Breakout stocks to buy or sell: Discounting the geopolitical risk after an escalation in the Russia-Ukraine war, the Indian stock market witnessed a significant broad-based rally from the oversold territory on Friday. The Nifty 50 index registered the best single-day gain in the last five months and finished 525 points higher at 23,875. The BSE Sensex shot up 1807 points and closed at 78,963, whereas the Bank Nifty index ended 716 points higher at 51,089. Cash market volumes inched up to ₹1.01 lakh crore. The broad market indices rose less than the Nifty 50 index even as the advance-decline ratio rose sharply.
Sumeet Bagadia, Executive Director at Choice Broking, believes the Indian stock market bias has improved after the pullback rally on Friday as the Nifty 50 index closed above the 23,700 mark. The Choice Broking expert said the uptrend may continue after the BJP-led NDA's victory in the Maharashtra Election results, and the 50-stock index may touch the 24,350 to 24,400 range in the subsequent few sessions. Sumeet Bagadia recommended that investors look at those shares that look strong on the chart pattern. He said that breakout stocks can be a good bet for intraday trading.
Speaking on the outlook for the Indian stock market today, Sumeet Bagadia said, "After the BJP-led NDA's victory in the Maharashtra Assembly Elections, the uptrend on Dalal Street is expected to continue on Monday. The Nifty 50 index and other frontline indices witnessed a decent rally on Friday, and the 50-stock index is expected to hit 24,350 to 24,400 in the subsequent few sessions. As the overall trend is positive, one should look at technically strong breakout stocks for intraday trading."
Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying these five shares: Ganesh Housing Corp, Jagsonpal Pharma, Pudumjee Paper Products, Banaras Beads, and Paytm.
1] Ganesh Housing Corp: Buy at ₹1196.05, target ₹1270, stop loss ₹1150;
2] Jagsonpal Pharma: Buy at ₹637.70, target ₹685, stop loss ₹616;
3] Pudumjee Paper Products: Buy at ₹142.03, target ₹150, stop loss ₹136;
4] Banaras Beads: Buy at ₹146.54, target ₹155, stop loss ₹141; and
5] Paytm: Buy at ₹900.95, target ₹975, stop loss ₹865.
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.
