Breakout stocks to buy or sell: Following positive global market sentiments after the US Fed rate cut by 50 bps, the Indian stock market ended higher on Thursday. The Nifty 50 index added 38 points and closed at 25,415. The BSE Sensex ended 236 points higher at 83,184, while the Bank Nifty index finished 287 points higher at 53,037. Cash market volumes on the NSE were 17.4% higher than that in the previous session. The broad market indices ended negatively even as the advance-decline ratio fell to 0.38:1.
Sumeet Bagadia, Executive Director at Choice Broking, believes the Indian stock market bias has become cautious. The Nifty 50 index is trading between 25,150 and 25,600. The Choice Broking expert said that a bullish or bearish trend could be assumed on the breakage of either side of the range. Bagadia said that a stock-specific approach should be maintained, and considering breakout stocks for intraday trading can be a good move.
Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying these five shares: Neogen Chemicals, Rossell India, Spencer's Retail, Pearl Polymers, and KPR Mill.
On the outlook for the Indian stock market today, Sumeet Bagadia said, “The Indian stock market is trading range-bound despite the US Fed declaring 50 bps interest rate cut. The Nifty 50 index is facing a hurdle in the 25,550 to 25,600 range. On the lower side, it is finding support at the 25,150 mark. Bullish or bearing trend can be assumed on the breakage of either side of the range. However, following a stock-specific approach and looking at breakout stocks can be a good ploy for intraday trading.”
1] Neogen Chemicals: Buy at ₹2183.15, target ₹2300, stop loss ₹2100;
2] Rossell India: Buy at ₹621.65, target ₹660, stop loss ₹600;
3] Spencer's Retail: Buy at ₹107.18, target ₹113, stop loss ₹103;
4] Pearl Polymers: Buy at ₹45.18, target ₹48, stop loss ₹43.50;
5] KPR Mill: Buy at ₹935, target ₹990, stop loss ₹900.
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.
