Breakout stocks to buy or sell: The benchmark indices of the Indian stock market, the BSE Sensex and the Nifty 50 index, extended their slide for the second successive day on Friday, November 8. The indices were driven down by a sharp selloff in the significant large-cap stocks, including Reliance Industries, ICICI Bank, State Bank of India, and Trent. The Nifty 50 index closed 0.21 per cent lower at 24,148.20 points, compared to 24,199.35 points at the previous market close. The BSE Sensex closed 0.07 per cent lower at 79,486.32 points, compared to 79,541.79 points in the last trading session.
Sumeet Bagadia, Executive Director at Choice Broking, believes the Nifty 50 index finds resistance at 24,500, whereas the 50-stock index has crucial support at 24,000. Bullish or bearish trends can be assumed on the breakage of either side of the range. On breaking below the 24,000 mark, the frontline index may touch the 23,500 mark. The Choice Broking expert advised investors to maintain a stock-specific approach as the Q2 results 2024 are in full swing. Bagadia suggested investors look at breakout stocks for intraday trading.
Speaking on the outlook of the Indian stock market today, Sumeet Bagadia said, "Overall, the Indian stock market trend is cautious as the Nifty 50 index is trading in the 24,000 to 24,500 range. The 50-stock index has failed to break resistance placed at 24,500 on multiple occasions, so maintaining a stock-specific approach may remain a wise strategy. One can look at breakout stocks for intraday trading as Q2 results 2024 is in full swing."
Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying these five shares: Tera Software, Avalon Technologies, ITI, KJMC Corporate Advisors, and Summit Securities.
1] Tera Software: Buy at ₹116.58, target ₹122, stop loss ₹112;
2] Avalon Technologies: Buy at ₹793.30, target ₹850, stop loss ₹765;
3] ITI: Buy at ₹304.25, target ₹325, stop loss ₹294;
4] KJMC Corporate Advisors: Buy at ₹116.41, target ₹124, stop loss ₹111; and
5] Summit Securities: Buy at ₹3060.85, target ₹3250, stop loss ₹2950.
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 decisions.
