Breakout stocks to buy or sell: Following sideways trends in the global markets, the Indian stock market ended lower on Friday. The Nifty 50 index lost 34 points and closed at the 24,964 mark; the BSE Sensex finished 230 points lower at 81,381, while the Nifty Bank index ended 358 points down at 51,172. Cash market volumes on the NSE fell even further by 13% compared to Rs.0.82 lakh crore in the previous session. The broad market indices closed about half a per cent higher, even as the advance-decline ratio reached 1.06:1.
Sumeet Bagadia, Executive Director at Choice Broking, believes the overall Indian stock market bias is cautious, as the Nifty 50 stocks are trading in a tight 24,900 to 25,300 range. The Choice Broking expert said that a bullish or bearish trend could be assumed on the breakage of either side of this range. On breaching either side of this range, the 50-stock index may show a 200-point upward or downside move, said Bagadia. He noted that Q2 results 2024 are underway, and a stock-specific approach can be a good option for day trading. The Choice Broking expert indicated that looking at breakout stocks for intraday trading can be applied for intraday trading.
Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying these five shares: Sudarshan Chemical, Usha Martin, Hitech Corporation, Neuland Laboratories, and Bigbloc Construction.
1] Sudarshan Chemical: Buy at ₹1201, target ₹1290, stop loss ₹1160;
2] Usha Martin: Buy at ₹422, target ₹450, stop loss ₹408;
3] Hitech Corporation: Buy at ₹320.50, target ₹340, stop loss ₹309;
4] Neuland Laboratories: Buy at ₹14247.65, target ₹15000, stop loss ₹13700; and
5] Bigbloc Construction: Buy at ₹125.20, target ₹134, stop loss ₹121.
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.
