Breakout stocks to buy or sell: Following the global market cues on China news as Beijing unveiled more economic stimulus measures, the Indian stock market ended higher for the sixth straight session on Thursday. The Nifty 50 index gained 211 points and closed at the 26,216 mark, the BSE Sensex surged 666 points and finished at 85,836, while the Nifty Bank index ended 273 points higher at 54,375. Cash market volumes on the NSE were 15% higher than the previous day. The broad market indices ended negatively even as the advance-decline ratio remained almost flat at 0.70:1.
Sumeet Bagadia, Executive Director at Choice Broking, believes the Indian stock market has maintained the uptrend as the Nifty 50 index has sustained above the psychological 26,000 mark. The choice Broking expert said the 50-stock index is now heading towards 26,850 to 26,900. Bagadia predicted positive trends for banking stocks as the Nifty Bank index indicates positive sentiments after decisively sustaining above 54,200. He recommended a stock-specific approach and suggested looking at breakout stocks for intraday trading.
On the outlook for the Indian stock market today, Sumeet Bagadia said, "The Indian stock market has maintained the positive bias as the Nifty 50 index has decisively sustained above the crucial 26,000 mark. The frontline index is now heading towards the 26,850 to 26,900 range, and any dip should be seen as a buying opportunity until the 50-stock index sustains above the 26,000 mark. On can maintain the stock-specific approach and look at the breakout stocks for intraday trading."
Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying these five shares: Vedanta, Banaras Beads, Mukta Arts, Rudrabhishek Enterprises (REPL), and Archies.
1] Vedanta: Buy at ₹501.75, target ₹532, stop loss ₹487;
2] Banaras Beads: Buy at ₹115.89, target ₹123, stop loss ₹112;
3] Mukta Arts: Buy at ₹111.12, target ₹118, stop loss ₹107.80;
4] Rudrabhishek Enterprises (REPL): Buy at ₹219.51, target ₹223, stop loss ₹212; and
5] Archies: Buy at ₹34.76, target ₹36.50, stop loss ₹33.50.
Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.
