Breakout stocks to buy or sell: The domestic benchmark indices, Sensex and Nifty 50, fell for the second consecutive session on Wednesday amid weak global cues. Additionally, disappointing July-September quarterly results and concerns over inflation have affected investor sentiments.
The BSE Sensex dropped by 319 points, or 0.39 per cent, to 81,501.36 points on Wednesday, whereas the Nifty 50 index finished at 24,971.30, down 86 points, or 0.34 per cent.
Sumeet Bagadia, Executive Director at Choice Broking, believes that Indian stock market bias has weakened after the Nifty 50 index slipped below the psychological 25,000 mark. The Choice Broking expert said the 50-stock index has crucial support at 24,750 to 24,700 range. Bagadia noted that the Nifty Bank index is facing tough resistance at 52,000 and expected buying interest in banking stocks today as the frontline index is above the 50-DEMA range. He said that Q2 results in 2024 are now in full swing; hence, a stock-specific approach can be a better option. Sumeet Bagadia of Choice Broking also advised looking at breakout stocks for intraday trading.
On the outlook for the Indian stock market today, Sumeet Bagadia said, "Overall, Indian stock market bias has turned weak as the Nifty 50 index has slipped below the psychological 25,000 mark. Now, the 50-stock index has crucial support placed at the 50-DEMA range of 24,750 to 24,700. However, banking stocks may see some bulls' interest as the Nifty Bank Index closed above the 50-DEMA support placed at 51,750 to 51,700 range."
On today's day trading strategy, Sumeet Bagadia said, "The Q2FY25 results season is in full swing now. So, maintaining a stock-specific approach with a focus on breakout stocks can be a good strategy for intraday trading."
Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying these five shares: Pyramid Technoplast, Precision Camshafts, Bedmutha Industries, IFB Industries, and Stylam Industries.
1] Pyramid Technoplast: Buy at ₹206.14, target ₹222, stop loss ₹199;
2] Precision Camshafts: Buy at ₹301.80, target ₹325, stop loss ₹290;
3] Bedmutha Industries: Buy at ₹241.30, target ₹255, stop loss ₹232;
4] IFB Industries: Buy at ₹2159, target ₹2375, stop loss ₹2077; and
5] Stylam Industries: Buy at ₹2626.30, target ₹27777, stop loss ₹2525.
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 decision.
