Breakout stocks to buy or sell: Following positive cues from the global markets on easing geopolitical tension in the Israel-Hezbollah war, the Indian stock market finished higher on Wednesday. Out of the three frontline indices, the Nifty 50 index gained 80 points and closed at the 24,274 mark, the BSE Sensex shot up 246 points and closed at 80,250 while the Nifty Bank index finished 110 points higher at 52,301. Sectorally, buying interest was seen in auto, banking, energy, FMCG, and media, while IT, pharma, PSU banks, realty, and healthcare faced selling pressure.
Sumeet Bagadia, Executive Director at Choice Broking, believe that the Indian stock market bias has improved as the Nifty 50 index has made a base around the 24,200 mark. However, the Choice Broking expert maintained that one should avoid taking a bullish stance as the 50-stock index cannot break above 24,400. Bagadia said the Nifty 50 index requires a decisive breach above 24,400 to improve the Indian stock market bias further. He advised maintaining a stock-specific approach and suggested buying breakout stocks for intraday trading.
Speaking on the outlook for the Indian stock market today, Sumeet Bagadia said, "Overall, the Indian stock market bias has improved, but the Nifty 50 index has still not been able to break above 24,400. However, the 50-stock index has made a new base around the 24,200 mark, a positive development. As geopolitical tension has eased after the news of the ceasefire in the Israel-Hezbollah war, we can expect the 50-stock index to break above 24,400. Until then, I suggest that investors maintain a stock-specific approach and look at breakout stocks for intraday trading."
Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying these five shares: Bliss GVS Pharma, Strides Pharma, Isgec Heavy Engineering, Tilaknagar Industries, and Neuland Laboratories.
1] Bliss GVS Pharma: Buy at ₹143.05, target ₹150, stop loss ₹137;
2] Strides Pharma: Buy at ₹1528.95, target ₹1655, stop loss ₹1480;
3] Isgec Heavy Engineering: Buy at ₹1404.75, target ₹1500, stop loss ₹1350;
4] Tilaknagar Industries: Buy at ₹411.70, target ₹444, stop loss ₹397; and
5] Neuland Laboratories: Buy at ₹16068.90, target ₹17300, stop loss ₹15400.
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.
