Breakout stocks to buy or sell: Ramco Systems to Tilaknagar Industries — Sumeet Bagadia picks five shares to buy today

Breakout stocks to buy or sell: The benchmark indices of the Indian stock market, Sensex and Nifty 50, witnessed a recovery ahead of the US presidential election results. Both domestic indices closed after Tuesday's session with positive gains. The Nifty 50 index closed 0.91 per cent higher at 24,213.30 points, compared to 23,995.35 points at the previous market close. The BSE Sensex closed 0.88 per cent higher at 79,476.63 points, compared to 78,782.24 points at the last market close. A sharp recovery post-noon saw the markets bouncing up, led by Metal, Oil & Gas and Bank stocks. China's national steel PMI increased by 5.6 points to 54.6 in October and returned to expansion territory for the first time after March 2023.

Sumeet Bagadia's stocks to buy today

Sumeet Bagadia, Executive Director at Choice Broking, believes that the Indian stock market may remain volatile. The Choice Broking expert said the Nifty 50 index is in the 23,800 to 24,400 range. A bullish or bearish trend can be assumed on the breakage of either side of the range. Bagadia said that the Bank Nifty index has sustained above the 51,000 mark, which means banking stocks may continue to attract bulls' attention in this bear-hit stock market. He advised investors to maintain a stock-specific approach and look at breakout stocks for intraday trading.

Speaking on the outlook for the Indian stock market today, Sumeet Bagadia said, "After the pullback rally on Tuesday, the Indian stock market bias has turned from weak to cautious. The Nifty 50 index is in the 23,800 to 24,400 range, and Dalal Street is expected to remain volatile. A stock-specific approach is advisable amid Q2 results 2024. Looking at technically strong stocks can be a good option. Bagadia said that breakout stocks can be a good option for intraday trading."

Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying these five stocks: Chaman Lal Setia Exports, Tilaknagar Industries, ELGI Rubber, Ramco Systems, and Ganesh Housing.

Shares to buy today

1] Chaman Lal Setia Exports: Buy at ₹350, target ₹375, stop loss ₹337;

2] Tilaknagar Industries: Buy at ₹335, target ₹360, stop loss ₹325;

3] ELGI Rubber: Buy at ₹123, target ₹130, stop loss ₹119;

4] Ramco Systems: Buy at ₹429.80, target ₹460, stop loss ₹415; and

5] Ganesh Housing: Buy at ₹1154.20, target ₹1230, stop loss ₹1111.

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.