Breakout stocks to buy or sell: The Indian stock market finished on a higher note despite trading sideways throughout the week. The Nifty 50 index finished at 24,823, logging a weekly gain of 283 points or 1.15%. The BSE Sensex ended with a weekly gain of 0.80 per cent or 650 points at 81,086. The Bank Nifty index recorded a weekly gain of around 0.83% and closed at 50,933. In the broad market, the Small-cap and Mid-cap indices outperformed the frontline Indian indices. The Small-cap index recorded a weekly gain of around 3.40 per cent, whereas the Mid-cap index registered a 1.95% rise last week.
Sumeet Bagadia, Executive Director at Choice Broking, believes that the Indian stock market may react positively after Jerome Powell reinforced the US Fed rate cut in the September US Fed meeting. The Choice Broking expert said the Nifty 50 index may touch the 25,000 mark soon after it breaches the immediate hurdle in the 24,800 to 24,850 range.
However, the Choice Broking expert advised stock market investors to choose their stocks cautiously as most indices are trading at higher levels. He advised them to maintain stock-specific trades and look at breakout stocks for intraday trading. Regarding shares to buy today, Sumeet Bagadia recommended buying these five breakout stocks: SMS Pharma, Rane Engine, Albert David, PCBL, and Uflex.
1] SMS Pharma: Buy at ₹357, target ₹377, stop loss ₹345;
2] Rane Engine: Buy at ₹646, target ₹680, stop loss ₹623;
3] Albert David: Buy at ₹1439, target ₹1505, stop loss ₹1385;
4] PCBL: Buy at ₹500, target ₹526, stop loss ₹482; and
5] Uflex: Buy at ₹844.80, target ₹892, stop loss ₹817.
Disclaimer: The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
