81,688.45 points at the previous market close.
Sumeet Bagadia, Executive Director at Choice Broking, believes the Indian stock market has weakened as the Nifty 50 index has slipped below the 50-EMA of 25,000. The Choice Broking expert said the 50-stock index has crucial support placed at 24,300 to 24,250 range. On breaching this support below, Bagadia said the frontline index may go down to the 23,300 to 23,200 zones. On the suggestion to investors, Sumeet Bagadia noted that maintaining a stock-specific approach in the current market scenario is advisable and looking at breakout stocks for intraday trading can be a good day trading strategy.
"The Indian stock market trend has weakened after the Nifty 50 index slipped below the 50-EMA support placed at the 25,000 mark. Now, the frontline index has crucial support placed at 24,300 to 24,250. On breaching below this support may further trigger a sharp selloff on Dalal Street," said Sumeet Bagadia.
Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying these five shares: Ausom Enterprise, DB Corp, Suratwwala Business Group, AstraZeneca Pharma, and Hi-Tech Pipes.
1] Ausom Enterprise: Buy at ₹134.24, target ₹144, stop loss ₹129.90;
2] DB Corp: Buy at ₹361.15, target ₹380, stop loss ₹347;
3] Suratwwala Business Group: Buy at ₹124.65, target ₹132, stop loss ₹119.90;
4] AstraZeneca Pharma: Buy at ₹7845.55, target ₹8333, stop loss ₹7555; and
5] Hi-Tech Pipes: Buy at ₹198.84, target ₹212, stop loss ₹191.
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 taking any investment decisions.
