Breakout stocks to buy or sell: The Indian stock market ended lower for the third straight session on Wednesday following weak global market sentiments on the rising US dollar rates. The Nifty 50 index fell 36 points and closed at 24,435, the BSE Sensex declined 138 points and ended at 80,081, and the Nifty Bank index finished marginally lower at 51,239. The broad market indices ended in the positive, and the advance-decline ratio ended in the positive.
Sumeet Bagadia, Executive Director at Choice Broking, believes the Indian stock market bias is bearish as the Nifty 50 index further slipped and closed below the 24,500 mark. The Choice Broking expert said the 50-stock index has crucial support at 23,900, whereas the frontline index faces resistance at 24,650 to 24,700. Bagadia noted that the Bank Nifty index is sustaining above 50,900 but needs to break above 51,800 to improve the bias. He said maintaining a stock-specific approach can be a good strategy for day trading and suggested looking at breakout stocks for intraday trading.
On the outlook for the Indian stock market today, Sumeet Bagadia said, "Overall, the Indian stock market trend is weak as the Nifty 50 index has slipped below the 24,500 mark. The 50-stock index has crucial support at 23,900, facing a hurdle in the 24,650 to 24,700 range. So, Dalal Street sentiments may improve if the frontline index breaks above 24,700 on a closing basis. Maintaining a stock-specific approach focusing on technically strong stocks can be a good intraday strategy."
Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying these five shares: Deepak Fertilisers, Dynamic Cables, Phoenix Township, Amber Enterprises, and FSL.
1] Deepak Fertilisers: Buy at ₹1,098.80, target ₹1,175, stop loss ₹1,060;
2] Dynamic Cables: Buy at ₹640.50, target ₹680, stop loss ₹615;
3] Phoenix Township: Buy at ₹178.95, target ₹190, stop loss ₹171;
4] Amber Enterprises: Buy at ₹6,408, target ₹6,950, stop loss ₹6,166; and
5] Firstsource Solutions: Buy at ₹350.90, target ₹375, stop loss ₹338.
Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.
