Breakout stocks to buy or sell: Following the positive global market cues on the US Fed rate cut buzz, the Indian stock market ended higher for the sixth straight session on Thursday. The Nifty 50 index added 41 points and closed at 24,811. The BSE Sensex finished 147 points higher at 81,053, whereas the Bank Nifty index went up 300 points and ended at 50,985. In the broad market, the Small-cap index gained 0.47 per cent, while the Mid-cap index outperformed the frontline indices by logging an intraday rise of 0.67 per cent.
Sumeet Bagadia, Executive Director at Choice Broking, believes the Nifty 50 index faces a minor hurdle in the 24,800 to 24,850 range. The Choice Broking expert said the 50-stock index may climb to 25,000 if the frontline index decisively breaches this hurdle. Bagadia also said that Nifty today has crucial support at 24,500 and immediate support at 24,650. However, Bagadia expected the sideways to positive trend to continue on Friday ahead of the US Fed Chairman Jerome Powell's Jackson Hole speech. He advised a stock-specific approach for intraday trading and suggested looking at breakout stocks today.
Regarding breakout stocks to buy today, Sumeet Bagadia recommended five shares: Morepen Laboratories, RBL Bank, Kalyan Jewellers, Sutlej Textiles, and Rane Engine.
On the outlook for the Indian stock market today, Sumeet Bagadia said, "Nifty today has immediate support placed at 24,650 whereas 24,500 may remain a crucial support zone for the 50-stock index. The Nifty 50 index faces a minor hurdle at 24,800 to 24,850 zones. By decisively breaching this resistance, we can get Nifty to reach 25,000 soon. However, range-bound to positive trend on Dalal Street is expected to continue ahead of Jerome Powell's speech at the Jackson Hole meeting."
"Global markets, including the Indian stock market, are eagerly awaiting Jerome Powell's speech at the Jackson Hole Symposium as the market expects a concrete hint on the US Fed rate cut in this meeting. As the Jackson Hole speech of the US Fed Chairman will take place after the Indian stock market close, the trend on Dalal Street may continue to remain sideways to positive," Bagadia said.
1] Morepen Laboratories: Buy at ₹78.30, target ₹82.50, stop loss ₹75.50;
2] RBL Bank: Buy at ₹1298, target ₹1365, stop loss ₹1250;
3] Kalyan Jewellers: Buy at ₹602.75, target ₹630, stop loss ₹577;
4] Sutlej Textiles: Buy at ₹73.75, target ₹77.50, stop loss ₹70.75;
5] Rane Engine: Buy at ₹569, target ₹595, stop loss ₹545.
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.
