Breakout stocks to buy or sell: The Indian stock market rebounded from Friday's losses and ended on a strong note on Monday. The Nifty 50 index finished 163 points higher at 25,127, the BSE Sensex ended 591 points northward at 81,973, and the Nifty Bank index gained 644 points and closed at 51,816. Cash market volumes on the NSE rose 11% compared to the previous session to ₹0.91 lakh crore. The broad market indices rose less than the Nifty even as the advance-decline ratio fell to 0.97:1.
Sumeet Bagadia, Executive Director at Choice Broking, believes the Indian market bias has improved after the Nifty 50 index ended above the 25,100 mark. The Choice Broking expert said that the 50-stock index faces resistance at the 25,300 level, and the frontline index may become highly bullish once it breaches this hurdle on a closing basis.
Bagadia said that the Nifty Bank index witnessed a decent pullback and closed above 51,750, a good sign for frontline banking stocks. As Q2 results in 2024 are gaining momentum, Bagadia suggested a stock-specific approach, keeping focus on breakout stocks for intraday trading.
Speaking on the outlook for the Indian stock market today, Sumeet Bagadia said, "The Indian stock market bias has improved after the close of the Nifty 50 index above the 25,100 mark. However, the frontline index faces a hurdle at 25,300, making a strong base at 24,900. So, the 50-stock index is currently sideways to positive, and a bullish or bearish trend can be assumed on the breakage of either side of this range."
Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying these five shares: DMR, SecMark Consultancy, Delta Manufacturing, 63 Moons Technologies, and Ganesh Housing Corp.
1] DMR: Buy at ₹203, target ₹222, stop loss ₹195;
2] SecMark Consultancy: Buy at ₹123, target ₹131, stop loss ₹118;
3] Delta Manufacturing: Buy at ₹107.26, target ₹115, stop loss ₹103;
4] 63 Moons Technologies: Buy at ₹495, target ₹535, stop loss ₹478; and
5] Ganesh Housing Corp: Buy at ₹992, target ₹1050, stop loss ₹960.
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.
