Breakout stocks to buy or sell: Following strong global markets, the Indian stock market ended higher for the twelfth straight session on Friday last week. The Nifty 50 index registered its best winning streak since its launch in 1996 by rising on the 12th day in a row. The 50-stock index finished 83 points higher at the 25,235 mark, the BSE Sensex shot up 231 points and closed at 82,365, whereas the Nifty Bank index ended 198 points higher at 51,351.
Sumeet Bagadia, Executive Director at Choice Broking, believes the overall Indian stock market trend is positive. The Choice Broking expert said the 50-stock index has sustained above 25,000, and the frontline index is set to touch 25,550 to 25,600 once it breaches the minor hurdle placed at 25,300. He said the Nifty today has crucial support at 24,900 and immediate support at the 24,100 mark.
Sumeet Bagadia of Choice Broking said that most indices are trading at record highs or on the cusp of climbing to a new high. The stocks listed in those frontline indices also face a similar situation. So, it is better to maintain a stock-specific approach and look at breakout stocks for intraday trading.
Sumeet Bagadia recommended five breakout stocks to buy today: Plastiblends India, Paytm, Arihant Capital Markets, Heubach Colorants India, and ADSL.
1] Plastiblends India: Buy at ₹359.20, target ₹377, stop loss ₹345;
2] Paytm: Buy at ₹621.90, target ₹653, stop loss ₹599;
3] Arihant Capital Markets: Buy at ₹88.76, target ₹93.50, stop loss ₹85.50;
4] Heubach Colorants India: Buy at ₹588, target ₹622, stop loss ₹568; and
5] ADSL: Buy at ₹265, target ₹280, stop loss ₹256.
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.
