Breakout stocks to buy or sell: After facing the selling heat for three straight sessions, the Indian stock market witnessed some buying interest in the Friday session. The Nifty 50 index finished 104 points higher at 24,854; the BSE Sensex ended 218 points up at 81,224, whereas the Bank Nifty index gained 805 points and closed at 52,094. Cash market volumes on the NSE rose 4.2% compared to the previous session. The broad market indices underperformed compared to the Nifty 50 index even as the advance-decline ratio fell to 0.90:1.
Sumeet Bagadia, Executive Director at Choice Broking, believes that Friday's rally can be a relief until the Nifty 50 index decisively breaches the psychological 25,000 mark. The Choice Broking expert said that the Indian stock market trend is still negative, and it may retest its recent lows. So, a stock-specific approach amid the Q2 results 2024 season is advisable. He suggested looking at stocks that are looking strong on the technical chart.
Speaking on the outlook for the Indian stock market today, Sumeet Bagadia said, "The overall trend on Dalal Street is weak till the Nifty 50 index is trading below the 25,000 mark. The market bias may improve when the 50-stock index closes above the 25,050 mark on a decisive basis. However, the bull trend on Dalal Street can be assumed only after the decisive breach above the 25,300 mark. So, amid Q2 results in 2024 in full swing, I would suggest a stock-specific approach with a special focus on breakout stocks."
Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying these five shares: Sil Investments, Agro Phos (India), Radhika Jeweltech, Pennar Industries, and Vishnu Prakash R Punglia.
1] Sil Investments: Buy at ₹730, target ₹785, stop loss ₹705;
2] Agro Phos (India): Buy at ₹48.61, target ₹52, stop loss ₹47;
3] Radhika Jeweltech: Buy at ₹135.75, target ₹145, stop loss ₹131;
4] Pennar Industries: Buy at ₹207.73, target ₹222, stop loss ₹199; and
5] Vishnu Prakash R Punglia: Buy at ₹312.90, target ₹333, stop loss ₹302.
Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.
