Breakout stocks to buy or sell: Despite global market sentiments, the Indian stock market snapped a six-session winning streak on Friday. The Nifty 50 index finished 37 points lower at 26,178, the BSE Sensex shed 264 points and closed at 85,571, and the Nifty Bank index ended 541 points lower at 53,834. Cash market volumes on the NSE were up 36.2% compared to the previous day, partly due to Nifty rebalancing volumes. Broad market indices ended marginally positive even as the advance-decline ratio rose to 0.99:1.
Sumeet Bagadia, Executive Director at Choice Broking, believes the overall trend of the Indian stock market is bullish, and the Nifty 50 index is poised to touch 26,900 despite the 50-stock index closing red on Friday. The Choice Broking expert maintained that investors should keep a buy-on-dips strategy until the frontline index exceeds the 26,000 mark. He said crucial support for the Nifty 50 index is placed at 25,800.
"The Nifty 50 50 index is heading towards the 26,900 mark as the Indian stock market has managed to maintain the strong bias despite profit-booking on Friday last week. The 50-stock index has immediate support placed at 25,900, and one is advised to maintain buy-on-dips until the frontline 50-stock index is above 26,000," said Sumeet Bagadia.
Bagadia advised investors to maintain a 'buy-on-dips' strategy with a particular focus on breakout stocks, suggesting these five shares to buy today: SeQuent Scientific, Rolex Rings, DentalKart or Vasa Denticity, Shree Renuka Sugars, and LMW.
1] SeQuent Scientific: Buy at ₹217, target ₹230, stop loss ₹210;
2] Rolex Rings: Buy at ₹2650, target ₹2800, stop loss ₹2560;
3] DentalKart: Buy at ₹636.50, target ₹675, stop loss ₹615;
4] Shree Renuka Sugars: Buy at ₹53, target ₹56.50, stop loss ₹51.50; and
5] LMW: Buy at ₹17916.85, target ₹19,200, stop loss ₹17,300.
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.
