Breakout stocks to buy or sell: Following renewed tensions over the Russia-Ukraine war and Gautam Adani's news about scrutiny in the US court, the Indian stock market witnessed sharp selling during Thursday deals. The Nifty 50 index lost 171 points and closed at 23,346, the BSE Sensex corrected 434 points and ended at 77,144, and the Bank Nifty index finished 189 points lower at 50,436.
NSE cash market volumes were 20% higher than on Tuesday. The Nifty Mid-cap 100 and the Small-cap 100 fell by 0.30% and 0.46%, respectively. Declining shares outnumbered advancing shares, and the advance-decline ratio stood at 0.45 on the BSE. Amongst the sectoral Indices, Nifty Reality and IT were major gainers, while Nifty PSU Banks, Media, and Metal fell the most.
Sumeet Bagadia, Executive Director at Choice Broking, believes the Indian stock market will continue to remain volatile due to the renewed geopolitical tension caused by the Russia-Ukraine war. The Choice Broking expert said that Gautam Adani's news about scrutiny in the US count may also continue to haunt the Indian stock market ahead of the Assembly Election results scheduled on 23rd November 2024. The Choice Broking expert said the Nifty 50 index has made crucial support placed around its 200-DEMA zone of 23,200 to 23,000. On breaching below this support, selling may further intensify on Dalal Street.
Sumeet Bagadia suggested a stock-specific approach and advised day traders to look at breakout stocks for intraday trading.
Speaking on the outlook of the stock market today, Sumeet Bagadia said, "The Indian stock market is under pressure due to various reasons like renewed geopolitical tension caused by the Russia-Ukraine war, Gautam Adani news about scrutiny in the US court, FIIs' selling, Maharashtra and Jharkhand Assembly Election results etc. The Nifty 50 index has crucial support at around 200-DEMA of 23,200 to 23,000 mark. On breaching this crucial support, selling may intensify. So, one should continue maintaining a stock-specific approach and focus on breakout stocks for intraday trading."
Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying these five shares: Paytm, Dhani Services, Amber Enterprises, Fortis Healthcare, and ADF Foods.
1] Paytm: Buy at ₹845.40, target ₹905, stop loss ₹816;
2] Dhani Services: Buy at ₹73.55, target ₹79, stop loss ₹71;
3] Amber Enterprises: Buy at ₹6545.60, target ₹6750, stop loss ₹6317;
4] Fortis Healthcare: Buy at ₹680.70, target ₹728, stop loss ₹657; and
5] ADF Foods: Buy at ₹302.75, target ₹324, stop loss ₹292.
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.
