Breakout stocks to buy or sell: Indian stock market benchmarks, the Sensex and the Nifty 50, snapped their two-day winning run in the previous session on heavy profit booking across segments.
The Sensex and the Nifty 50 both fell over a per cent, while the mid- and small-cap indices on the BSE declined half a per cent. Market sentiment remains fragile due to disappointing Q2 and persistent selling by foreign institutional investors (FIIs).
Meanwhile, in line with market expectations, the US Federal Reserve slashed the benchmark interest rate by 25 basis points (bps) to 4.50 - 4.75 per cent on Thursday, noting the job market has generally eased while inflation continues to move towards the US central bank's 2 per cent target.
Sumeet Bagadia, Executive Director at Choice Broking, believes the market sentiment is cautious and 24,000 is a key level for the Nifty 50. He advises investors to be stock-specific and consider breakout stocks for buying.
"Overall, the Indian stock market bias is cautious as the Nifty 50 index failed to break the resistance at the 24,500 mark. On the lower side, 24,000 is working as crucial support. A bullish or bearish trend can be assumed on the breakage of either side of this range. My suggestion to investors is to maintain a stock-specific approach and look at breakout stocks, which can be a good option for intraday trading," said Bagadia.
Talking about breakout stocks to buy today, Sumeet Bagadia recommended buying these five shares: DCM Shriram, Century Enka, Adroit Infotech, Banaras Beads and Oswal Greentech.
DCM Shriram | Buy in cash at ₹1,255 | Target price: ₹1,320 | Stop loss: ₹1,210
Century Enka | Buy in cash at ₹709.4 | Target price: ₹750 | Stop loss: ₹680
Adroit Infotech | Buy in cash at ₹24.52 | Target price: ₹26 | Stop loss: ₹23.5
Banaras Beads | Buy in cash at ₹146.1 | Target price: ₹155 | Stop loss: ₹140
Oswal Greentech | Buy in cash at ₹54.07 | Target price: ₹58 | Stop loss: ₹52.25
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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.
