Breakout stocks to buy or sell: The Indian stock market indices, escaping the pressure from the FPI sell-offs and weak Q2 results, closed in the green for the second consecutive session on Monday. The Nifty 50 index ended 343 points higher at the 24,250 mark; the BSE Sensex finished 1,054 points higher at 80,171, whereas the Nifty Bank index ended 1,064 points northward at 52,199. Cash market volumes on the NSE were almost double that of the previous day, aided by MSCI index change volumes. The broad market indices outperformed the Nifty 50 index.
Sumeet Bagadia, Executive Director at Choice Broking, believes the Indian stock market has gained momentum after rising for two straight sessions. The Choice Broking expert said this momentum may continue after the news of ease in the Russia-Ukraine war. He noted that the Nifty today has a crucial hurdle placed at the 24,500 mark and advised investors to maintain a stock-specific approach and look at stocks that look strong on the technical chart. He said that breakout stocks can be a good bet for intraday trading.
Speaking on the outlook for the Indian stock market today, Sumeet Bagadia said, "The overall trend for the Indian stock market is positive. Dalal Street has been rising for the last two sessions, and this momentum is expected to continue after the news reports of ease in the Russia-Ukraine tension. However, we must not forget that the Nifty 50 index faces a hurdle at 24,500, and a decisive break above this resistance is important to maintain the uptrend. So, one should continue with the stock-specific approach and look at breakout stocks for intraday trading."
Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying these five shares: Welspun Corp, Genesys International Corporation, Eris Lifesciences, Capacite Infraprojects, and Azad Engineering.
1] Welspun Corp: Buy at ₹747.60, target ₹799, stop loss ₹720;
2] Genesys International Corporation: Buy at ₹821, target ₹877, stop loss ₹793;
3] Eris Lifesciences: Buy at ₹1473.75, target ₹1580, stop loss ₹1430;
4] Capacite Infraprojects: Buy at ₹392.35, target ₹420, stop loss ₹378; and
5] Azad Engineering: Buy at ₹1754.30, target ₹1860, stop loss ₹1690.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
