Breakout stocks to buy or sell: After showing narrow range movement and intraday weakness from the highs in the last couple of sessions, the Indian stock market had a substantial upside on Thursday. The Nifty 50 index witnessed a decisive upside breakout of the hurdle and closed the day with hefty gains of 470 points. Nifty and the BSE Sensex touched a new peak just a few minutes ahead of the market close on the previous session. The Nifty 50 index touched a new peak of 25,433.35, whereas the BSE Sensex hit a new high of 83,116.19.
Sumeet Bagadia, Executive Director at Choice Broking, believes that the Indian stock market bias has improved after the impressive recovery in the previous session. The Choice Broking expert said the Nifty 50 index is well set to move further for our next target of 25,800, with most of the frontline stocks and the broader markets witnessing active participation to maintain the robust move. He advised investors to sustain a stock-specific approach and look at breakout stocks for intraday trading.
Regarding breakout stocks to buy today, Sumeet Bagadia suggested buying these five shares: Kabra Extrusion Technik, Indo Rama Synthetics, Shiva Texyarn, IOL Chemicals, and Kaynes Technology.
Speaking on the outlook for the Indian stock market, Sumeet Bagadia said, “The Indian stock market sentiment has improved after the impressive rally on Thursday. The Nifty 50 index has breached 25,300 hurdle, and the 50-stock index is heading for the immediate target of 25,750 to 25,800.”
1] Kabra Extrusion Technik: Buy at ₹450.55, target ₹475, stop loss ₹435;
2] Indo Rama Synthetics: Buy at ₹58.75, target ₹62, stop loss ₹56.60;
3] Shiva Texyarn: Buy at ₹213, target ₹225, stop loss ₹205;
4] IOL Chemicals: Buy at ₹516.25, target ₹545, stop loss ₹499; and
5] Kaynes Technology India: Buy at ₹5165.85, target ₹5480, stop loss ₹4975.
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.
